DTN Early Word Grains         01/13 05:46
   Corn, Soybean Prices Get Buried Under Bearish USDA Data

   March corn is down 2 1/2 cents per bushel, March soybeans are down 6 3/4
cents, March KC wheat is down 3 cents, March Chicago wheat is down 1 1/4 cents,
and MIAX March Minneapolis wheat is up 0.0375 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: March corn is down 2 1/2 cents per bushel,
March soybeans are down 6 3/4 cents, March KC wheat is down 3 cents, March
Chicago wheat is down 1 1/4 cents, and MIAX March Minneapolis wheat is up
0.0375 cents.

   CME GLOBEX RECAP: On Monday, bearish USDA data sent corn to a 24 1/2-cent
lower close, soybeans closed 13 1/2 cents lower, and wheat closed 3 1/2 cents
lower. Corn, soybean, soft red winter wheat, and spring wheat basis were
stronger on Monday, while hard red winter wheat basis was steady. In its Monday
reports, the USDA surprised the markets with record yield and production
estimates, along with record corn supply on hand in December. All bearish data
sets pulled soybeans and wheat down. The question now is how long a coattail
the bearish reports will have for these three markets. The USDA found more
harvested acres, which pushed up production estimates. Don't look now, but
South America's crop weather, the other big bear in the room, remains
favorable.

   OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 86.13 at 49,590.20 and the S&P 500 up 10.99 at 6,977.27. The 10-Year
Treasury yield ended at 4.187%. Early Tuesday, the March Dow Jones Futures are
down 67 points. European markets are mixed, with the spot futures of London's
FTSE 100 are steady, spot futures of Germany's DAX are trading down 0.18% and
the spot futures of France's CAC 40 Index down 0.57%. Asian markets are mixed,
with Japan's Nikkei 225 Index up 3.1% and China's Shanghai Composite Index down
0.64%.