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DTN Early Word Grains         12/11 06:12
   Grains Soft as Trade War Persists

   March corn is down 1 1/2 cents per bushel, January soybeans are down 2
cents, and March KC wheat is down 2 1/2 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   March corn is down 1 1/2 cents per bushel, January
soybeans are down 2 cents, and March KC wheat is down 2 1/2 cents.

CME Globex Recap:   Global equities are quiet to weaker overnight, awaiting the
Federal Reserve's decision on interest rate policy later Wednesday. Most
analysts believe the Federal Reserve will leave benchmark rates unchanged,
hitting the pause button on the recent string of rate cuts. Grain markets are
weaker overnight, moving past an incredibly quiet December WASDE report to
refocus on trade war rhetoric and South American weather. Production in the
United States remains unsettled, and the round of USDA reports in January isn't
likely to settle that debate given the amount of unharvested grain in the Upper
Midwest. The near future remains one of uncertainty with prices likely
remaining inside recent ranges until a resolution to the trade war or a major
shift in South American weather occurs.

OUTSIDE MARKETS:   Previous closes on Tuesday showed the Dow Jones Industrial
Average down 27.88 at 27,881.72 and the S&P 500 down 3.44 at 3,135.96 while the
10-Year Treasury yield ended at 1.833%. Early Wednesday, the December DJIA
futures are down 32 points. Asian markets are mixed with Japan's Nikkei 225
down 18.33 (-0.08%) and China's Shanghai Composite up 7.1 points (0.24%).
European markets are mixed with London's FTSE 100 down 0.41 points (-0.01%),
Germany's DAX up 37.27 points (0.29%) and France's CAC 40 down 5.4 points
(-0.09%). The December Euro is down 0.002 at 1.110 and the December U.S. dollar
index is up 0.090 at 97.475. The March 30-Year T-Bond is up 8/32nds, while
February gold is up $3.30 at $1,471.40 and January crude oil is down $0.37 at
$58.87.
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