DTN Early Word Grains 06/14 05:51

DTN Early Word Grains 06/14 05:51 Corn, Wheat Take Their Turn Lower as Soy Stabilizes July corn is down 7 1/2 cents per bushel, July soybeans are up 7 cents, and July KC wheat is down 11 1/2 cents. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: July corn is down 7 1/2 cents per bushel, July soybeans are up 7 cents, and July KC wheat is down 11 1/2 cents. CME GLOBEX RECAP: Heavy selling in equity markets continued in Asia overnight while Europe has stabilized slightly as have U.S. futures. The 3,000 points the Dow Jones Industrial Average has shaved off over the last three sessions might be enough to at least take a pause. Investors are now beginning to price in the risk of the Federal Reserve raising interest rates by 75 basis points at their June meeting, something that wasn't very unlikely before Friday's inflation print. Energy prices are higher overnight, maintaining uptrends as weakness remains a buying opportunity. The U.S. Dollar Index is lower overnight after having made fresh highs the previous day. Metals are weaker overnight as they haven't enjoyed the inflation-hedge status like other commodities of late. Grains are seeing heavy selling overnight while the soy complex bounces slightly from Monday. Weather is still the most important input for the corn market at this juncture while harvest accelerating in the Southern Plains will steal wheat's focus. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average down 876.05 at 30,516.74 and the S&P 500 down 151.23 at 3,900.86 while the 10-Year Treasury yield ended at 3.366%. Early Tuesday, the June DJIA futures are up 55 points. Asian markets are mixed with Japan's Nikkei 225 down 357.58 (-1.32%) and China's Shanghai Composite up 33.36 points (1.02%). European markets are lower with London's FTSE 100 down 12.08 points (-0.17%), Germany's DAX down 44.38 points (-0.33%) and France's CAC 40 down 49.59 points (-0.82%). The September Euro is up 0.002 at 1.050 and the September U.S. Dollar Index is down 0.116 at 104.850. The September 30-Year T-Bond is up 32/32nds, while August gold is down $7.10 at $1,824.70 and July crude oil is up $0.74 at $121.67. Corn on China's Dalian Exchange was up 0.56% while soybeans were down 1.7% and soybean meal was down 1.93%.