DTN Early Word Grains 05/16 05:55

DTN Early Word Grains 05/16 05:55 Grains Start Week on the Defensive July corn was 3 cents lower, July beans were 2 cents lower, and July Chicago wheat was 1 cent lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: July corn was 3 cents lower, July beans were 2 cents lower, and July Chicago wheat was 1 cent lower. CME Globex Recap: Grains were on the defensive early Monday morning though soybeans and wheat had traded both sides of unchanged during the overnight session. The best corn contracts could do was post a fractional gain by new-crop December before the market slipped lower again. Outside markets were higher with both gold and crude oil showing gains. Both the U.S. dollar index and DJIA futures were able to erase early losses to trade higher Monday morning. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 185.18 points lower at 17,535.32, the NASDAQ Composite was down 19.65 points at 4,717.68, and the S&P 500 fell 17.50 points to close at 2,046.61 Friday. DJIA futures were 3 points higher overnight. Asian markets were mostly higher with Japan's Nikkei up 54.19 points (0.3%) while China's Shanghai Composite rallied 23.75 points (0.8%). European markets were mostly lower with London's FTSE 100 down 18.60 points (0.3%). The U.S. dollar index gained 0.008 to 94.616. Crude oil added $0.80 to $47.01 while Brent crude rallied $0.84 to $48.67. June gold was $10.70 higher at $1,283.40. China's Dalian soybean futures were lower while Malaysian palm oil futures were higher overnight.