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DTN Early Word Grains         02/21 05:48
   Grain Markets are Lower Wednesday Morning, Correcting a Portion of Tuesday's
Gains

   March corn is down 3/4 cent per bushel, March soybeans are down 6 1/4 cents,
May KC wheat is down 2 1/4 cents, May Chicago wheat is down 3 3/4 cents and May
Minneapolis wheat is down 3 3/4 cents.

Kent Beadle, DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: March corn is down 3/4 cent per bushel,
March soybeans are down 6 1/4 cents, May KC wheat is down 2 1/4 cents, May
Chicago wheat is down 3 3/4 cents and May Minneapolis wheat is down 3 3/4 cents.

   CME GLOBEX RECAP: World equity markets are mixed with the U.S. market lower
once again as high interest rates and hawkish Fed-speak continue to spark a
correction in U.S. stocks off last week's highs. World markets are a little
more mixed, with China's stock market continuing to find support. Tuesday, the
Chinese government lowered interest rates by a 1/4 point in an effort to
stimulate their economy.

   We do not have new economic data Wednesday morning. Tuesday's leading
economic indicators were a little softer than traders anticipated.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 64.19 at 38,563.80 and the S&P 500 down 30.06 at 4,975.51, The
10-Year Treasury yield ended at 4.28%. Early Wednesday, the March Dow Jones
Futures are down 73 points. European markets are mixed/higher/lower with the
spot futures of London's FTSE 100 trading down 0.86%, spot futures of Germany's
DAX is trading up 0.36% and the spot futures of France's CAC 40 Index up 0.22%.
Asian markets are mixed/higher/lower with Japan's Nikkei 225 Index down 0.26%
and China's Shanghai Composite Index up 0.97%.
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