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DTN Early Word Grains         01/26 05:55
   Grains Add to Monday's Gains

   March corn is up 3 1/4 cents per bushel, March soybeans are up 2 1/4 cents,
and March KC wheat is up 1 cent.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices: March corn is up 3 1/4 cents per bushel, March
soybeans are up 2 1/4 cents, and March KC wheat is up 1 cent.

   CME Globex Recap: Quietly mixed equity markets overnight although Asian
shares posted larger declines after the Chinese central bank tightened
financial conditions and an official raised concerns that loose liquidity could
inflate an asset bubble according to the Financial Times. The People's Bank of
China withdrew $12 billion of net liquidity through open market operation which
firmed interest rates slightly. With the volatile nature of Wall Street lately,
plenty of people wonder if the massive amount of liquidity surging through the
U.S. economy is helping to inflate an asset bubble in stocks as well. Energy
markets are firmer overnight with crude oil on the verge of moving back over
$53.00 per barrel. The U.S. Dollar Index is firmer and precious metals are
weaker. Grain markets are mostly higher overnight with corn and soybean oil
leading gains. If Monday's gains can be added to Tuesday, grain bulls will be
able to breathe a sigh of relief following Friday's washout.

   OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 36.98 at 30,960.00 and the S&P 500 up 13.89 at 3,841.47 while the
10-Year Treasury yield ended at 1.04%. Early Tuesday, the March DJIA futures
are down 16 points. Asian markets are lower with Japan's Nikkei 225 down 276.11
(-0.96%) and China's Shanghai Composite down 54.81 points (-1.51%). European
markets are higher with London's FTSE 100 up 35.27 points (0.53%), Germany's
DAX up 193.8 points (1.42%) and France's CAC 40 up 52.36 points (0.96%). The
March Euro is down 0.001 at 1.210 and the March U.S. dollar index is up 0.042
at 90.415. The March 30-Year T-Bond is down 5/32nds, while February gold is
down $3.10 at $1,852.10 and March crude oil is up $0.24 at $53.01. Soybeans on
China's Dalian Exchange were up 0.81% while soybean meal was up 0.06% and corn
was down 0.39%.
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