DTN Early Word Grains 08/03 05:52

DTN Early Word Grains 08/03 05:52 Wheat Prices Find Support Early Wednesday, Razoni Passes Inspection December corn was up 2 1/2 cents, November soybeans were unchanged and September KC wheat was up 11 cents. Todd Hultman DTN Lead Analyst PRE-6 a.m. GLOBEX PRICES: December corn was up 2 1/2 cents, November soybeans were unchanged and September KC wheat was up 11 cents. CME GLOBEX RECAP: Early Wednesday, U.S. stocks on the Dow Jones Industrials are trading a little higher in spite of several Fed officials stressing rates will have to go higher to limit inflation. According to CNBC.com, Wednesday's second-quarter earnings reports include CVS, Moderna, and Under Armour. OPEC meets Wednesday to decide on a production level for September. The U.S. Energy Department will report on ethanol production in its 9:30 a.m. CDT inventory report. The Bank of England is expected to increase interest rates by a half-percent on Thursday. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 402.23 at 32,396.17 and the S&P 500 down 27.44 at 4,091.19 as the 10-Year Treasury yield fell to 2.74%, up from the lowest in over three months. Early Wednesday, September Dow Jones futures are trading up 115 points. Asian markets are mixed with Japan's Nikkei 225 index up 0.53% and China's Shanghai Composite Index down 0.71%. European markets are mixed with the spot futures of the London FTSE 100 trading down 0.22%, spot futures of Germany's DAX trading up 0.07% and spot futures of France's CAC Index trading up 0.17%. The September euro is up $0.0014 at $1.0220. The September U.S. Dollar Index is down 0.04 at 106.06. The September 30-year T-bond is down 8/32nds, while August gold is down $8.50 at $1,781.20 and September crude oil is down $0.84 at $93.58. On China's Dalian exchange, September corn was up 0.5%, September soybeans were up 0.2%, September soybean meal was down 0.1% and September soybean oil was up 0.4%. September Malaysian palm oil is trading up 0.5%.