DTN Early Word Grains         07/21 05:51
   China's Insatiable Soybean Appetite Underpins Row-Crop Markets

   December corn is down 1 cent per bushel, November soybeans are up 1 cent,
September KC wheat is up 1/4 cent, September Chicago wheat is up 1/4 cent, and
MIAX September Minneapolis wheat is steady.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is down 1 cent per bushel,
November soybeans are up 1 cent, September KC wheat is up 1/4 cent, September
Chicago wheat is up 1/4 cent, and MIAX September Minneapolis wheat is steady.

   CME GLOBEX RECAP: On Monday, September corn rose 4 3/4 cents, November
soybeans rose 23 1/4 cents, and September KC wheat dropped 8 1/2 cents. Soybean
basis was stronger, while corn, hard red winter and spring wheat basis was
steady Monday, and soft red winter wheat basis was weaker. Monday's markets,
led by soybeans, were squarely supported by China's purchases for a second
trading session in a row. When China speaks in volume, the market listens.
Crop-weather in the Midwest, featuring above-normal temperatures with only
scattered rains, is underpinning the markets. More fighting overnight in the
Middle East has crude oil prices recording slight gains early Tuesday. Tuesday
looks to be a quiet day with no major reports scheduled. Traders will keep an
eye on Grain Belt weather and watch for updates regarding the wars in the Black
Sea and Middle East.

   OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average down 307.16 at 51,839.26 and the S&P 500 down 14.41 at
7,443.28. The 10-Year Treasury yield ended at 4.598%. Early Tuesday, the
September Dow Jones Futures are up 156 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.06%, spot futures of
Germany's DAX are trading up 0.32%, and the spot futures of France's CAC 40
Index are up 0.08%. Asian markets are higher, with Japan's Nikkei 225 Index up
3.26% and China's Shanghai Composite Index up 1.79%.