DTN Early Word Grains 07/08 05:49

DTN Early Word Grains 07/08 05:49 Wheat Rally Continues Overnight PRE-6 A.M. GLOBEX PRICES: December corn is up 5 3/4 cents per bushel, November soybeans are up 1/2 cent, and September KC wheat is up 15 1/2 cents. Tregg Cronin DTN Contributing Analyst PRE-6 A.M. GLOBEX PRICES: December corn is up 5 3/4 cents per bushel, November soybeans are up 1/2 cent, and September KC wheat is up 15 1/2 cents. CME GLOBEX RECAP: Mixed trade in stocks overnight with U.S. futures quiet ahead of the July employment situation report. Average trade estimates expect the U.S. economy added 250,000 jobs during the month of June, down from 390,000 in May. If confirmed, it would be the smallest jobs gain since April 2021, although the unemployment rate is expected to remain unchanged at 3.6%. Unless the economy doesn't add jobs or even loses jobs, it will be difficult to change the likely outcome of another 75-basis-point rate hike by the Federal Reserve later this month. Energy prices overnight are weaker with heating oil leading losses, down 2.5%. The U.S. Dollar Index is higher, trading to fresh 19-year highs overnight and working on its fifth higher close in a row. Metals are all weaker with copper down 2.14% and staring at a fifth consecutive weekly loss. Grain markets are mixed with wheat surging another 15 to 30 cents overnight while corn is up 5 to 6 cents and the soy complex is mixed to weaker. Holding gains into the weekend would be a technical win for wheat markets following one of the worst beat downs in recent memory. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average up 346.87 at 31,384.55 and the S&P 500 up 57.54 at 3,845.08 while the 10-Year Treasury yield ended at 3.008%. Early Friday, the September DJIA futures are down 29 points. Asian markets are mixed with Japan's Nikkei 225 up 26.66 (0.1%) and China's Shanghai Composite down 8.32 points (-0.25%). European markets are lower with London's FTSE 100 down 30.92 points (-0.43%), Germany's DAX down 15.55 points (-0.12%) and France's CAC 40 down 25.07 points (-0.42%). The September euro is down 0.003 at 1.020 and the September U.S. Dollar Index is up 0.281 at 107.240. The September 30-Year T-Bond is up 9/32nds, while August gold is down $4.20 at $1,735.50 and August crude oil is down $0.44 at $102.29. Corn on China's Dalian Exchange was up 0.63% while soybeans were up 2.68% and soybean meal was up 1.66%.