DTN Early Word Grains         05/20 05:42
   Grain Markets Mixed but Mostly Higher Led by Lower Condition Ratings

   July corn is up 4 cents per bushel, July soybeans are up 1 1/4 cents, July
KC wheat is up 11 3/4 cents, July Chicago wheat is up 9 cents and July
Minneapolis wheat is up 6 3/4 cents.

Kent Beadle, DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is up 4 cents per bushel, July
soybeans are up 1 1/4 cents, July KC wheat is up 11 3/4 cents, July Chicago
wheat is up 9 cents and July Minneapolis wheat is up 6 3/4 cents.

   CME GLOBEX RECAP: Equity markets are mixed, with the U.S. market lower but
with most other world markets higher on Tuesday morning. On Monday, the U.S.
market shrugged off lower trade for much of the session and posted its sixth
consecutive higher daily close with a late rally. This is positive price action
after the negative news of the Moody's downgrade to U.S. debt that occurred
over the weekend. The only piece of economic data released on Monday was the
U.S. leading economic indicators, which were down 1%, very close to pre-report
estimates. There will be four different regional Fed Presidents speaking
Tuesday, and the market will be watching those speeches closely to determine
when a rate cut might be coming.

   OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial
Average up 137.33 at 42,792.07 and the S&P 500 up 5.22 at 5,963.60. The 10-Year
Treasury yield ended at 4.475%. Early Tuesday, the June Dow Jones Futures are
down 10 points. European markets are higher with the spot futures of London's
FTSE 100 trading up 0.68%, spot futures of Germany's DAX are trading up 0.57%
and the spot futures of France's CAC 40 Index up 0.35%. Asian markets are
higher with Japan's Nikkei 225 Index up 0.08% and China's Shanghai Composite
Index up 0.38%.