DTN Early Word Grains 07/05 05:53

DTN Early Word Grains 07/05 05:53 The Morning of the Day After Grains were closed overnight due to Monday's holiday. Markets will open at 8:30 (CDT). By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: Grains were closed overnight due to Monday's holiday. Markets will open at 8:30 (CDT). CME Globex Recap: The day after the Fourth of July holiday in the U.S. tends to see fireworks extend into grain trade, particularly when a three-day weekend is involved. This Tuesday, traders should immediately weigh in on weather that saw heavy rains over parts of the western and southern U.S. Midwest while much of the rest of the area was dry. Markets that were trading point to a lower open, with the path of least resistance for most grains and oilseeds still down. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 19.38 points higher at 17,949.37, the NASDAQ Composite gained 19.90 points to 4,862.57 and the S&P 500 rallied 4.08 points to close at 2,102.94 Friday. DJIA futures were 92 points lower overnight. Asian markets were mostly lower with Japan's Nikkei down 106.47 points (0.7%) while China's Shanghai Composite gained 17.79 points (0.6%). European markets were lower with London's FTSE 100 down fractionally, Germany's DAX was 138.52 points (1.4%) lower, and Frances CAC 40 lost 57.23 points. The U.S. dollar index was down 0.052 to 95.597. Crude oil dropped $1.30 to $47.69 while Brent crude was off $1.10 to $49.00. August gold was $7.70 higher at $1,346.70. China's Dalian soybean futures and Malaysian palm oil futures were lower again overnight.