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DTN Early Word Grains         06/18 06:03
   Grains Lower as Bout Profit-Taking Hits

   July corn is down 8 1/2 cents, July soybeans are down 3 3/4 cents, and July
K.C. wheat is down 10 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   July corn is down 8 1/2 cents, July soybeans are down 3
3/4 cents, and July K.C. wheat is down 10 cents.

CME Globex Recap:   Equities are mostly higher around the globe Tuesday morning
with traders also taking note of the U.S. Dollar Index trading back above its
50-day moving average and early June highs. Markets will be watching the 2-day
FOMC meeting of the Federal Reserve very closely. Markets do not expect a rate
cut at this meeting, but one is overwhelmingly expected at the July meeting.
Sharp weakness in grains overnight led by corn and Kansas City wheat. Our
markets have been on a tear, and this week will see July option expiration
Friday, which could allow prices to correct slightly. In addition, traders are
putting less stock in the weekly crop progress reports as most aren't sure if
the percentages are still counting total intentions from March or what
producers will actually get seeded. The next big focus will be the June acreage
and stocks report on the 28 with volatility expected to ramp up in the coming

OUTSIDE MARKETS:   Previous closes Monday showed the Dow Jones Industrial
Average up 22.92 at 26,112.53 and the S&P 500 up 2.69 at 2,886.98 while the
10-Year Treasury yield ended at 2.086%. Early Tuesday, the June DJIA futures
are up 56 points. Asian markets are mixed with Japan's Nikkei 225 down 151.29
(-0.72%) and China's Shanghai Composite up 2.54 points (0.09%). European
markets are higher with London's FTSE 100 up 41.09 points (0.56%), Germany's
DAX up 93.61 points (0.77%) and France's CAC 40 up 59.43 points (1.1%). The
September Euro is down 0.004 at 1.130 and the September U.S. dollar index is up
0.163 at 97.215. The September 30-Year T-Bond is up 23/32nds, while August gold
is up $5.20 at $1,348.10 and July crude oil is down $0.24 at $51.69. Soybeans
on China's Dalian Exchange were down -1.05% while soybean meal was down -0.38%.
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