DTN Early Word Grains 07/12 05:56

DTN Early Word Grains 07/12 05:56 A Most Meaningless Downturn - Maybe December corn was 5 cents lower, November soybeans were 9 cents lower, and September Kansas City (HRW) wheat was 5 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: December corn was 5 cents lower, November soybeans were 9 cents lower, and September Kansas City (HRW) wheat was 5 cents lower. CME Globex Recap: Grains were lower overnight into Wednesday morning in what could be one of the most meaningless sell-offs of the year, coming ahead of USDA's July Supply and Demand and Crop Production reports. Outside markets of softs, energies, and metals were mostly higher with the most notable exception being cotton. There, like grains, traders could be waiting for Wednesday's USDA reports to be released. The U.S. dollar index was showing a small loss while DJIA futures rallied overnight. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 0.55 point higher at 21,409.07, the NASDAQ Composite gained 16.91 points (0.3%) to 6,193.30, and the S&P 500 dipped 1.90 points to 2,425.53 Tuesday. DJIA futures were 29 points higher early Wednesday morning. Asian markets closed mostly lower with Japan's Nikkei down 97.10 points (0.5%), Hong Kong's Hang Seng up 166.00 points (0.6%), and China's Shanghai Composite off 5.49 points (0.2%). European markets were trading higher with London's FTSE 100 up 70.98 points (1.0%), Germany's DAX gaining 82.69 points (0.7%), and France's CAC 40 adding 46.47 points (0.9%). The euro was down 0.0011 at 1.1457 while the U.S. dollar index slipped 0.03 to 95.73. September 30-year T-Bonds were 9/32 higher at 151'11 while August gold added $3.00 to $1,217.70. Crude oil was $0.68 higher at $45.72 while Brent crude gained $0.62 to $48.14. China's Dalian soybean futures were higher and Malaysian palm oil futures were lower again overnight.