DTN Early Word Grains 06/28 05:55

DTN Early Word Grains 06/28 05:55 Grains Post Relief Rally Led by Chicago July corn is up 10 3/4 cents per bushel, July soybeans are up 17 1/2 cents, and September KC wheat is up 14 1/2 cents. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: July corn is up 10 3/4 cents per bushel, July soybeans are up 17 1/2 cents, and September KC wheat is up 14 1/2 cents. CME GLOBEX RECAP: Global equity markets are stronger overnight with U.S. futures also poised for a higher open later Tuesday morning. Chinese markets were especially strong, buoyed by ideas the government was planning to ease Covid-19 restrictions, some of which have been in place for months. Energy markets have staged a nice recovery this week with spot crude oil futures holding the 100-day moving average last week and climbing above its 50-day moving average this week. The U.S. Dollar Index is slightly weaker overnight but still mainly in a consolidation phase. Metals are higher overnight with copper leading gains, up 1.54%. Grain markets are all stronger overnight with gains led by Chicago wheat which has suffered one of the worst beat downs of all ag commodities. High risk events this week and next include the June 30 USDA reports and the multiple rounds of weather models over the long Fourth of July weekend. Plenty of volatility upcoming in the ag space. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average down 62.42 at 31,438.26 and the S&P 500 down 11.63 at 3,911.74 while the 10-Year Treasury yield ended at 3.194%. Early Tuesday, the September DJIA futures are up 163 points. Asian markets are higher with Japan's Nikkei 225 up 178.2 (0.66%) and China's Shanghai Composite up 30.03 points (0.89%). European markets are higher with London's FTSE 100 up 83.06 points (1.14%), Germany's DAX up 78.31 points (0.59%) and France's CAC 40 up 70.86 points (1.17%). The September Euro is up 0.000 at 1.070 and the September U.S. Dollar Index is down 0.008 at 103.670. The September 30-Year T-Bond is down 24/32nds, while August gold is up $0.70 at $1,825.50 and August crude oil is up $2.04 at $111.61. Corn on China's Dalian Exchange was up 0.21% while soybeans were up 1.58% and soybean meal was up 1.59%.