DTN Early Word Grains         01/28 05:48
   Midweek Soybean Rally Props Up Corn and Wheat Markets

   March corn is up 3 cents per bushel, March soybeans are up 10 cents, March
KC wheat is up 4 1/2 cents, March Chicago wheat is up 6 1/4 cents, and MIAX
March Minneapolis wheat is up 0.0350 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: March corn is up 3 cents per bushel, March
soybeans are up 10 cents, March KC wheat is up 4 1/2 cents, March Chicago wheat
is up 6 1/4 cents, and MIAX March Minneapolis wheat is up 0.0350 cents.

   CME GLOBEX RECAP: On Tuesday, March corn closed down 1 3/4 cents, March
soybeans closed up 5 1/2 cents, and March KC wheat closed up 3 cents. The
market had little news to trade. Instead, traders relied on a strong soybean
oil market that supported the soybean market. Corn, spring wheat, soybean, and
hard red winter wheat basis were steady on Tuesday, and soft red winter wheat
basis was weaker. The U.S. dollar continues to weaken, making U.S. commodities
more competitive in global markets. Reports for Wednesday will include the
weekly Petroleum Status report from the Energy Information Administration at
9:30 a.m. CST, which will include last week's average ethanol production. In
the afternoon at 1 p.m. CST, the Federal Reserve will announce its interest
rate decision at the conclusion of its January meeting, which will be followed
by a press conference with Fed Chair Jerome Powell.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 408.99 at 49,003.41 and the S&P 500 up 28.37 at 6,978.60. The
10-Year Treasury yield ended at 4.223%. Early Wednesday, the March Dow Jones
Futures are up 36 points. European markets are lower, with the spot futures of
London's FTSE 100 trading down 0.45%, spot futures of Germany's DAX are trading
down 0.27%, and the spot futures of France's CAC 40 Index are down 0.88%. Asian
markets are higher, with Japan's Nikkei 225 Index up 0.05% and China's Shanghai
Composite Index up 0.27%.