DTN Early Word Grains         02/25 05:46
   Soybean Complex Leans on Surging Soybean Oil in February

   May corn is up 1 3/4 cents per bushel, May soybeans are up 5 cents, May KC
wheat is down 3 cents, May Chicago wheat is down 2 cents, and MIAX May
Minneapolis wheat is steady.

Mike McGinnis
DTN Contributing Analyst

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

   CME GLOBEX RECAP: On Tuesday, May corn closed down slightly, May soybeans up
5 1/2 cents, and May KC wheat closed down 5 cents. Corn and hard red winter
basis were steady, while spring wheat, soybean, and soft red winter wheat basis
were stronger on Tuesday. There was little news to trade, creating a quiet
session. The soybean market is getting support from a firm soybean oil market.
Corn prices continue to drag, while wheat prices face a week of profit-taking.
Wednesday will be highlighted by the Energy Information Administration's Weekly
Petroleum Status Report that is expected to show steady ethanol production.

   OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 370.44 at 49,174.50 and the S&P 500 up 52.32 at 6,890.07. The
10-Year Treasury yield ended at 4.033%. Early Wednesday, the March Dow Jones
Futures are up 70 points. European markets are higher, with the spot futures of
London's FTSE 100 trading up 0.86%, spot futures of Germany's DAX are trading
up 0.24%, and the spot futures of France's CAC 40 Index are up 0.31%. Asian
markets are higher, with Japan's Nikkei 225 Index up 2.2% and China's Shanghai
Composite Index up 0.72%.