DTN Early Word Grains         03/22 06:03
   Grains Higher on Trade, Flooding

   May corn is up 2 1/2 cents per bushel, May soybeans are unchanged, and May
K.C. wheat is up 2 3/4 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   May corn is up 2 1/2 cents per bushel, May soybeans are
unchanged, and May K.C. wheat is up 2 3/4 cents.

CME Globex Recap:   Equity markets are mostly weaker Friday morning, especially
in Europe after soft economic data in the way of purchasing managers indices in
Germany and France disappointed. In the U.S., investors are busy recalculating
what another year to year-and-a-half of easy money means for equity valuations
after the Federal Reserve indicated it would not be raising interest rates the
rest of 2019 and only once in 2020. Grains are mostly firmer as we get set to
close another week of trading. Next week will be dominated by average trade
guesses in the run-up to the March 29 USDA reports, but we contend the March 1
stocks data will be of most importance while the acreage guesses will have
limited value due to the recent flooding. From a demand standpoint, the
flooding across the Midwest is a bearish feature as water roils logistics and
extinguishes demand which can't be made up.

OUTSIDE MARKETS:   Previous closes on Thursday showed the Dow Jones Industrial
Average up 216.84 at 25,962.51 and the S&P 500 up 30.65 at 2,824.23 while the
10-Year Treasury yield ended at 2.537%. Early Friday, the June DJIA futures are
down 108 points. Asian markets are higher with Japan's Nikkei 225 up 18.42
(0.09%) and China's Shanghai Composite up 2.69 points (0.09%). European markets
are lower with London's FTSE 100 down 68.14 points (-0.93%), Germany's DAX down
37.68 points (-0.33%) and France's CAC 40 down 46.61 points (-0.87%). The June
Euro is down 0.004 at 1.140 and the June U.S. dollar index is up 0.133 at
96.120. The June 30-Year T-Bond is up 22/32nds, while April gold is up $5.00 at
$1,312.30 and May crude oil is down $0.54 at $59.44. Soybeans on China's Dalian
Exchange were up 0.06% while soybean meal was up 0.43%.