DTN Early Word Grains 07/11 05:55

DTN Early Word Grains 07/11 05:55 Dry, Hot Forecast Propels Grains Higher December corn is up 15 3/4 cents per bushel, November soybeans are up 21 1/2 cents, and September KC wheat is up 18 1/4 cents. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: December corn is up 15 3/4 cents per bushel, November soybeans are up 21 1/2 cents, and September KC wheat is up 18 1/4 cents. CME GLOBEX RECAP: Mostly weaker trade in global stocks to begin the week with U.S. futures also pointing toward a lower open Monday morning. The July employment report Friday showed stronger than expected job growth, although investors are now torn on whether they should hope for good economic data or bad depending on how that might make the Federal Reserve react. The U.S. economy's addiction to cheap money will not be kicked easily. Energy markets are mostly weaker overnight with spot crude oil down 2.3%, although natural gas is up 3.9% as a plant in Oklahoma caught fire over the weekend. The U.S. Dollar is continuing its winning ways overnight, up 0.6%. Metals are weaker overnight with copper down another 1.6% and having closed lower for five straight weeks. Grain markets are all higher overnight, led by corn and spring wheat but most contracts are well off session highs. Weather forecasts are the main driver of the Ag space until further notice. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average down 46.40 at 31,338.15 and the S&P 500 down 3.24 at 3,902.62 while the 10-Year Treasury yield ended at 3.101%. Early Monday, the September DJIA futures are down 128 points. Asian markets are mixed with Japan's Nikkei 225 up 295.11 (1.11%) and China's Shanghai Composite down 42.49 points (-1.27%). European markets are lower with London's FTSE 100 down 36.92 points (-0.51%), Germany's DAX down 87.94 points (-0.66%) and France's CAC 40 down 35.91 points (-0.6%). The September Euro is down 0.007 at 1.020 and the September U.S. Dollar Index is up 0.644 at 107.465. The September 30-Year T-Bond is up 12/32nds, while August gold is down $8.80 at $1,733.50 and August crude oil is down $2.48 at $102.31. Corn on China's Dalian Exchange was up 0.77% while soybeans were up 0.88% and soybean meal was up 0.97%.