DTN Early Word Grains         01/22 05:45
   Soybean Futures Rally, Shake Off Bearish USDA Data Losses

   March corn is up 1 1/4 cents per bushel, March soybeans are up 2 1/2 cents,
March KC wheat is up 2 1/4 cents, March Chicago wheat is up 1 3/4 cents, and
MIAX March Minneapolis wheat is up 0.0275 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: March corn is up 1 1/4 cents per bushel,
March soybeans are up 2 1/2 cents, March KC wheat is up 2 1/4 cents, March
Chicago wheat is up 1 3/4 cents, and MIAX March Minneapolis wheat is up 0.0275
cents.

   CME GLOBEX RECAP: On Wednesday, the soybean market closed double digits
higher, driven by strength in the soybean oil market and carryover support from
China, which reached its 12.0 million metric ton pledge of U.S. soybean
purchases by February. The March soybean futures contract regained all of its
losses from last week's bearish USDA report. Meanwhile, the corn and wheat
markets closed lower on Wednesday. Corn, soybeans, spring wheat, and hard red
winter wheat basis prices were steady on Wednesday, while soft red winter wheat
was weaker. Reports for Thursday will lead off with the Petroleum Status report
from the Energy Information Administration at 9:30 a.m. CST, which will include
last week's ethanol production. Around noon, the Buenos Aires Grain Exchange
will release its weekly crop update, which will be interesting given the recent
dryness in Argentina.

   OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial
Average up 588.64 at 49,077.23 and the S&P 500 up 78.76 at 6,875.62. The
10-Year Treasury yield ended at 4.253%. Early Thursday, the March Dow Jones
Futures are up 193 points. European markets are higher, with the spot futures
of London's FTSE 100 trading up 0.59%, spot futures of Germany's DAX are
trading up 1.25%, and the spot futures of France's CAC 40 Index are up 1.09%.
Asian markets are higher, with Japan's Nikkei 225 Index up 1.73% and China's
Shanghai Composite Index up 0.14%.