DTN Early Word Grains 06/15 05:55

DTN Early Word Grains 06/15 05:55 Grains Remain Soft at Midweek July corn is down 6 cents per bushel, July soybeans are down 11 1/4 cents, and July KC wheat is down 6 3/4 cents. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: July corn is down 6 cents per bushel, July soybeans are down 11 1/4 cents, and July KC wheat is down 6 3/4 cents. CME GLOBEX RECAP: Mostly higher trade in equity markets overnight with U.S. futures also suggesting a better start later Wednesday. Later Wednesday will see the much-anticipated rate decision by the Federal Reserve which many believe will now be a 75 basis point increase to try and get ahead of surging inflation. Energy markets are weaker overnight with crude and RBOB off 1.0%. The U.S. Dollar Index is softer, slipping back slightly after its recent run of strength. Metals are higher with silver up nearly 2.5%. Grain markets are mainly weaker overnight with soybean oil leading losses. The macro crosscurrents are holding a lot of sway in ag contracts right now, making it difficult to determine fundamental influence from technical. Weather should still trump for corn and soybeans, although all will admit a decent amount of inflation premium still exists in our space. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 151.91 at 30,364.83 and the S&P 500 down 14.15 at 3,749.63 while the 10-Year Treasury yield ended at 3.483%. Early Wednesday, the September DJIA futures are up 92 points. Asian markets are mixed with Japan's Nikkei 225 down 303.7 (-1.14%) and China's Shanghai Composite up 16.5 points (0.5%). European markets are higher with London's FTSE 100 up 94.35 points (1.31%), Germany's DAX up 144.17 points (1.08%) and France's CAC 40 up 50.38 points (0.85%). The September Euro is up 0.007 at 1.050 and the September U.S. Dollar Index is down 0.632 at 104.710. The September 30-Year T-Bond is up 35/32nds, while August gold is up $12.70 at $1,826.20 and July crude oil is down $1.18 at $117.75. Corn on China's Dalian Exchange was down 0.41% while soybeans were down 0.2% and soybean meal was down 0.12%.