DTN Early Word Grains 07/11 05:56

DTN Early Word Grains 07/11 05:56 Did Someone Say "Turnaround"? December corn was 3 cents lower, November soybeans were 8 cents lower, and September Kansas City (HRW) wheat was 2 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: December corn was 3 cents lower, November soybeans were 8 cents lower, and September Kansas City (HRW) wheat was 2 cents lower. CME Globex Recap: After continuing their recent rally on the open Monday evening, grain markets traded higher for part of the overnight session before turning lower through early Tuesday morning. Such an overnight development isn't unusual given the degree of the recent rally and despite NASS' latest round of weekly crop condition numbers that were bullish across the board for spring grains. Outside markets were also under pressure with losses seen in metals and most of the energies, the outlier once again being natural gas. Financials were split with DJIA futures lower and the U.S. dollar index showing a small gain. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 5.82 points lower at 21,408.52, the NASDAQ Composite gained 23.31 points (0.4%) to 6,176.39, and the S&P 500 added 2.25 points (0.1%) to 2,427.43 Monday. DJIA futures were 10 points lower early Tuesday morning. Asian markets closed mostly higher with Japan's Nikkei up 114.50 points (0.6%), Hong Kong's Hang Seng gaining 377.58 points (1.5%), and China's Shanghai Composite off 9.59 points (0.3%). European markets were trading mostly lower with London's FTSE 100 down 52.49 points (0.7%), Germany's DAX up 35.85 points (0.3%), and France's CAC 40 off 3.05 points. The euro was down 0.0003 at 1.1396 while the U.S. dollar index added 0.06 to 96.12. September 30-year T-Bonds were 10/32 lower at 151'22 while August gold lost $3.10 to $1,210.10. Crude oil was $0.40 lower at $44.00 while Brent crude dipped $0.38 to $46.40. China's Dalian soybean futures were higher and Malaysian palm oil futures were lower overnight.