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DTN Early Word Grains         07/12 05:31
   Grain Markets Lower Ahead of New July USDA Supply and Demand Data

   December corn is down 3 1/4 cents per bushel, November soybeans are down 3
cents, September KC wheat is down 10 cents, September Chicago wheat is down 7
cents and September Minneapolis wheat is down 6 1/2 cents.

Kent Beadle, DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is down 3 1/4 cents per
bushel, November soybeans are down 3 cents, September KC wheat is down 10
cents, September Chicago wheat is down 7 cents and September Minneapolis wheat
is down 6 1/2 cents.

   CME GLOBEX RECAP: World equity markets are mostly higher in the aftermath of
Thursday's CPI report that showed inflation slowing in the month of June. The
CPI was a negative 0.1%, compared to pre-report estimates at a positive 0.1%
with the year over year CPI up 3.0% compared to expectations at 3.1%. Core CPI
was up 0.1%, compared to expectations at 0.2%. All in all, it was a report that
increases expectations of a rate cut in September, especially after Chairman
Powell's dovish comments before Congress this week. Friday morning, we will see
the PPI report along with consumer sentiment.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average up 32.39 at 39,753.75 and the S&P 500 down 49.37 at 5,584.54. The
10-Year Treasury yield ended at 4.19%. Early Friday, the September Dow Jones
Futures are up 44 points. European markets are higher with the spot futures of
London's FTSE 100 trading up 0.14%, spot futures of Germany's DAX is trading up
0.18% and the spot futures of France's CAC 40 Index up 0.58%. Asian markets are
mixed with Japan's Nikkei 225 Index down 2.45% and China's Shanghai Composite
Index up 0.03%.
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