DTN Early Word Grains         02/20 05:52
   Row Crop Futures Mixed Early Friday as Week Ending Profit Taking Sets In

   March corn is up 1 1/2 cents and March soybeans are down 1 1/2 cents. March
KC wheat is up 1/4 cents, March Chicago wheat is up 5 cents, and March MIAX
Minneapolis wheat is down 1 1/2 cents.

Rhett Montgomery
DTN Lead Analyst

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

   CME GLOBEX RECAP: On Thursday, March corn finished 1 1/4 cents lower to
$4.25 3/4, March soybeans were up 7 1/2 cents to $11.41, and March Kansas City
wheat was up 14 1/2 cents to $5.65 1/2. Early Friday, soybeans and wheat
markets are mixed (Chicago wheat is higher) as traders may look to square
positions ahead of the weekend. Soybean oil futures may be especially prone to
profit taking, having become technically overbought in the recent rally to
contract highs. The same could be said for corn, with futures up fractionally
and attempting to recover from a moderately lower price action this week. USDA
will release their delayed Export Sales report early Friday at 7:30 a.m. CST.
Outside markets are quiet thus far for Friday, with energy markets lower after
crude oil futures posted the highest front month close since August on
Thursday. Tension and negotiations between the U.S. and Iran continue to be the
primary factor driving that market. For equities and treasuries, investors will
tune in Friday morning for the release of fourth quarter GDP, as well as
December's Personal Consumption Expenditure (inflation) data to guide money
flow ahead of the weekend.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average down 267.50 at 49,395.16 and the S&P 500 Index down 19.42 at 6,861.89.
The 10-Year Treasury yield ended at 4.08%. Early Friday, March Dow Jones
futures are down 24 points. European markets are higher with the spot futures
of the London FTSE 100 trading up 0.71%, spot futures of Germany's DAX trading
up 0.39% and spot futures of France's CAC Index trading up 0.85%. Asian markets
are lower with Japan's Nikkei 225 index down 1.12%.