DTN Early Word Grains         07/23 05:56
   Soybean Meal Drags Grains Mostly Lower Early Friday

   December corn is down 2 3/4 cents, November soybeans are down 7 1/2 cents
and September KC wheat is up 2 1/2 cents.

Todd Hultman
DTN Lead Analyst

   Pre-6 a.m. Globex Prices: December corn is down 2 3/4 cents, November
soybeans are down 7 1/2 cents and September KC wheat is up 2 1/2 cents.

   CME Globex Recap: Early Friday, Dow Jones futures are trading higher along
with European stocks, finding support from this week's earning reports.
Earnings report from major technology companies are due out next week. Rising
coronavirus infections remain a concern, especially in Southeast Asia and that
may slow the demand for U.S. grain. Late Friday, USDA will release cattle
on-feed and cattle inventory reports for July 1.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average up 25.35 at 34,823.35 and the S&P 500 up 8.79 at 4,367.48 as the
10-Year Treasury yield settled at 1.26%. Early Friday, September Dow Jones
futures are trading up 137 points. Asian markets are mixed with Japan's Nikkei
225 index closed for a holiday and China's Shanghai Composite Index down 0.68%.
European markets are higher with the spot futures of the London FTSE 100
trading up 0.86%, spot futures of Germany's DAX trading up 0.66% and spot
futures of France's CAC Index trading up 0.86%. The September euro is up
$0.0001 at $1.1784. The September U.S. Dollar Index is up 0.08 at 92.91. The
September 30-year T-bond is down 20/32nds, while August gold is down $0.30 at
$1,805.10 and September crude oil is up $0.04 at $71.95. On China's Dalian
exchange, September corn was up 0.1%, September soybeans were down 1.6%,
September soybean meal was down 2.0% and September soybean oil was up 0.1%.
July common wheat on China's Zhengzhou exchange was down 0.0%. September
Malaysian palm oil is trading up 3.8%.