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DTN Early Word Grains         02/19 05:58
   Grains Soft in Turnaround from Tuesday Gains

   March corn is down 1 1/4 cents per bushel, March soybeans are down 3/4 cent,
and March KC wheat is down 7 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   March corn is down 1 1/4 cents per bushel, March
soybeans are down 3/4 cent, and March KC wheat is down 7 cents.

CME Globex Recap:   Equity markets are mostly higher overnight, finding support
from news China's Ministry of Finance on Tuesday published a list of close to
700 American products that can qualify for tariff exemption applications. On
this list included soybeans, pork, beef, corn, wheat, crude oil and liquefied
natural gas. Without a strong pickup in commodity purchases soon, China would
appear to have no chance in meeting its $200 billion worth of U.S. products in
2020 and 2021. Some news outlets said China will be buying U.S. ag products by
the end of February to show good faith toward the "phase-one" agreement despite
its battle with the coronavirus. Grain markets will also be looking ahead to
Thursday and Friday when the USDA begins to release their first estimates of
the 2020/21 grain market balance sheets. How the USDA interprets the
"phase-one" deal and spring acres will be noteworthy.

OUTSIDE MARKETS:   Previous closes on Tuesday showed the Dow Jones Industrial
Average down 165.89 at 29,232.19 and the S&P 500 down 9.87 at 3,380.16 while
the 10-Year Treasury yield ended at 1.556%. Early Wednesday, the March DJIA
futures are up 68 points. Asian markets are mixed with Japan's Nikkei 225 up
206.9 (0.89%) and China's Shanghai Composite down 9.57 points (-0.32%).
European markets are higher with London's FTSE 100 up 53.66 points (0.73%),
Germany's DAX up 56.2 points (0.41%) and France's CAC 40 up 38.35 points
(0.63%). The March Euro is up 0.001 at 1.080 and the March U.S. dollar index is
up 0.037 at 99.370. The March 30-Year T-Bond is up 4/32nds, while April gold is
up $9.10 at $1,612.70 and March crude oil is up $0.66 at $52.71. Soybeans on
China's Dalian Exchange were up 0.51% while soybean meal was down 0.11%.
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