DTN Early Word Grains         04/20 05:50
   Row-Crop, Energy Markets Whipsawed by Middle East Tension

   May corn is steady, May soybeans are up 1/2 cent, July KC wheat is up 10 1/4
cents, July Chicago wheat is up 7 1/2 cents, and MIAX July Minneapolis wheat is
up 0.0375 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: May corn is steady, May soybeans are up
1/2 cent, July KC wheat is up 10 1/4 cents, July Chicago wheat is up 7 1/2
cents, and MIAX July Minneapolis wheat is up 0.0375 cents.

   CME Globex Recap: On Friday, May corn rose 7 3/4 cents, May soybeans
declined 8 1/2 cents, and May KC wheat dropped 6 cents. Soybean, corn, and soft
red winter wheat basis levels were stronger on Friday, while spring wheat and
hard red winter wheat basis levels were steady. The row-crop markets were
weighed down by a broader risk-off theme following Iran's opening of the Strait
of Hormuz. That was Friday. Since then, conditions have shifted and shifted
again. On Sunday, the crude oil market surged as the U.S. seized an Iranian
ship in the Gulf of Oman. Peace talks will be held in Pakistan on Monday. Media
reports indicate that Iran may not attend the talks. However, President Trump
threatened Iran, saying to take a deal or have its bridges and power plants
knocked out. On Monday, the USDA will update its weekly Crop Progress and
Export Inspection Reports.

   OUTSIDE MARKETS: The previous close on Friday showed the Dow Jones
Industrial Average up 868.71 points at 49,447.43, and the S&P 500 up 84.78
points at 7,126.06. The 10-Year Treasury yield ended at 4.246%. Early Monday,
the June Dow Jones Futures are down 255 points. European markets are lower,
with spot futures of London's FTSE 100 trading down 0.59%, spot futures of
Germany's DAX trading down 1.33%, and spot futures of France's CAC 40 Index
trading down 1.13%. Asian markets are mixed, with Japan's Nikkei 225 Index up
0.72% and China's Shanghai Composite Index down 0.1%.