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DTN Early Word Grains         04/17 05:55
   Grains Higher on Dead-Cat Bounce

   May corn is up 1 cent per bushel, May soybeans are up 2 1/4 cents, and July
K.C. wheat is up 4 1/4 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   May corn is up 1 cent per bushel, May soybeans are up 2
1/4 cents, and July K.C. wheat is up 4 1/4 cents.

CME Globex Recap:   Equities are mixed Wednesday morning, but they remain
strong compared with commodities as equity/commodity ratios hit new record
highs on Tuesday. Passive-long index funds have been dumping commodities,
specifically grain commodities, most of 2019. So far, this has been a winning
strategy, but it does beg the question of whether commodities once again look
"cheap" relative to equities and could bring in some buying interest. Grains
are bouncing Wednesday morning, mostly on a technical rebound, with planting
delays still not providing the upside catalyst bulls think they should. In
addition, enough demand concerns exist to prevent the sizable short-covering by
managed funds which would be needed to flip longer-term trends.

OUTSIDE MARKETS:   Previous closes on Tuesday showed the Dow Jones Industrial
Average up 67.89 at 26,452.66 and the S&P 500 up 1.48 at 2,905.58 while the
10-Year Treasury yield ended at 2.592%. Early Wednesday, the June DJIA futures
are up 28 points. Asian markets are higher with Japan's Nikkei 225 up 56.31
(0.25%) and China's Shanghai Composite up 9.52 points (0.29%). European markets
are mixed with London's FTSE 100 down 4.14 points (-0.06%), Germany's DAX down
3.58 points (-0.03%) and France's CAC 40 up 5.21 points (0.09%). The June Euro
is up 0.002 at 1.140 and the June U.S. dollar index is down 0.107 at 96.545.
The June 30-Year T-Bond is down 7/32nds, while June gold is up $0.40 at
$1,277.60 and May crude oil is up $0.39 at $64.44. Soybeans on China's Dalian
Exchange were down -0.3% while soybean meal was down -0.43%.
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