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DTN Early Word Grains         12/01 05:49
   Ag Markets Weak Overnight, Led by Soybean Oil

   March corn is down 1 1/2 cents per bushel, January soybeans are down 11
cents, and March KC wheat is down 6 3/4 cents.

Tregg Cronin
DTN Contributing Analyst

   PRE-6 A.M. GLOBEX PRICES: March corn is down 1 1/2 cents per bushel, January
soybeans are down 11 cents, and March KC wheat is down 6 3/4 cents.

   CME GLOBEX RECAP: Mostly higher global equities overnight while U.S. futures
trade lower on the first day of December. Equities are consumed with
outguessing the Federal Reserve ahead of the December FOMC meeting and beyond.
It still baffles on how sensitive our markets have become to 25 basis points,
highlighting how addicted to cheap money our financial system has become.
Energy markets are mostly higher overnight with crude oil up over $81.00 per
barrel as that recovery continues. The U.S. Dollar Index is weaker, pushing
back toward the bottom end of its recent range. Metals are firmer overnight
with gold and silver up 1.9% to 2.5%. Grains are all weaker overnight, although
soybean oil continues to get absolutely lambasted. December soybean oil is down
more than 5.0% as rumors swirl about biofuel blending targets.

   OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 737.24 at 34,589.77 and the S&P 500 up 122.48 at 3,957.63
while the 10-Year Treasury yield ended at 3.703%. Early Thursday, the December
DJIA futures are down 67 points. Asian markets are higher with Japan's Nikkei
225 up 257.09 (0.92%) and China's Shanghai Composite up 14.14 points (0.45%).
European markets are higher with London's FTSE 100 up 1.31 points (0.02%),
Germany's DAX up 84.85 points (0.59%) and France's CAC 40 up 3.56 points
(0.05%). The December euro is up 0.002 at 1.040 and the December U.S. Dollar
Index is down 0.352 at 105.545.  The March 30-Year T-Bond is up 45/32nds, while
February gold is up $33.20 at $1,793.10 and January crude oil is up $0.82 at
$81.37. Corn on China's Dalian Exchange was up 0.1% while soybeans were up
0.43% and soybean meal was down 1.36%.
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