DTN Early Word Grains         05/14 05:51
   U.S.-China Trade Summit Takes Center Stage

   July corn is down 2 1/4 cents per bushel, July soybeans are down 11 1/4
cents, July KC wheat is down 3 3/4 cents, July Chicago wheat is up 2 3/4 cents,
and MIAX July Minneapolis wheat is up 0.0675 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 2 1/4 cents per bushel,
July soybeans are down 11 1/4 cents, July KC wheat is down 3 3/4 cents, July
Chicago wheat is up 2 3/4 cents, and MIAX July Minneapolis wheat is up 0.0675
cents.

   CME Globex Recap: On Wednesday, July corn rose 3/4 of a cent, July soybeans
rose 2 1/4 cents, and July KC wheat dropped 6 1/2 cents. Corn and spring wheat
basis were steady, soybean and hard red winter wheat basis were stronger on
Wednesday, while soft red winter wheat basis was weaker. Wheat faced
profit-taking. The corn and soybean markets were quiet on Wednesday, awaiting
details from the U.S.-China trade summit in Beijing. The White House reportedly
said early Thursday that the two countries' leaders agree the Strait of Hormuz
should remain a free waterway. Additionally, China expressed an interest in
buying more U.S. oil. The two sides discussed increased agricultural trade,
with no further details offered. After the close, the U.S. House on Wednesday
passed a bill allowing the nationwide, year-round sales of E15-blended
gasoline. The bill now goes to the Senate. The USDA's weekly Export Sales
report will lead off Thursday at 7:30 a.m. CDT. At 2 p.m. CDT, ERS will release
a number of monthly commodity outlooks, following up on USDA's forecasts from
Tuesday's WASDE.

   OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average down 67.36 points at 49,693.20, and the S&P 500 up 43.29
points at 7,444.25. The 10-Year Treasury yield ended at 4.481%. Early Thursday,
the June Dow Jones Futures are up 250 points. European markets are higher, with
the spot futures of London's FTSE 100 trading up 0.68%, spot futures of
Germany's DAX are trading up 1.42%, and the spot futures of France's CAC 40
Index are up 0.62%. Asian markets are lower, with Japan's Nikkei 225 Index down
0.98% and China's Shanghai Composite Index down 1.52%.