DTN Early Word Grains         02/19 05:50
   Wheat Leads Markets Higher, Corn Lags Early Thursday

   March corn is up 1/4 cent and March soybeans are up 4 1/4 cents. March KC
wheat is up 7 1/4 cents, March Chicago wheat is up 6 3/4 cents, and March MIAX
Minneapolis wheat is up 3 1/2 cents.

Rhett Montgomery
DTN Lead Analyst

   EARLY MORNING GLOBEX NET CHANGES: March corn is up 1/4 cent and March
soybeans are up 4 1/4 cents. March KC wheat is up 7 1/4 cents, March Chicago
wheat is up 6 3/4 cents, and March MIAX Minneapolis wheat is up 3 1/2 cents.

   CME GLOBEX RECAP: On Wednesday, March corn futures closed up 3/4 of a cent
to $4.27, March soybeans closed down a 1/2 cent to $11.33 1/2, March Kansas
City futures closed up 12 1/4 cents to $5.51. Early Thursday, soybean and wheat
markets are holding moderate overnight gains while corn futures continue to
fall behind under the weight of large U.S. reserves and a general lack of
bullish news to provide a spark. USDA will release their 2026-27 Outlooks at 6
a.m. CST Thursday, which will be discussed in further detail at the Outlook
Forum held Thursday and Friday in Washington D.C. Outside markets have been led
by a two-day rally in crude oil on heightened risk surrounding relations
between the U.S. and Iran, with both reportedly mobilizing military forces in
the Middle East should negotiations over the latter's nuclear program fall
through. Meanwhile, the U.S. Dollar is down fractionally early Thursday.
Macroeconomic reports for Thursday include the U.S. trade balance report for
December at 7:30 a.m. CST.

   OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial
Average up 129.47 at 49,662.66 and the S&P 500 Index up 38.09 at 6,881.31. The
10-Year Treasury yield ended at 4.08%. Early Thursday, March Dow Jones futures
are down 144 points. European markets are lower with the spot futures of the
London FTSE 100 trading down 0.52%, spot futures of Germany's DAX trading down
0.81% and spot futures of France's CAC Index trading down 0.91%. Asian markets
are higher with Japan's Nikkei 225 index up 0.57%.