DTN Early Word Grains 07/06 06:10

DTN Early Word Grains 07/06 06:10 Wheat Leads Dead-Cat Bounce Overnight PRE-6 a.m. GLOBEX PRICES: December corn is down 3 cents per bushel, November soybeans are up 7 1/4 cents, and September KC wheat is up 12 1/2 cents. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: December corn is down 3 cents per bushel, November soybeans are up 7 1/4 cents, and September KC wheat is up 12 1/2 cents. CME GLOBEX RECAP: Equity markets were mixed overnight with Asia closing lower while European shares are higher following a difficult start to the week. U.S. futures are flat ahead of the release of the Federal Reserve meeting minutes from last month. Grabbing attention Tuesday was the 2- and 10-Year treasury yield curves inverting for the second time this year. That phenomenon is often looked to as a recession indicator. Energy prices are slightly higher overnight following Tuesday's rout with spot crude prices hanging just below $100.00 per barrel. The U.S. Dollar Index is making new highs for the move overnight, which should continue to weigh on commodity prices. Metals are weaker overnight. Grains are mixed overnight with wheat contracts and the soy complex higher while corn trades lower. Macro-influence is a bearish input with weather forecasts benign. Funds will remain more apt to sell our space than buy it until further notice. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 129.44 at 30,967.82 and the S&P 500 up 6.06 at 3,825.33 while the 10-Year Treasury yield ended at 2.809%. Early Wednesday, the September DJIA futures are up 13 points. Asian markets are lower with Japan's Nikkei 225 down 315.82 (-1.2%) and China's Shanghai Composite down 48.68 points (-1.43%). European markets are higher with London's FTSE 100 up 105.43 points (1.5%), Germany's DAX up 186.09 points (1.5%) and France's CAC 40 up 87.45 points (1.51%). The September euro is down 0.005 at 1.030 and the September U.S. Dollar Index is up 0.300 at 106.620. The September 30-Year T-Bond is down 7/32nds, while August gold is down $4.50 at $1,759.40 and August crude oil is up $0.25 at $99.75. Corn on China's Dalian Exchange was down -1.15% while soybeans were down -3.24% and soybean meal was down -1.85%.