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DTN Early Word Grains         07/26 05:57
   Anyone Buying This? Anyone? Bueller?

   December corn was unchanged, November soybeans were 7 cents higher, and
September Chicago wheat was 2 cents lower.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex:   December corn was unchanged, November soybeans were 7
cents higher, and September Chicago wheat was 2 cents lower.

CME Globex Recap:   Corn and soybeans were higher overnight night, though both
showed unconvincing rallies. In fact, it is highly likely that neither finish
the overnight session on the plus side of unchanged. Soybeans were supported by
light commercial buying, as indicated by the action in futures spreads. Wheat
contracts were lower, quietly erasing part of Monday's rally. Outside markets
were mostly lower despite a sell-off by the U.S. dollar index ahead of Day One
of the FOMC's two-day July meeting.

OUTSIDE MARKETS:   The Dow Jones Industrial Average closed 77.79 points lower
at 18,493.06, the NASDAQ Composite lost 2.53 points to 5,097.63, and the S&P
500 fell 6.55 points to close at 2,168.48 Monday. DJIA futures were 11 points
lower overnight. Asian markets were mixed with Japan's Nikkei down 237.25
points (1.4%) while China's Shanghai Composite gained 34.34 points (1.1%).
European markets were also mixed with London's FTSE 100 up 10.29 points (0.1%),
Germany's DAX was 6.23 points (0.1%) lower, and France's CAC 40 lost 16.95
points (0.4%). The U.S. dollar index fell 0.331 to 96.955. Crude oil lost $0.41
to $42.72 while Brent crude was $0.26 lower at $44.46. August gold was $2.10
higher at $1,321.60. China's Dalian soybean were unchanged and Malaysian palm
oil futures were higher overnight.
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