DTN Early Word Grains         06/05 05:48
   Funds Exit Long Positions, Row-Crop Prices Grind Lower

   July corn is down 3 1/4 cents per bushel, July soybeans are down 3/4 cent,
July KC wheat is down 3/4 cent, July Chicago wheat is up 2 1/4 cents, and MIAX
July Minneapolis wheat is up 0.0125 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 3 1/4 cents per bushel,
July soybeans are down 3/4 cent, July KC wheat is down 3/4 cent, July Chicago
wheat is up 2 1/4 cents, and MIAX July Minneapolis wheat is up 0.0125 cents.

   CME GLOBEX RECAP: On Thursday, July corn dropped 7 cents, July soybeans
dropped 24 1/2 cents, and July KC wheat was down 3 3/4 cents. Soybean basis
strengthened on Thursday, while soft red winter wheat basis weakened, and corn,
hard red winter wheat, and hard red spring wheat held steady. The sell-off
continues in almost everything agricultural. July wheat fell for an eleventh
consecutive session, while corn dropped for a fifth consecutive session. On
Thursday, soybeans were hit hard amid weak demand and favorable crop weather,
prompting the outside investors to liquidate even more net long positions in
the futures and options markets. The hope in all of this is that farmers took
care of some sales some 60 cents ago. Thursday's weekly export sales showed
corn, wheat, and soymeal old-crop totals falling below trade expectations,
while soybean sales were at the bottom end of expectations. New-crop corn sales
beat expectations. Additionally, the USDA confirmed on Thursday a flash sale of
corn to South Korea. On Friday at 2:30 p.m. CDT, CFTC will update trader
positions as of Tuesday, June 2, in the weekly Commitments of Traders report.

   OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average up 874.86 at 51,561.93 and the S&P 500 up 30.63 at 7,584.31.
The 10-Year Treasury yield ended at 4.477%. Early Friday, the June Dow Jones
Futures are up 49 points. European markets are higher, with the spot futures of
London's FTSE 100 trading up 0.44%, spot futures of Germany's DAX are trading
up 0.21%, and the spot futures of France's CAC 40 Index are up 0.34%. Asian
markets are lower, with Japan's Nikkei 225 Index down 1.31% and China's
Shanghai Composite Index down 0.74%.