DTN Early Word Grains         05/13 05:49
   Traders Eye Wheat Rally Carry Through, Trade Summit Headlines

   July corn is up 1 1/2 cents per bushel, July soybeans are up 3 cents, July
KC wheat is up 12 cents, July Chicago wheat is down 2 cents, and MIAX July
Minneapolis wheat is up 0.0575 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is up 1 1/2 cents per bushel,
July soybeans are up 3 cents, July KC wheat is up 12 cents, July Chicago wheat
is down 2 cents, and MIAX July Minneapolis wheat is up 0.0575 cents.

   CME Globex Recap: On Wednesday, July corn rose 4 3/4 cents, July soybeans
rose 13 3/4 cents, and July KC wheat rose 45 cents. Corn basis was stronger,
soybean and hard red winter wheat basis were steady on Tuesday, while soft red
winter wheat and spring wheat basis were weaker. It was Report Day, and the
USDA delivered a quite bullish report for wheat futures. It estimated the U.S.
2026 wheat crop at its lowest in 54 years. That sent the market limit up for
the session. Wheat's rally carried corn higher, despite the USDA data being
neutral to bearish for corn. New crop soybean futures hit a new high close for
2026, with a record trend yield needed to reach 2026 production expectations.
Separately, this week's optimism of the U.S.-China trade summit has traders
buying until they hear anything that tells them not to. The market will move on
to trade the headline news from the trade summit in China. On Wednesday, the
House is expected to vote on nationwide, year-round E15 sales. Speaking of
ethanol, the EIA is expected to show steady weekly production for the week
ended May 8 on Wednesday.

   OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average up 56.09 points at 49,760.56, and the S&P 500 down 11.88
points at 7,400.96. The 10-Year Treasury yield ended at 4.463%. Early
Wednesday, the June Dow Jones Futures are down 102 points. European markets are
higher, with the spot futures of London's FTSE 100 trading up 0.39%, spot
futures of Germany's DAX are trading up 0.79%, and the spot futures of France's
CAC 40 Index are down 0.29%. Asian markets are higher, with Japan's Nikkei 225
Index up 0.84% and China's Shanghai Composite Index up 0.67%.