DTN Early Word Grains         03/24 05:52
   Biofuel Feedstock Markets Eye EPA Biofuel Policy Announcement

   May corn is up 1 3/4 cents per bushel, May soybeans are down 3 1/2 cents,
May KC wheat is up 2 cents, May Chicago wheat is up 1 1/2 cents, and MIAX May
Minneapolis wheat is up 0.0850 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: May corn is up 1 3/4 cents per bushel, May
soybeans are down 3 1/2 cents, May KC wheat is up 2 cents, May Chicago wheat is
up 1 1/2 cents, and MIAX May Minneapolis wheat is up 0.0850 cents.

   CME GLOBEX RECAP: On Monday, May corn closed down 6 cents, May soybeans
gained 2 1/4 cents, and May KC wheat declined 3 cents. Corn, hard red winter
wheat, spring wheat, and soybean basis remained steady on Monday, while soft
red winter wheat basis weakened. Corn and wheat markets were pressured by
falling crude oil prices following news that the U.S. has extended its deadline
for striking Iranian power plants by five days. Oil dropped below $100 per
barrel for the first time in two weeks. Soybean prices were supported by EPA
officials stating on Monday that biofuel blending volumes will be updated by
the end of the month. This increases concern ahead of a planned farmers'
meeting at the White House later this week. Weekly corn export inspections for
the week ending March 19 were at the low end of expectations, soybean bookings
at the high end, and wheat inspections exceeded expectations.

   OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 631.00 at 46,208.47 and the S&P 500 up 74.52 at 6,581.00. The
10-Year Treasury yield ended at 4.334%. Early Tuesday, the June Dow Jones
Futures are down 83 points. European markets are lower, with spot futures of
London's FTSE 100 down 0.35%, spot futures of Germany's DAX down 0.28%, and
spot futures of France's CAC 40 Index down 0.12%. Asian markets are higher,
with Japan's Nikkei 225 Index up 1.43% and China's Shanghai Composite Index up
1.78%.