DTN Early Word Grains 05/17 05:55

DTN Early Word Grains 05/17 05:55 Overnight Rains Bring Green Grains July corn was 1 cent higher, July soybeans were 4 cents higher, and July Kansas City (HRW) wheat was 2 cents higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: July corn was 1 cent higher, July soybeans were 4 cents higher, and July Kansas City (HRW) wheat was 2 cents higher. CME Globex Recap: A line of powerful thunderstorms with soaking rains, flash flooding, and strong straight-line winds stretched from southern Texas through Iowa overnight. This round of rain likely slowed planting in some areas, and caused crop damage in others, all helping support grain markets early Wednesday morning. Additional support was tied to the continued weakness of the U.S. dollar index, with most other commodities trading higher as well. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 2.19 points lower at 20,979.75, the NASDAQ Composite gained 20.20 points (0.3%) to 6,169.87, and the S&P 500 dipped 1.65 points to 2,400.67 Tuesday. DJIA futures were 100 points lower early Wednesday morning. Asian markets closed mostly lower with Japan's Nikkei down 104.94 points (0.5%), Hong Kong's Hang Seng off 42.31 points (0.1%), and China's Shanghai Composite losing 8.52 points (0.3%). European markets were trading lower with London's FTSE 100 off 0.36 point, Germany's DAX down 53.05 points (0.4%), and France's CAC 40 losing 26.04 points (0.5%). The euro was 0.0018 higher at 1.1101 while the U.S. dollar index lost 0.19 to 98.00. June 30-year T-Bonds were 21/32 higher at 152'08 while June gold added $11.00 to $1,247.40. Crude oil was $0.08 higher at $48.74 while Brent crude rallied $0.20 to $51.85. China's Dalian soybean futures and Malaysian palm oil futures were both higher overnight.