DTN Early Word Grains 06/04 06:01

DTN Early Word Grains 06/04 06:01 Row Crops Higher on Planting Delays, Wheat Soft on Conditions July corn is up 6 3/4 cents per bushel, July soybeans are up 10 1/4 cents, and July K.C. wheat is down 11 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 6 3/4 cents per bushel, July soybeans are up 10 1/4 cents, and July K.C. wheat is down 11 cents. CME Globex Recap: Mostly higher global equity markets overnight as investors continue to grapple with strong U.S. growth but potential slowing global growth as trade spats continue. Also of interest, the federal funds futures rate contract has raised odds of the Federal Reserve cutting interest rates by 25 basis points by the end of 2019. This in stark contrast to expectations from just last year. Grains are mixed overnight with row crops solidly higher while wheat prices languish on the lows at the time of this writing. Planting progress will remain delayed this week with producers getting close to throwing in the towel and trying to retain the highest level of insurance coverage they can muster. We have never seen a supply situation go from one of burdensome stocks to one of potentially record rationing in such a short timeframe. The market is still trying to determine acreage with the yield discussion likely to be one of incredibly volatility later this summer. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 4.74 at 24,819.78 and the S&P 500 down 7.61 at 2,752.06 while the 10-Year Treasury yield ended at 2.081%. Early Tuesday, the June DJIA futures are up 92 points. Asian markets are lower with Japan's Nikkei 225 down 2.34 (-0.01%) and China's Shanghai Composite down 27.8 points (-0.96%). European markets are higher with London's FTSE 100 up 14.04 points (0.2%), Germany's DAX up 104.35 points (0.88%) and France's CAC 40 up 9.03 points (0.17%). The June Euro is down 0.001 at 1.130 and the June U.S. dollar index is up 0.110 at 97.170. The September 30-Year T-Bond is down 14/32nds, while August gold is up $1.50 at $1,329.40 and July crude oil is down $0.76 at $52.49. Soybeans on China's Dalian Exchange were up 0.9% while soybean meal was up 2.64%.