DTN Early Word Grains 05/16 05:52

DTN Early Word Grains 05/16 05:52 Corn Hands the Baton to Wheat July corn was fractionally higher, July soybeans were 5 cents lower, and July Kansas City (HRW) wheat was 3 cents higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: July corn was fractionally higher, July soybeans were 5 cents lower, and July Kansas City (HRW) wheat was 3 cents higher. CME Globex Recap: It was wheat's turn to take the bullish baton overnight, with most contracts moving about 3 cents higher through early Wednesday morning. Corn jogged along behind, while soybeans stumbled to a 5-cent loss. Most other commodity markets were lower, pressured again by a stronger U.S. dollar. Meanwhile, the 10-year Treasury yield continues to climb above the 3% level, putting pressure on DJIA futures again. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 193.00 points (0.8%) lower at 24,706.41, the NASDAQ Composite lost 59.69 points (0.8%) (0.1%) to 7,351.63, and the S&P 500 dropped 18.68 points (0.7%) to 2,711.45 Tuesday. DJIA futures were 18 points lower early Wednesday morning. Asian markets closed mostly lower with Japan's Nikkei 225 down 100.79 points (0.4%), Hong Kong's Hang Seng losing 41.83 points (0.1%), and China's Shanghai Composite losing 22.55 points (0.7%). European markets were trading mostly lower with London's FTSE 100 up 2.25 points, Germany's DAX up 27.86 points (0.2%), and France's CAC 40 down 1.93 points. The 10-year Treasury yield was at 3.08% with June 30-year T-Bonds 14/32 higher at 141'16. The euro was 0.0038 lower at 1.1799 as the U.S. dollar index gained 0.16 to 93.44. June gold added $0.30 to $1,290.60 while crude oil slipped $0.02 to $71.29. China's Dalian soybean and Malaysian palm oil futures were both lower overnight.