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DTN Early Word Grains         04/27 05:59
   Grains Catch Their Breath Early Thursday

   July corn was 1 cent higher, July soybeans were fractionally lower, and July
Kansas City (HRW) wheat was 1 cent higher.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex:   July corn was 1 cent higher, July soybeans were
fractionally lower, and July Kansas City (HRW) wheat was 1 cent higher.

CME Globex Recap:   Grain markets were quietly mixed overnight as traders await
the next headlines to drop from the U.S. administration in Washington, D.C.
Wednesday's late topic of pulling out of NAFTA now appears to have been a bluff
pulled against Mexico and Canada, though how much disruption it caused in
grains Wednesday is difficult to calculate. Wheat was the strength of the grain
complex, led by continued buying in the Minneapolis spring market. Outside
commodities were also mixed with sugar trying to recover some of the previous
day's losses overnight, energies continued to move lower, and gold was showing
some strength.

OUTSIDE MARKETS:   The Dow Jones Industrial Average closed 21.03 points (0.1%)
lower at 20,975.09. The NASDAQ Composite dipped 0.27 point to 6,025.23 and the
S&P 500 slipped 1.16 points to 2,387.45 Wednesday. DJIA futures were 12 points
higher early Thursday morning. Asian markets closed mixed with Japan's Nikkei
off 37.56 points (0.2%), Hong Kong's Hang Seng gaining 120.05 points (0.5%),
and China's Shanghai Composite up 11.34 points (0.4%). European markets were
trading mostly lower Thursday with London's FTSE 100 off 44.57 points (0.6%),
Germany's DAX losing 35.88 points (0.3%), and France's CAC 40 down 25.20 points
(0.5%). The euro was 0.0001 lower at 1.0905 while the U.S. dollar index lost
0.03 at 98.95. June 30-year T-Bonds were 2/32 higher at 152'23 while June gold
added $1.30 to $1,265.50. Crude oil was $0.47 lower at $49.15 while Brent crude
slipped $0.51 to $51.31. China's Dalian soybean and Malaysian palm oil futures
were both lower overnight.
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