DTN Early Word Grains         07/31 05:48
   Row-Crop Markets to Face More Weather, Geopolitical Uncertainty in August

   December corn is down 1 1/2 cents per bushel, November soybeans are down 1
1/2 cents, September KC wheat is down 5 1/4 cents, September Chicago wheat is
down 5 1/2 cents, and MIAX September Minneapolis wheat is down 0.0150 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is down 1 1/2 cents per
bushel, November soybeans are down 1 1/2 cents, September KC wheat is down 5
1/4 cents, September Chicago wheat is down 5 1/2 cents, and MIAX September
Minneapolis wheat is down 0.0150 cents.

   CME GLOBEX RECAP: On Thursday, September corn dropped 3 1/4 cents, November
soybeans dropped 4 cents, and September KC wheat rose 5 1/4 cents. Soybean
basis was stronger and hard red winter wheat basis was weaker Thursday, while
spring wheat, soft red winter wheat and corn basis were steady. Thursday's
trade found support for wheat, up 12% on the month, as war heats up on two
separate fronts: the U.S. and Iran in the Middle East, and Russia and Ukraine
in the Black Sea Region. Soybean prices, up 4.9% month-to-date, have dwindled
significantly this week and in the second half of July. Likewise, air has been
taken out of the corn trade, as the nation's crop finishes its critical growth
stage and weather outlooks appear less threatening. That said, corn prices are
up 6.6% month-to-date, with demand for both corn and soybeans remaining strong.
Strong weekly sales most likely trimmed losses on Thursday. Because the final
trading day of the month landed on a Friday with geopolitical uncertainty on
the rise, Friday's trade could prove to be volatile. CFTC releases its weekly
Commitments of Traders report at 2:30 p.m. CDT.

   OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average up 613.92 at 52,208.06 and the S&P 500 up 121.48 at
7,437.63. The 10-Year Treasury yield ended at 4.663%. Early Friday, the
September Dow Jones Futures are up 248 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.55%, spot futures of
Germany's DAX are trading up 0.85%, and Asian markets are higher, with Japan's
Nikkei 225 Index up 4.03% and China's Shanghai Composite Index up 0.72%.