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DTN Early Word Grains         07/27 05:59
   What Will the Fed Say?

   December corn was fractionally lower, November soybeans were 5 cents higher,
and September Chicago wheat was fractionally lower.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex:   December corn was fractionally lower, November soybeans
were 5 cents higher, and September Chicago wheat was fractionally lower.

CME Globex Recap:   The Federal Reserve will make its comments regarding
interest rates early Wednesday afternoon, and shortly before the close in
grains, as its two-day meeting comes to an end. Speculation is on if a
September increase is targeted, or possibly pushing it back to December. In
anticipation, the U.S. dollar index was slightly higher early Wednesday while
most commodities were lower. The lone oasis (green area) was the global oilseed
market.

OUTSIDE MARKETS:   The Dow Jones Industrial Average closed 19.31 points lower
at 18,473.75, the NASDAQ Composite gained 12.42 points to 5,110.05, and the S&P
500 rallied 0.69 point to close at 2,169.17 Tuesday. DJIA futures were 35
points higher overnight. Asian markets were mostly higher with Japan's Nikkei
up 281.78 points (1.7%) while China's Shanghai Composite lost 58.17 points
(1.9%). European markets were also mostly higher with London's FTSE 100 up
21.73 points (0.3%), Germany's DAX was 75.17 points (0.7%) higher, and France's
CAC 40 gained 62.88 points (1.4%). The U.S. dollar index rallied 0.046 to
97.202. Crude oil lost $0.24 to $42.68 while Brent crude was $0.54 lower at
$44.33. August gold was $0.70 lower at $1,320.10. China's Dalian soybean and
Malaysian palm oil futures were higher overnight.
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