DTN Early Word Grains         05/07 05:47
   Row-Crop Markets Extend Selloff on U.S.-Iran Peace Talk Hopes

   July corn is down 1 1/4 cents per bushel, July soybeans are down 2 1/4
cents, July KC wheat is down 7 1/2 cents, July Chicago wheat is down 2 1/4
cents, and MIAX July Minneapolis wheat is down 0.0325 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 1 1/4 cents per bushel,
July soybeans are down 2 1/4 cents, July KC wheat is down 7 1/2 cents, July
Chicago wheat is down 2 1/4 cents, and MIAX July Minneapolis wheat is down
0.0325 cents.

   CME Globex Recap: On Wednesday, July corn dropped 11 1/2 cents, July
soybeans dropped 16 3/4 cents, and July KC wheat was down 3 cents. Corn,
soybean, and spring wheat basis were steady on Wednesday, while soft red winter
wheat and hard red winter wheat basis were stronger. Wheat losses on Wednesday
were trimmed by sub-freezing temperatures threatening the winter wheat crop in
Kansas. The markets on Wednesday were pressured by rumors of an imminent peace
agreement between the U.S. and Iran. Crude oil and diesel prices also dropped
on Wednesday. France moved its aircraft carrier, signaling its readiness to
secure the Strait of Hormuz. On Wednesday, the EIA reported higher weekly
ethanol output than a week ago, but production remains seasonally low. The USDA
releases its Weekly Export Sales Report on Thursday.

   OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average up 612.34 points at 49,910.59, and the S&P 500 up 105.90
points at 7,365.12. The 10-Year Treasury yield ended at 4.356%. Early Thursday,
the June Dow Jones Futures are up 4 points. European markets are lower, with
spot futures of London's FTSE 100 down 0.69%, spot futures of Germany's DAX
down 0.38%, and spot futures of France's CAC 40 Index down 0.04%. Asian markets
are higher, with Japan's Nikkei 225 Index up 5.58% and China's Shanghai
Composite Index up 0.48%.