DTN Early Word Grains         09/20 05:46
   Grain Markets Higher, Supported by Technical Buying, Strong Demand

   December corn is up 1/4 cent per bushel, November soybeans are up 2 1/4
cents, December KC wheat is up 4 cents, December Chicago wheat is up 4 3/4
cents and December Minneapolis wheat is up 2 cents.

Kent Beadle, DTN Contributing Analyst

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

   CME GLOBEX RECAP: World equity markets are mixed Friday morning, with Europe
lower but Asian markets higher as Asia tries to catch up to Thursday's huge
rally in the U.S. in which both the DJIA and S&P 500 made lifetime highs. The
Dow closed above 42,000 for the first time. The tech heavy NASDAQ did not make
a new high but was strong, nonetheless. This was a delayed response to the
50-basis point cut from the federal reserve, that was announced on Wednesday
afternoon.

   Thursday's economic data was mixed, with initial jobless claims only
219,000, much lower than expectations. The Philly-Fed manufacturing survey was
much stronger than expected, with existing home sales very close to pre-trade
expectations. U.S. leading economic indicators were slightly better than trade
expectations. All in all, the data helped to support the equity rally as the
soft-landing scenario was supported by the data.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average up 522.09 at 42,025.19 and the S&P 500 up 95.38 at 5,713.64. The
10-Year Treasury yield ended at 3.74%. Early Friday, the December Dow Jones
Futures are down 13 points. European markets are lower with the spot futures of
London's FTSE 100 trading down 0.49%, spot futures of Germany's DAX is trading
down 0.92% and the spot futures of France's CAC 40 Index down 0.88%. Asian
markets are higher with Japan's Nikkei 225 Index up 1.53% and China's Shanghai
Composite Index up 0.03%.