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DTN Early Word Grains         06/17 06:02
   Sharply Higher Grains as Wet Weather Persists

   July corn is up 8 3/4 cents per bushel, July soybeans are up 16 1/2 cents,
and July KC wheat is up 8 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   July corn is up 8 3/4 cents per bushel, July soybeans
are up 16 1/2 cents, and July KC wheat is up 8 cents.

CME Globex Recap:   Global equity markets are higher around the globe Monday
with tensions between Iran and the U.S. dominating weekend headlines. Energy
markets remains subdued, so it would appear the threat of transportation being
halted through the Strait of Hormuz remains low at this time. Grain markets are
sharply higher overnight as forecasts call for more wet weather in the coming
week with producers still trying to finish soybean planting. Prevented planting
ideas for soybeans are nowhere near those expected for corn but expectations
are growing with each passing day. Aside from weekly crop progress, the next
major event will be the June 28 acreage and stocks report, which could give
further clues into the supply picture. Even that report will be suspect,
however, given how much planting progress was still occurring in June as the
survey was being conducted. The path of least resistance will remain up until
the market is more comfortable with the supply picture of both corn and

OUTSIDE MARKETS:   Previous closes on Friday showed the Dow Jones Industrial
Average down 17.16 at 26,089.61 and the S&P 500 down 4.66 at 2,891.64 while the
10-year Treasury yield ended at 2.093%. Early Monday, the June DJIA futures are
up 32 points. Asian markets are higher with Japan's Nikkei 225 up 7.11 (0.03%)
and China's Shanghai Composite up 5.65 points (0.2%). European markets are
higher with London's FTSE 100 up 10.4 points (0.14%), Germany's DAX up 18.2
points (0.15%) and France's CAC 40 up 9.75 points (0.18%). The June euro is up
0.001 at 1.120 and the June U.S. dollar index is down 0.035 at 97.535. The
September 30-year T-Bond is down 8/32nds, while August gold is down $7.60 at
$1,336.90 and July crude oil is down $0.24 at $52.27. Soybeans on China's
Dalian Exchange were down -0.06% while soybean meal was up 1.26%.
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