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DTN Early Word Grains         11/21 05:54
   Grains Lightly Mixed in Meandering Overnight Session

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

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   December corn is up 1/2 cent per bushel, January
soybeans are steady, and December KC wheat is up 3/4 cents.

CME Globex Recap:   Another day of weaker global equity markets following
comments from President Trump on the trade war that continue to suggest a trade
deal is further away than originally thought. Touring a manufacturing plant on
Wednesday, President Trump said, "I don't think they're (China) stepping up to
the level that I want." China continues to want tariff rollbacks as part of a
"phase one" deal while the U.S. is obviously unwilling to acquiesce until hard
agriculture purchases are agreed to. Difficult to see an agreement and meeting
location all being agreed upon and completed before the end of 2019. Grains are
slightly higher overnight with most contracts seeing both sides multiple times
this session. Downtrends remain the dominant technical condition in most
markets with considerable upside needed for most contracts to flip trends
higher. Bulls need a change in weather for South America, improved demand
indicators or an ending in sight for the trade war to retake the narrative.

OUTSIDE MARKETS:   Previous closes on Wednesday showed the Dow Jones Industrial
Average down 112.93 at 27,821.09 and the S&P 500 down 11.72 at 3,120.18 while
the 10-Year Treasury yield ended at 1.738%. Early Thursday, the December DJIA
futures are up 3 points. Asian markets are lower with Japan's Nikkei 225 down
109.99 (-0.48%) and China's Shanghai Composite down 7.42 points (-0.25%).
European markets are lower with London's FTSE 100 down 31.42 points (-0.43%),
Germany's DAX down 27.55 points (-0.21%) and France's CAC 40 down 13.71 points
(-0.23%). The December Euro is up 0.001 at 1.110 and the December U.S. dollar
index is down 0.109 at 97.705. The December 30-Year T-Bond is down 13/32nds,
while December gold is down $5.20 at $1,469.00 and January crude oil is down
$0.13 at $56.88. Soybeans on China's Dalian Exchange were up 0.03% while
soybean meal was down 0.35%.
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