DTN Early Word Grains 07/25 05:56

DTN Early Word Grains 07/25 05:56 Forecasts and Conditions Square Off Overnight December corn was 3 cents lower, November soybeans were 8 cents higher, and September Minneapolis (HRS) wheat was 13 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 higher, and September Minneapolis (HRS) wheat was 13 cents lower. CME Globex Recap: After a sharply higher Monday evening open corn spent much of the session through early morning in reverse while soybeans fought to hold the minimum double-digit gain. The initial catalyst was NASS' lower weekly crop condition numbers with pressure tied to forecasts that have taken some of the extreme heat out of the U.S. Midwest. In other news the FOMC starts a two-day meeting Tuesday though odds are not favoring an interest rate increase. The U.S. dollar index was under light pressure while DJIA futures were higher. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 66.90 points (0.3%) lower at 21,513.17, the NASDAQ Composite gained 23.05 points (0.4%) to 6,410.81, and the S&P 500 slipped 2.63 points (0.1%) to 2,469.91 Monday. DJIA futures were 19 points higher early Tuesday morning. Asian markets closed mostly lower with Japan's Nikkei down 20.47 points (0.1%), Hong Kong's Hang Seng gaining 5.22 points, and China's Shanghai Composite off 6.91 points (0.2%). European markets were trading higher with London's FTSE 100 adding 63.56 points (0.9%), Germany's DAX up 57.99 points (0.5%), and France's CAC 40 gaining 45.96 points (0.9%). The euro was 0.0008 higher at 1.1652 while the U.S. dollar index dipped 0.04 to 94.00. September 30-year T-Bonds were 13/32 lower at 153'27 while August gold lost $3.90 to $1,250.40. Crude oil was $0.55 higher at $46.89 while Brent crude added $0.56 to $49.16. China's Dalian soybean and Malaysian palm oil futures were both higher overnight.