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DTN Early Word Grains         05/24 05:56
   Grains Quiet, China's Debt Downgraded

   July corn was down 1/4 cent, July soybeans were up 1/4 cent, and July
Chicago wheat was down 1 1/4 cents.

By Todd Hultman
DTN Analyst

6:00 a.m. CME Globex:   July corn was down 1/4 cent, July soybeans were up 1/4
cent, and July Chicago wheat was down 1 1/4 cents.

CME Globex Recap:   Grains are staying close to Tuesday's closes early while
most other commodities are starting a little lower after Moody's downgraded its
rating on China's debt overnight. Scattered showers continue to fall east of
the Mississippi River with heavy amounts expected in Indiana and Ohio the next
five days.

OUTSIDE MARKETS:   The Dow Jones Industrial Average closed up 43.08 points at
20,937.91. The NASDAQ Composite was up 5.09 points at 6,138.71 and the S&P 500
was up 4.40 points at 2,398.42 Monday. DJIA futures were down 14 points early
Wednesday morning. Asian markets were a little higher with Japan's Nikkei up
129.70 points (0.7%), Hong Kong's Hang Seng up 25.35 points (0.1%), and China's
Shanghai Composite up 2.13 points (0.1%). European markets were mixed early
Wednesday with London's FTSE 100 up 17.18 points (0.2%), Germany's DAX down
14.67 points (-0.1%), and France's CAC 40 down 1.07 points (-0.02%). The U.S.
dollar index was up 04.03 at 97.38 while the June euro was down 0.00070 at
1.11915. June 30-year T-Bonds were up 5/32nds at 153'14 while June gold was
down $3.50 at $1,252.00. July crude oil was up 0.11 at $51.58 while July Brent
crude was up $0.19 at $54.34. Soybeans at the Dalian Exchange were steady to
higher overnight and Malaysian palm oil futures are down 1.4%.
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