DTN Early Word Grains 12/02 05:36

DTN Early Word Grains 12/02 05:36 Selling in Soybean Oil, Wheat Continues Overnight March corn is down 4 1/2 cents per bushel, January soybeans are up 1/2 cent, and March KC wheat is down 15 3/4 cents. Tregg Cronin DTN Contributing Analyst PRE-6 AM GLOBEX PRICES: March corn is down 4 1/2 cents per bushel, January soybeans are up 1/2 cent, and March KC wheat is down 15 3/4 cents. CME GLOBEX RECAP: Mixed trade in equity markets overnight as investors continue to weigh the prospect of slowing Fed rate increases against a looming recession, as many indicators seem to be pointing toward. Interest rates rising more slowly or even being cut is a positive, but not if the reason for the slowing or cuts is depressed economic growth. Energy markets are steady overnight with crude oil noting gains of nearly $5.00 per barrel on the week. The U.S. Dollar Index is weaker overnight for the third session in a row, trading down to the lowest levels in more than six months. Metals are mixed overnight with copper and gold down while silver trades slightly higher. Grains are mostly weaker overnight with the exception of soybeans and meal, which are posting small gains. This week will be an ugly one for charts, especially wheat and soybean oil with major technical damage being scored for bears. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 194.76 at 34,395.01 and the S&P 500 down 3.54 at 4,080.11 while the 10-Year Treasury yield ended at 3.529%. Early Friday, the December DJIA futures are down 12 points. Asian markets are lower with Japan's Nikkei 225 down 448.18 (-1.59%) and China's Shanghai Composite down 9.33 points (-0.29%). European markets are mixed with London's FTSE 100 down 18.66 points (-0.25%), Germany's DAX up 16.22 points (0.11%) and France's CAC 40 down 12.72 points (-0.19%). The December euro is up 0.000 at 1.050 and the December U.S. Dollar Index is down 0.179 at 104.510. The March 30-Year T-Bond is up 7/32nds, while February gold is down $1.40 at $1,813.80 and January crude oil is up $0.09 at $81.31. Corn on China's Dalian Exchange was down -0.48% while soybeans were down -0.61% and soybean meal was down -1.59%.