DTN Early Word Grains 08/01 05:55

DTN Early Word Grains 08/01 05:55 Soybeans Fall Back, Rain Dangled in Forecast December corn was down 2 3/4 cents, November soybeans were down 13 3/4 cents, and September K.C. wheat was down 1/4 cent. By Todd Hultman DTN Analyst 6:00 a.m. CME Globex: December corn was down 2 3/4 cents, November soybeans were down 13 3/4 cents, and September K.C. wheat was down 1/4 cent. CME Globex Recap: Soybeans are lower early Tuesday after USDA showed slight improvement in the latest crop ratings and Tuesday's forecasts showed chances for broader rain coverage across the Midwest. Corn and wheat were a little lower -- both trading near previous lows where prices may be finding support. The September U.S. dollar index is up 0.14 in spite of news that real GDP in the European Union expanded 2.1% in the second quarter from a year ago, a modest improvement from the first quarter. Most stock markets are higher overnight. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 60.81 points (0.3%) higher at 21,891.12, the NASDAQ Composite lost 26.56 points (-0.4%) to 6,348.12, and the S&P 500 dipped 1.80 points (-0.1%) to 2,470.30 on Monday. DJIA futures were 108 points higher early Tuesday morning. Asian markets were trading higher with Japan's Nikkei up 60.61 points (0.3%), Hong Kong's Hang Seng up 216.24 points (0.8%), and China's Shanghai Composite up 19.61 points (0.6%). European markets were also higher with London's FTSE 100 up 55.58 points (0.75%), Germany's DAX up 50.70 points (0.4%), and France's CAC 40 up 27.10 points (0.5%). The euro was 0.0014 lower at 1.1846 while the U.S. dollar index was up 0.06 to 92.90. September 30-year T-Bonds were up 5/32 at 153'04 while December gold was up $0.40 at $1,273.80. Crude oil was $0.09 higher at $50.26 while Brent crude was down $0.01 at $52.71. China's Dalian soybeans were steady and Malaysian palm oil futures were down .8% overnight.