DTN Early Word Grains 05/03 05:56

DTN Early Word Grains 05/03 05:56 Winter Wheat Woes Weren't Where Watson Wanted July corn was fractionally lower, July soybeans were fractionally higher, and July Kansas City (HRW) wheat was 8 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: July corn was fractionally lower, July soybeans were fractionally higher, and July Kansas City (HRW) wheat was 8 cents lower. CME Globex Recap: Day 1 of the Kansas Wheat Quality Council Tour found some better than expected crops, though the hardest hit areas from this past weekend's storm could come into play Wednesday. Nevertheless, sellers hit winter wheat overnight, spilling over into the corn market. Soybeans posted a quiet session with contracts holding near unchanged. Outside markets were mixed with gold under pressure once again while crude oil tried to recover a small part of Tuesday's sell-off. The U.S. dollar index continues to consolidate ahead of Wednesday's interest rate announcement by the FOMC. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 36.43 points (0.2%) higher at 20,949.89. The NASDAQ Composite gained 3.76 points to 6,095.37 and the S&P 500 added 2.84 points (0.1%) to 2,391.17 Tuesday. DJIA futures were 26 points lower early Wednesday morning. Asian markets closed mostly lower with Japan's Nikkei closed, Hong Kong's Hang Seng closed, and China's Shanghai Composite off 8.37 points (0.3%). European markets were trading mostly lower Wednesday with London's FTSE 100 down 22.87 points (0.3%), Germany's DAX losing 26.93 points (0.2%), and France's CAC 40 off 19.98 points (0.4%). The euro was 0.0016 lower at 1.0915 while the U.S. dollar index gained 0.14 to 99.09. June 30-year T-Bonds were 3/32 higher at 152'27 while June gold lost $2.50 to $1,254.50. Crude oil was $0.39 higher at $48.05 while Brent crude added $0.43 to $50.89. China's Dalian soybean futures were higher while Malaysian palm oil futures were lower overnight.