DTN Early Word Grains 06/16 05:55

DTN Early Word Grains 06/16 05:55 Grains Await Next Round of Weather Forecasts December corn was fractionally lower, November soybeans beans were 10 cents lower, and July Kansas City wheat was 1 cent higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: December corn was fractionally lower, November soybeans beans were 10 cents lower, and July Kansas City wheat was 1 cent higher. CME Globex Recap: Soybeans posted another double-digit loss overnight as contracts continue to give back some of the market's recent rally. Selling in corn and wheat was lighter despite a renewed rally by the U.S. dollar index. Outside markets were mostly lower with crude oil trading lower once again. However, gold continued to rally. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 34.65 points lower at 17,640.17, the NASDAQ Composite lost 8.62 points to 4,834.93 and the S&P 500 fell 3.82 points to close at 2,071.50 Wednesday. DJIA futures were 50 points lower overnight. Asian markets were lower with Japan's Nikkei down 485.44 points (3.0%) while China's Shanghai Composite fell 14.39 points (0.5%). European markets were mostly lower with London's FTSE 100 down 31.87 points (0.5%). The U.S. dollar index was up 0.084 to 94.694. Crude oil was off $0.62 to $47.39 while Brent crude was down $0.63 to $48.34. August gold was $18.80 higher at $1,307.10. China's Dalian soybean futures and Malaysian palm oil futures were both lower again overnight.