DTN Early Word Grains 06/11 06:01

DTN Early Word Grains 06/11 06:01 Grains Soft After Crop Progress, Ahead of WASDE July corn is down 3 3/4 cents, July soybeans are down 5 1/4 cents, and July K.C. wheat is down 10 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is down 3 3/4 cents, July soybeans are down 5 1/4 cents, and July K.C. wheat is down 10 3/4 cents. CME Globex Recap: Global equities are higher Tuesday morning on news China announced it would be enacting fresh stimulus measures to support its economy amid the trade war. Grains are uniformly weaker Tuesday morning, led by Kansas City wheat, with traders anxiously awaiting updates from USDA. The June WASDE has the opportunity to be a report which upsets everyone as changes need to be made, but not enough data exists to make the kind of supply alterations some want to see. The bottom line is corn hasn't been able to rally much at all on the last two crop progress reports, begging the question if the area portion of the equation has been priced in? All market participants know the corn balance sheet will come down to yield which is nowhere near determined on June 11. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 78.74 at 26,062.68 and the S&P 500 up 13.39 at 2,873.34 while the 10-Year Treasury yield ended at 2.143%. Early Tuesday, the June DJIA futures are up 113 points. Asian markets are higher with Japan's Nikkei 225 up 69.86 (0.33%) and China's Shanghai Composite up 73.59 points (2.58%). European markets are higher with London's FTSE 100 up 37.25 points (0.51%), Germany's DAX up 158.51 points (1.32%) and France's CAC 40 up 43.92 points (0.81%). The June Euro is unchanged at 1.130 and the June U.S. dollar index is down 0.016 at 96.695. The September 30-Year T-Bond is down 19/32nds, while August gold is down $2.60 at $1,326.70 and July crude oil is up $0.60 at $53.86. Soybeans on China's Dalian Exchange were up 0.09% while soybean meal was up 0.14%.