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DTN Early Word Grains         06/24 05:48
   Brexit Broke It

   December corn was 8 cents lower, November soybeans were 13 cents lower, and
July Kansas City wheat was 5 cents lower.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex:  December corn was 8 cents lower, November soybeans were
13 cents lower, and July Kansas City wheat was 5 cents lower.

CME Globex Recap:  Global markets -- the "It" in this morning's title -- broke
hard overnight following the United Kingdom's vote to leave the European Union.
Safe haven markets like the U.S. dollar index, Japanese yen, and gold posted
strong rallies while the rest of the commodity sector came under heavy pressure
from investor liquidation. Additional investor pressure has been seen in global
equity markets and is expected to spill over into the U.S. market, with DJIA
futures down more than 500 points.

OUTSIDE MARKETS:  The Dow Jones Industrial Average closed 230.24 points higher
at 18,011.07, the NASDAQ Composite gained 76.72 points to 4,910.04 and the S&P
500 rallied 27.88 points to close at 2,113.32 Thursday. However, DJIA futures
were 520 points lower overnight indicating those gains should easily be erased
early Friday. Asian markets were lower with Japan's Nikkei down 1,286.33 points
(7.9%) while China's Shanghai Composite fell 37.67 points (1.3%). European
markets were also lower with London's FTSE 100 down 316.88 points (5.0%),
Germany's DAX off 672.86 points (6.6%), and Frances CAC 40 down 348.43 points
(7.8%). The U.S. dollar index was up 1.995 to 95.519. Crude oil was down $2.54
to $47.57 while Brent crude fell $2.66 to $48.25. August gold was $59.20 higher
at $1,322.20 after rallying as much as $99.50. China's Dalian soybean futures
and Malaysian palm oil futures were mixed overnight.
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