DTN Early Word Grains         11/18 05:42
   USDA's Bearish Supply Estimates Followed by Bullish Demand

   December corn is up 1 cent per bushel, January soybeans are up 1 cent, March
KC wheat is up 1/4 cent, March Chicago wheat is up 1/2 cent, and MIAX March
Minneapolis wheat is up 0.0350 cents.

Mike McGinnis
DTN Contributing Analyst

   MORNING GLOBEX NET CHANGES: December corn is up 1 cent per bushel, January
soybeans are up 1 cent, March KC wheat is up 1/4 cent, March Chicago wheat is
up 1/2 cent, and MIAX March Minneapolis wheat is up 0.0350 cents.

   CME GLOBEX RECAP: Overnight, corn, soybeans, and wheat prices mostly
declined. On Monday, soybeans led the rally, reaching their highest level since
July 2024. The sharp move higher was backed by news that China purchased
multiple cargoes of U.S. soybeans. Soft red winter wheat basis strengthened on
Monday, while corn, soybean, spring wheat, and hard red winter wheat basis
remained steady. Soybean traders viewed Chinese demand as a buying signal.
Record monthly soybean crush for October also supported buying strength.
Monday's weekly export inspection confirmed strong demand in the corn market.
Similarly, wheat prices reflected Monday's bullish export inspections, which
are now 19% ahead of last year. After Friday's bearish USDA report, Monday's
rally might be temporary. However, it shows that the market trades based on
current information. If the demand news continues, it could attract traders'
attention daily.

   OUTSIDE MARKETS: The previous closes on Monday showed the Dow Jones
Industrial Average down 557.24 at 46,590.24 and the S&P 500 down 61.70 at
6,672.41. The 10-Year Treasury yield ended at 4.133%. Early Tuesday, the
December Dow Jones Futures are down 181 points. European markets are lower with
spot futures of London's FTSE 100 trading down 1.16%, spot futures of Germany's
DAX trading down 1.02% and spot futures of France's CAC 40 Index down 1.1%.
Asian markets are mixed/higher/lower with Japan's Nikkei 225 Index down 3.22%
and China's Shanghai Composite Index down 0.81%.