DTN Early Word Grains 06/14 05:55

DTN Early Word Grains 06/14 05:55 Just Another "Crop-Condition Reaction" Tuesday December corn was 5 cents lower, November soybeans beans were 10 cents lower, and July Kansas City wheat was 5 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: December corn was 5 cents lower, November soybeans beans were 10 cents lower, and July Kansas City wheat was 5 cents lower. CME Globex Recap: There were a number of factors putting grains under pressure overnight into Tuesday morning, most notably the strong rally in the U.S. dollar index as the two-day FOMC meeting gets under way. Also, traders were likely influenced by Monday afternoon's bearish weekly crop condition (corn, soybeans) and harvest progress numbers (winter wheat). Then there was follow-through activity from Monday's bearish close to consider. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 132.86 points lower at 17,732.48, the NASDAQ Composite lost 46.11 points to 4,848.44 and the S&P 500 fell 17.01 points to close at 2,079.06 Monday. DJIA futures were 36 points lower overnight. Asian markets were mostly lower with Japan's Nikkei down 160.18 points (1.0%) while China's Shanghai Composite gained 9.12 points (0.3%). European markets were lower with London's FTSE 100 off 70.98 points (1.2%). The U.S. dollar index was up 0.420 to 94.782. Crude oil was off $0.72 to $48.16 while Brent crude was down $0.70 to $49.66. August gold was $4.20 lower at $1,282.70. China's Dalian soybean futures and Malaysian palm oil futures were both lower overnight.