DTN Early Word Grains         06/22 05:52
   China Supports Soybean Prices, Favorable Weather Caps Rallies

   July corn is down 2 1/4 cents per bushel, November soybeans are up 1 3/4
cents, September KC wheat is down 7 1/4 cents, September Chicago wheat is down
5 cents, and MIAX September Minneapolis wheat is down 0.0300 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 2 1/4 cents per bushel,
November soybeans are up 1 3/4 cents, September KC wheat is down 7 1/4 cents,
September Chicago wheat is down 5 cents, and MIAX September Minneapolis wheat
is down 0.0300 cents.

   CME GLOBEX RECAP: On Thursday, July corn dropped 3 1/2 cents, July soybeans
dropped 9 1/4 cents, and July KC wheat dropped 8 1/2 cents. Soybean, corn, hard
red winter wheat, mild, and soft red winter wheat were steady on Thursday,
while spring wheat basis was stronger. Friday's markets were closed due to the
Juneteenth holiday. The corn and wheat markets were pressured from traders
positioning ahead of the long weekend. Soybean prices were hit, with traders
citing China's purchase of U.S. soybeans. The latest export sales data showed a
12-week high for old-crop soybeans and corn sales at the high end of
expectations, while new-crop sales were underwhelming. On Sunday, President
Trump warned that the U.S. could strike Iran for its support for the terrorist
group Hezbollah. As a result, Iranian officials left a peace negotiating
meeting in Switzerland over the weekend. Meanwhile, Iran announced on Sunday
that it has closed the Strait of Hormuz for shipping transit because it feels
like Israel violated a ceasefire agreement. Mediators early Monday said
technical talks will continue this week. On Monday, the USDA will release its
weekly export inspections report at 10 a.m. CDT. At 2:30 p.m., CFTC will
release the delayed Commitments of Traders report, which will update positions
as of last Tuesday, June 16. Lastly, USDA will release the weekly Crop Progress
report at 3 p.m. CDT, with an updated look at conditions around the U.S.

   OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average up 72.15 points to 51,564.70 and the S&P 500 up 80.48 points
to 7,500.58. The 10-Year Treasury yield ended at 4.451%. Early Monday, the
September Dow Jones Futures are down 2 points. European markets are lower, with
the spot futures of London's FTSE 100 trading down 0.05%, the spot futures of
Germany's DAX trading down 0.39%, and the spot futures of France's CAC 40 Index
trading down 0.82%. Asian markets are higher, with Japan's Nikkei 225 Index up
1.55% and China's Shanghai Composite Index up 1.78%.