DTN Early Word Grains 05/18 05:56

DTN Early Word Grains 05/18 05:56 Sellers Back in Grains Early Wednesday July corn was 1 cent lower, July beans were 8 cents lower, and July Chicago wheat was 2 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: July corn was 1 cent lower, July beans were 8 cents lower, and July Chicago wheat was 2 cents lower. CME Globex Recap: Grain contracts were lower Wednesday morning, giving back roughly half of Tuesday's gains. Markets were higher early in the overnight session before a stronger U.S. dollar index sparked the sell-off. Buying in the greenback was tied to the release of the latest FOMC minutes Wednesday afternoon, with traders looking for language that could give a hint toward June's meeting and the subsequent interest rate decision. Outside commodities were mixed with crude oil posting small gains and gold lower. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 180.73 points lower at 17,529.98, the NASDAQ Composite was down 59.73 points at 4,715.73, and the S&P 500 fell 19.45 points to close at 2,047.21 Tuesday. DJIA futures were 2 points higher overnight. Asian markets were mostly lower with Japan's Nikkei down 8.11 points while China's Shanghai Composite lost 36.17 points (1.3%). European markets were also mostly lower with London's FTSE 100 down 17.41 points (0.3%). The U.S. dollar index gained 0.352 to 94.900. Crude oil rallied $0.14 to $48.45 while Brent crude added $0.06 to $49.34. June gold was $3.50 lower at $1,273.40. China's Dalian soybean futures were higher while Malaysian palm oil futures were lower overnight.