DTN Early Word Grains         07/26 05:46
   Grain Markets Mixed With Spring Wheat Strong on Northern Plains Weather
Concerns

   December corn is down 1 1/4 cents per bushel, November soybeans are down 5
1/2 cents, September KC wheat is up 3 3/4 cents, September Chicago wheat is up
2 cents and September Minneapolis wheat is up 8 cents.

Kent Beadle, DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is down 1 1/4 cents per
bushel, November soybeans are down 5 1/2 cents, September KC wheat is up 3 3/4
cents, September Chicago wheat is up 2 cents and September Minneapolis wheat is
up 8 cents.

   CME GLOBEX RECAP: World equity markets are mixed but mostly higher after a
choppy session Thursday that continued to show rotation out of the high-flying
tech stocks to small and mid-cap equities that had previously been beaten down.
Thursday's economic data was mixed, with GDP above expectations at 2.8% but
with durable goods sales down 6.6%, well below trade expectations. Friday
morning, we will get PCE data which is the Federal Reserve's favorite indicator
of inflation. We will also get a read on consumer sentiment Friday.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average up 81.20 at 39,935.07 and the S&P 500 down 27.91 at 5,399.22. The
10-Year Treasury yield ended at 4.26%. Early Friday, the September Dow Jones
Futures are up 214 points. European markets are higher with the spot futures of
London's FTSE 100 trading up 0.7%, spot futures of Germany's DAX is trading up
0.22% and the spot futures of France's CAC 40 Index up 0.87%. Asian markets are
mixed with Japan's Nikkei 225 Index down 0.53% and China's Shanghai Composite
Index up 0.14%.