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DTN Early Word Grains         02/01 05:37
   Crop Prices Lower Early Wednesday, Next Rate Hike On the Way

   March corn is down 4 cents, March soybeans are down 2 cents and March KC
wheat is down 3 cents.

Todd Hultman
DTN Lead Analyst

   EARLY MORNING GLOBEX NET CHANGES:  March corn is down 4 cents, March
soybeans are down 2 cents and March KC wheat is down 3 cents.

   CME GLOBEX RECAP: Early Wednesday, stock futures in the U.S. were trading
lower, while stocks in Europe and Asia were slightly higher. At 1 p.m. CST, the
Federal Reserve is expected to increase the federal funds rate target by at
least a quarter-percent, possibly more as inflation remains well above the 2%
target. OPEC meets Wednesday and is expected to keep oil production levels
unchanged. Several manufacturing indices were released overnight, nearly all
showing contraction in December. ISM's index of U.S. manufacturing will be out
at 9 a.m. CST, followed by the U.S. Energy Department's weekly report of energy
inventories, including ethanol production at 9:30 a.m. First quarter earnings
continue in full stride and include a report from Corteva, among many others.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average up 368.95 at 34,086.04 and the S&P 500 up 58.83 at 4,076.60. The
10-Year Treasury yield ended at 3.55%, up from the lowest yields in four
months. Early Tuesday, March Dow Jones futures are down 151 points. Asian
markets are a little higher with Japan's Nikkei 225 index up 0.07% and China's
Shanghai Composite Index up 0.90%. European markets are similar with the spot
futures of the London FTSE 100 trading up 0.05%, spot futures of Germany's DAX
trading up 0.11% and spot futures of France's CAC Index trading down 0.02%. The
March euro is up $0.0022 at $1.0915. The March U.S. Dollar Index is down 0.15
at 101.77. The March 30-year T-bond is up 25/32nds, while April gold is down
$4.40 at $1,925.10 and March crude oil is down $0.04 at $78.83. On China's
Dalian exchange, March corn was down 1.0%, March soybeans were down 1.2%, May
soybean meal was down 0.8% and May soybean oil was down 0.8%. April Malaysian
palm oil is trading down 3.2%.
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