DTN Early Word Grains 04/22 05:51

DTN Early Word Grains 04/22 05:51 Grain Prices Pull Back Early Friday, Powell Signals Rate Hike July corn was down 3 1/2 cents, July soybeans were down 15 3/4 cents and July KC wheat was down 7 cents Todd Hultman DTN Lead Analyst Pre-6 a.m. Globex Prices: July corn was down 3 1/2 cents, July soybeans were down 15 3/4 cents and July KC wheat was down 7 cents CME Globex Recap: Early Friday, Dow Jones futures are trading a little lower, in line with European stocks after CNBC.com reported Federal Reserve Chairman Jerome Powell said an increase of one-half percent in the federal funds rate target is likely in May. According to Reuters, Ukrainians continue to fight Russians in Mariupol as Russians press into eastern Ukraine. At 2 p.m. CDT, USDA will release its cattle on-feed report for April 1. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average down 368.03 at 34,792.76 and the S&P 500 down 65.79 at 4,393.66 as the 10-Year Treasury yield ended at 2.92%, near its highest in three years. Early Friday, June Dow Jones futures are trading down 137 points. Asian markets are mixed with Japan's Nikkei 225 index 1.63% and China's Shanghai Composite Index up 0.23%. European markets are lower with the spot futures of the London FTSE 100 trading down 0.53%, spot futures of Germany's DAX trading down 1.41% and spot futures of France's CAC Index trading down 1.23%. The June euro is down $0.0036 at $1.0825. The June U.S. Dollar Index is up 0.41 at 101.03. The June 30-year T-bond is down 14/32nds, while June gold is down $4.00 at $1,944.20 and June crude oil is down $2.27 at $101.52. On China's Dalian exchange, September corn was down 0.4%, May soybeans were down 0.0%, September soybean meal was up 0.1% and September soybean oil was up 0.5%. July Malaysian palm oil is trading up 1.2%.