DTN Early Word Grains         08/20 05:54
   Row-Crop Market Bulls Feast on Lower Yield Projections

   December corn is up 3 3/4 cents per bushel, November soybeans are up 4 1/4
cents, December KC wheat is down 3/4 cent, December Chicago wheat is up 2 1/2
cents, and MIAX December Minneapolis wheat is up 0.0475 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is up 3 3/4 cents per
bushel, November soybeans are up 4 1/4 cents, December KC wheat is down 3/4
cent, December Chicago wheat is up 2 1/2 cents, and MIAX December Minneapolis
wheat is up 0.0475 cents.

   CME GLOBEX RECAP: On Wednesday, December corn rose 10 cents, November
soybeans rose 20 1/2 cents, and September KC wheat rose 18 1/4 cents. Corn
basis was steady, while soybean, hard red winter wheat, and soft red winter
wheat basis was stronger on Wednesday, and hard red spring wheat basis was
weaker. Soybeans rallied 20 cents for the second time in three sessions from
uncertainty in the U.S. crop potential. Corn followed soybeans for some of the
same disappointing yield reports coming out of this week's Pro Farmer crop tour
through the Midwest. On Wednesday, scouts found lower corn yields in Illinois
and western Iowa than last year. Additionally, soybean pod counts dropped from
a year ago in both locations. Black Sea exports, expected to reach multi-year
lows for the first four months of the year, pushed up wheat prices. Outside of
profit-taking, the row-crop markets may remain well supported until the
combines roll and monitor readings tell another story. Additionally, the energy
markets are supportive with the escalation of the war in the Middle East and
the Black Sea.

   OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average up 119.65 points to 53,463.05 and the S&P 500 up 16.22
points to 7,707.98. The 10-Year Treasury yield ended at 4.653%. Early Thursday,
the September Dow Jones Futures are down 85 points. European markets are lower,
with the spot futures of London's FTSE 100 trading down 0.18%, spot futures of
Germany's DAX trading down 0.56%, and the spot futures of France's CAC 40 Index
down 0.27%. Asian markets are lower, with Japan's Nikkei 225 Index down 3.63%
and China's Shanghai Composite Index down 0.6%.