DTN Early Word Grains         07/29 05:49
   Row-Crops Face a Weather Market to End July, Begin August

   December corn is down 2 1/2 cents per bushel, November soybeans are down 12
cents, September KC wheat is down 3/4 cent, September Chicago wheat is down 2
1/2 cents, and MIAX September Minneapolis wheat is up 0.0050 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is down 2 1/2 cents per
bushel, November soybeans are down 12 cents, September KC wheat is down 3/4
cent, September Chicago wheat is down 2 1/2 cents, and MIAX September
Minneapolis wheat is up 0.0050 cents.

   CME GLOBEX RECAP: On Tuesday, September corn rose 6 3/4 cents, November
soybeans rose 6 1/4 cents, and September KC wheat dropped 2 3/4 cents. Corn,
soft red winter and soybean basis was steady Tuesday, while spring wheat and
hard red winter wheat basis was stronger. In quiet trading, soybean prices
climbed on an attempt to recover some of the losses from the start of the week.
Less concerning crop weather for the extended outlook trumped the weaker crop
conditions this week, keeping a cap on upward moves on Tuesday. For wheat,
profit-taking occurred from an overbought market. Crude oil prices jumped early
Wednesday after Iran launched a surprise attack on the U.S. in Jordan. On
Wednesday, the Federal Reserve holds its July meeting and is expected to leave
interest rates unchanged, helping the U.S. dollar drop. A surprise hike in
interest rates would send the dollar higher. On Wednesday morning, the Energy
Information Administration will release the weekly Petroleum Status report,
including last week's ethanol production and stocks. Later in the afternoon,
the Federal Reserve will make its interest rate decision at 1 p.m. CDT.

   OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average up 537.24 at 52,747.32 and the S&P 500 up 15.60 at 7,428.78.
The 10-Year Treasury yield ended at 4.604%. Early Wednesday, the September Dow
Jones Futures are down 74 points. European markets are lower, with the spot
futures of London's FTSE 100 trading down 0.03%, spot futures of Germany's DAX
are trading down 0.54%, and Asian markets are mixed, with Japan's Nikkei 225
Index down 1.49% and China's Shanghai Composite Index up 0.4%.