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DTN Early Word Grains         11/20 06:03
   Grains Mixed on Weather, Trade

   December corn is down 1 3/4 cents per bushel, January soybeans are up 2 1/2
cents, and December KC wheat is down 3 1/4 cents.

By Tregg Cronin
DTN Contributing Analyst

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

CME Globex Recap:   Global equities are weaker overnight with European indices
falling to their lowest level in more than two weeks on fresh concerns over
relations between the U.S. and China. On Tuesday, the U.S. Senate passed a bill
which would force the Trump Administration to annually re-examine Hong Kong's
special status, rankling Chinese officials as protests remain out of control in
the Asian financial center. President Trump followed the measure up with
comments suggesting he is prepared to raise tariffs if a deal cannot be reached
to end the trade war. Every positive development on trade seems to be followed
by a negative one in these negotiations now in the 16th month. Grains are mixed
overnight with corn and wheat lower while soybeans and oil post gains.
Downtrends remain the dominant price action on most contracts with sizable
upside gains needed to flip trends higher. This week marks the last full week
of trade before the Thanksgiving holiday, after which markets will feature
low-volume trade with half-staffed trading desks. Price drivers remain U.S.
harvest progress, South American weather and the constant back-and-forth over
the trade war.

OUTSIDE MARKETS:   Previous closes on Tuesday showed the Dow Jones Industrial
Average down 102.20 at 27,934.02 and the S&P 500 down 1.85 at 3,122.03 while
the 10-Year Treasury yield ended at 1.786%. Early Wednesday, the December DJIA
futures are down 104 points. Asian markets are lower with Japan's Nikkei 225
down 144.08 (-0.62%) and China's Shanghai Composite down 22.94 points (-0.78%).
European markets are lower with London's FTSE 100 down 99.94 points (-1.36%),
Germany's DAX down 129.09 points (-0.98%) and France's CAC 40 down 44.18 points
(-0.75%). The December Euro is down 0.002 at 1.110 and the December U.S. dollar
index is up 0.143 at 97.885. The December 30-Year T-Bond is up 28/32nds, while
December gold is up $2.00 at $1,476.30 and January crude oil is up $0.11 at
$55.46. Soybeans on China's Dalian Exchange were down 0.03% while soybean meal
was down 0.07%.
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