DTN Early Word Grains         03/20 05:52
   Soybeans Head for a Lower Week of Trading, Corn Slightly Higher

   May corn is down 1 1/4 cents per bushel, May soybeans are up 4 1/4 cents,
May KC wheat is down 3 1/4 cents, May Chicago wheat is down 1 3/4 cents, and
MIAX May Minneapolis wheat is down 0.0275 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: May corn is down 1 1/4 cents per bushel,
May soybeans are up 4 1/4 cents, May KC wheat is down 3 1/4 cents, May Chicago
wheat is down 1 3/4 cents, and MIAX May Minneapolis wheat is down 0.0275 cents.

   CME GLOBEX RECAP: On Thursday, May corn closed up 6 1/2 cents, May soybeans
up 6 3/4 cents, and May KC wheat up 1 1/4 cents. Corn, hard red winter wheat,
spring wheat, soybean, and soft red winter wheat basis were steady on Thursday.
The farm markets moved higher due to key oil and gas hubs damaged in the Middle
Eastern war. Concerns are increasing about fuel, fertilizer, and transportation
costs ahead of the U.S. planting season. China announced it is reducing its
fertilizer exports. USDA's weekly exports showed strong demand for corn, but
weaker sales of soybeans and wheat. USDA will release its March Cattle-on-Feed
report on Friday after the close at 2 p.m. CDT. At 2:30 p.m. CDT, the CFTC will
release its Commitments of Traders report, updating positions as of Tuesday,
March 17.

   OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 203.72 at 46,021.43 and the S&P 500 down 18.21 at 6,606.49. The
10-Year Treasury yield ended at 4.281%. Early Friday, the June Dow Jones
Futures are down 219 points. European markets are mixed, with spot futures of
London's FTSE 100 up 0.1%, spot futures of Germany's DAX down 0.02%, and spot
futures of France's CAC 40 Index up 0.03%. Asian markets are mixed, with
Japan's Nikkei 225 Index steady and China's Shanghai Composite Index down 1.24%.