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DTN Early Word Grains         09/28 05:56
   Grains Weaker on Fund Positions, Hedge Pressure

   December corn is down 3 cents per bushel, November soybeans are down 1/2
cent, and December KC wheat is down 3 1/2 cents.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices:  December corn is down 3 cents per bushel,
November soybeans are down 1/2 cent, and December KC wheat is down 3 1/2 cents.

   CME Globex Recap:  Equity markets are firmer out of the gate this week with
U.S. futures pointed at a higher open later Monday morning. Intermediate term
trends are still down on U.S. stock futures but E-mini S&P's were able to hold
their 100-day moving average last week heading into what should be a volatile
October. Energy markets are weaker overnight with spot crude oil futures right
back to $40.00 per barrel. Natural gas is down over 2.0% overnight. The U.S.
Dollar Index is weaker overnight after it rallied to two-month highs last week.
Precious metals are softer overnight. Grain markets are mostly weaker overnight
with corn and wheat leading losses. Corn and soybeans are feeling the effects
of increased harvest pressure across the Midwest as well as larger than
expected fund long positions following the recent rally.

   OUTSIDE MARKETS:  Previous closes on Friday showed the Dow Jones Industrial
Average up 358.52 at 27,173.96 and the S&P 500 up 51.87 at 3,246.59 while the
10-Year Treasury yield ended at 0.659%. Early Monday, the December DJIA futures
are up 344 points. Asian markets are mixed with Japan's Nikkei 225 up 307
(1.32%) and China's Shanghai Composite down 1.88 points (-0.06%). European
markets are higher with London's FTSE 100 up 75 points (1.28%), Germany's DAX
up 304.95 points (2.45%) and France's CAC 40 up 81.51 points (1.72%). The
December Euro is up 0.004 at 1.170 and the December U.S. dollar index is down
0.307 at 94.375. The December 30-Year T-Bond is down 11/32nds, while December
gold is down $5.60 at $1,860.70 and November crude oil is down $0.18 at $40.07.
Soybeans on China's Dalian Exchange were down 0.16% while soybean meal was up
1.02%.
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