DTN Early Word Grains 05/16 05:55

DTN Early Word Grains 05/16 05:55 Second Verse, Same as the First July corn was 1 cent lower, July soybeans were fractionally higher, and July Kansas City (HRW) wheat was 3 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: July corn was 1 cent lower, July soybeans were fractionally higher, and July Kansas City (HRW) wheat was 3 cents lower. CME Globex Recap: In almost a carbon copy of Monday, early Tuesday finds soybeans trading higher while corn and wheat markets are lower. Once again trade volume was light across the board on follow-through action from Monday's close. Also similar to the day before, most other commodities were trading higher, though old-crop cotton was down more than 1 cent. Crude oil and gold were both showing small gains while the U.S. dollar index was lower, again, and DJIA futures continued to rally. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 85.33 points (0.4%) higher at 20,981.94, the NASDAQ Composite gained 28.44 points (0.5%) to 6,149.67, and the S&P 500 added 11.42 points (0.5%) to 2,402.32 Monday. DJIA futures were 16 points higher early Tuesday morning. Asian markets closed mostly higher with Japan's Nikkei up 49.97 points (0.2%), Hong Kong's Hang Seng off 35.65 points (0.1%), and China's Shanghai Composite rallying 22.74 points (0.7%). European markets were trading mostly lower with London's FTSE 100 gaining 40.98 points (0.5%), Germany's DAX down 13.12 points (0.1%), and France's CAC 40 off 21.96 points (0.4%). The euro was 0.0073 higher at 1.1046 while the U.S. dollar index lost 0.34 to 98.54. June 30-year T-Bonds were 3/32 lower at 151'06 while June gold added $4.00 to $1,234.00. Crude oil was $0.21 higher at $49.06 while Brent crude rallied $0.22 to $52.04. China's Dalian soybean futures were lower while Malaysian palm oil futures were higher.