DTN Early Word Grains 06/23 05:54

DTN Early Word Grains 06/23 05:54 Commodities Start Red With Talk of Recession July corn was down 9 1/2 cents, July soybeans were down 30 cents and September KC wheat was down 20 cents. Todd Hultman DTN Lead Analyst PRE-6 a.m. GLOBEX PRICES: July corn was down 9 1/2 cents, July soybeans were down 30 cents and September KC wheat was down 20 cents. CME GLOBEX RECAP: Early Thursday, U.S. stocks on the Dow Jones Industrials are trading a little lower, but the bigger stories are the sharp losses down the commodity board, including crude oil and copper. The early declines are likely inspired by growing concerns of recession after Federal Reserve Chairman Jerome Powell told the Senate Banking Committee recession is a possibility, reported Yahoo Finance and others. September U.S. T-bonds are trading higher early Thursday, but do not show the same recession concern the commodity board is displaying. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average down 47.12 at 30,483.13 and the S&P 500 down 4.90 at 3,759.89 as the 10-Year Treasury yield ended at 3.16%, down from the highest level in three and a half years. Early Thursday, June Dow Jones futures are trading up 73 points. Asian markets are higher with Japan's Nikkei 225 index up 0.08% and China's Shanghai Composite Index up 1.62%. European markets are lower with the spot futures of the London FTSE 100 trading down 0.79%, spot futures of Germany's DAX trading down 1.13% and spot futures of France's CAC Index trading down 0.49%. The September euro is down $0.0058 at $1.0576. The September U.S. Dollar Index is up 0.34 at 104.32. The September 30-year T-bond is up 21/32nds, while August gold is down $3.80 at $1,834.60 and August crude oil is down $1.05 at $105.14. On China's Dalian exchange, September corn was down 1.3%, July soybeans were down 3.6%, September soybean meal was down 4.5% and September soybean oil was down 4.0%. September Malaysian palm oil is trading up 5.6%.