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DTN Early Word Grains         02/11 05:41
   Wheat, Soy Markets Firm Ahead of February WASDE Report, Corn Little Changed

   March corn is up 3/4 cent per bushel, March soybeans are up 3 1/4 cents,
March KC wheat is up 2 cents, March Chicago wheat is up 3 1/2 cents and March
Minneapolis wheat is up 1 3/4 cents.

Dana Mantini
Senior Market Analyst

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

   CME GLOBEX RECAP: Overnight in slow trade, both the wheat and soy markets
are modestly higher with corn futures little changed to begin. At 11 a.m.
Central time we will get a look at the February World Agricultural Supply and
Demand (WASDE) report. Typically not a big market-mover, the February WASDE is
not expected to result in significant changes to the U.S. balance sheet tables,
but the focus is likely to be on any South American crop production estimate
changes, especially on Argentine corn and soybeans. The former is expected to
be cut by 1 to 3 million metric tons (mmt) after the very hot and dry late
December-January weather pattern. There is also the possibility that corn for
ethanol usage could be ratcheted higher in the U.S. The report is forecast to
have minimal changes, with the trade refocusing on South American weather
shortly after, along with any tariff announcements. The Trump administration
hinted at reciprocal tariffs for a host of countries by mid-week following the
Monday announcements of 25% tariffs on both steel and aluminum imports.

   OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial
Average up 167.01 at 44,470.41 and the S&P 500 up 40.45 at 6,066.44. The
10-Year Treasury yield ended at 4.493%. Early Tuesday, the March Dow Jones
Futures are down 96 points. European markets are mixed/higher/lower with the
spot futures of London's FTSE 100 trading down 0.17%, spot futures of Germany's
DAX is trading up 0.04% and the spot futures of France's CAC 40 Index down
0.02%. Asian markets are mixed/higher/lower with Japan's Nikkei 225 Index is
steady and China's Shanghai Composite Index down 0.12%.
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