DTN Early Word Grains 06/24 05:48

DTN Early Word Grains 06/24 05:48 Brexit Broke It December corn was 8 cents lower, November soybeans were 13 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 8 cents lower, November soybeans were 13 cents lower, and July Kansas City wheat was 5 cents lower. CME Globex Recap: Global markets -- the "It" in this morning's title -- broke hard overnight following the United Kingdom's vote to leave the European Union. Safe haven markets like the U.S. dollar index, Japanese yen, and gold posted strong rallies while the rest of the commodity sector came under heavy pressure from investor liquidation. Additional investor pressure has been seen in global equity markets and is expected to spill over into the U.S. market, with DJIA futures down more than 500 points. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 230.24 points higher at 18,011.07, the NASDAQ Composite gained 76.72 points to 4,910.04 and the S&P 500 rallied 27.88 points to close at 2,113.32 Thursday. However, DJIA futures were 520 points lower overnight indicating those gains should easily be erased early Friday. Asian markets were lower with Japan's Nikkei down 1,286.33 points (7.9%) while China's Shanghai Composite fell 37.67 points (1.3%). European markets were also lower with London's FTSE 100 down 316.88 points (5.0%), Germany's DAX off 672.86 points (6.6%), and Frances CAC 40 down 348.43 points (7.8%). The U.S. dollar index was up 1.995 to 95.519. Crude oil was down $2.54 to $47.57 while Brent crude fell $2.66 to $48.25. August gold was $59.20 higher at $1,322.20 after rallying as much as $99.50. China's Dalian soybean futures and Malaysian palm oil futures were mixed overnight.