DTN Early Word Grains 06/17 05:55

DTN Early Word Grains 06/17 05:55 Row Crops Rally on Weather Ahead of Long Weekend July corn is up 6 1/2 cents per bushel, July soybeans are up 8 1/2 cents, and July KC wheat is down 3/4 cent. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: July corn is up 6 1/2 cents per bushel, July soybeans are up 8 1/2 cents, and July KC wheat is down 3/4 cent. CME GLOBEX RECAP: Positive equity trade overnight in Europe while U.S. futures suggest a higher open later Friday morning after a bruising week of trade. U.S. stocks got beat up hard Thursday once it became apparent the Federal Reserve wasn't going to be the only central bank raising interest rates into a slowing economic cycle. It now looks increasingly likely interest rates will have to be raised enough to tackle inflation, regardless of whether it shoves the global economy into recession. Energy markets are higher overnight with heating oil continuing to be the strong leg. The U.S. Dollar Index is firmer overnight, consolidating inside Thursday's large down day. Metals are weaker across the board. Grains are mixed overnight with Corn, soybeans and meal higher while wheat markets and soybean oil slip to losses. Weather is the ultimate driver of price action for corn and soybeans right now and the weather is bullish. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 741.46 at 29,927.07 and the S&P 500 down 123.22 at 3,789.99 while the 10-Year Treasury yield ended at 3.307%. Early Friday, the September DJIA futures are up 210 points. Asian markets are mixed with Japan's Nikkei 225 down 468.2 (-1.77%) and China's Shanghai Composite up 31.4 points (0.96%). European markets are higher with London's FTSE 100 up 52.48 points (0.74%), Germany's DAX up 147.54 points (1.13%) and France's CAC 40 up 73.41 points (1.25%). The September Euro is down 0.006 at 1.060 and the September U.S. Dollar Index is up 0.678 at 104.095. The September 30-Year T-Bond is up 41/32nds, while August gold is down $0.80 at $1,849.10 and July crude oil is up $0.73 at $118.32. Corn on China's Dalian Exchange was up 0.31% while soybeans were unchanged and soybean meal was up 1.17%.