DTN Early Word Grains 05/09 06:01

DTN Early Word Grains 05/09 06:01 Grains Higher to Start the Week July corn was 1 cent higher, July beans were 3 cents higher, and July Chicago wheat was fractionally higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: July corn was 1 cent higher, July beans were 3 cents higher, and July Chicago wheat was fractionally higher. CME Globex Recap: Grain contracts traded higher for most of the overnight session, led by an early 5-cent rally in soybeans. Corn gained 3 cents at one point while wheat was also able to push 3 cents higher. All three had pulled back slightly through early Monday morning. Outside markets were mixed with crude oil posting a strong $1.00 rally on headlines that China's imports increased during April. The move also seemed to ignore Saudi Arabia's removal of its oil minister over the weekend. Gold was showing a double-digit loss while the U.S. dollar index posted a modest rally. DJIA futures were also higher. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 79.92 points higher at 17,740.63, the NASDAQ Composite was up 19.07 points at 4,736.16, and the S&P 500 gained 6.51 points to close at 2,057.14 Friday. DJIA futures were 41 points higher overnight. Asian markets were mixed with Japan's Nikkei up 109.31 points (0.7%) while China's Shanghai Composite was off 81.14 points (2.8%). European markets were higher with London's FTSE 100 gaining 34.38 points (0.6%). The U.S. dollar index rallied 0.107 to 93.995. Crude oil gained $0.90 to $45.56 while Brent crude climbed $0.67 to $46.04. June gold was $16.10 lower at $1,277.90. China's Dalian soybean futures were lower and Malaysian palm oil futures were higher again overnight.