DTN Early Word Grains         07/17 06:01
   Row Crop Futures Leak Lower Early Friday

   September corn is down 1 1/2 cents and August soybeans are down 1 1/2 cents.
September KC wheat is up 2 1/4 cents, September Chicago wheat is down 1/4
cents, and September MIAX Minneapolis wheat is down 1/2 cents.

Rhett Montgomery
DTN Lead Analyst

   EARLY MORNING GLOBEX NET CHANGES: September corn is down 1 1/2 cents and
August soybeans are down 1 1/2 cents. September KC wheat is up 2 1/4 cents,
September Chicago wheat is down 1/4 cents, and September MIAX Minneapolis wheat
is down 1/2 cents.

   CME GLOBEX RECAP: On Thursday, September corn traded 6 cents lower to close
at $4.41 1/2, August soybeans were down 7 1/4 cents to $11.95, and September
Kansas City wheat fell 3 1/2 cents to $7.16 1/2. Profit taking and technical
based selling was the theme across row crop futures on Thursday, as all markets
had become somewhat overbought technically after strong Wednesday sessions.
From here, traders may feel they've adequately reflected known risk to U.S.
crops amid the recent heatwave and will require evidence of a larger threat to
production, likely in the form of declining ratings in upcoming Crop Progress
reports. As for the geopolitical turmoil in the Black Sea, the uncertainty
regarding the availability of grain supplies via export should keep a level of
support below prices, though it will take time for the market to sort out the
exact implications of a prolonged closure to shipping channels such as the
Kerch Strait. For reports to close the week, Friday is a not slated to be a
busy day with the usual CFTC Commitments of Traders report at 2:30 p.m. CDT the
only major release scheduled.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average down 105.67 at 52,552.97 and the S&P 500 Index down 38.63 at 7,533.77.
The 10-Year Treasury yield ended at 4.57%. Early Friday, September Dow Jones
futures are down 318 points. European markets are mixed to lower with the spot
futures of the London FTSE 100 trading up 0.18%, spot futures of Germany's DAX
trading down 0.31% and spot futures of France's CAC Index trading down 0.66%.
Asian markets are lower with Japan's Nikkei 225 index down 4.03% and China's
Shanghai Composite Index down 3.05%.