DTN Early Word Grains 06/12 05:54

DTN Early Word Grains 06/12 05:54 Grains Easier Following WASDE Bump July corn is down 3 1/4 cents, July soybeans are down 5 3/4 cents, and July K.C. wheat is down 2 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is down 3 1/4 cents, July soybeans are down 5 3/4 cents, and July K.C. wheat is down 2 1/2 cents. CME Globex Recap: Mostly lower equity markets Wednesday morning as investors take note of economic data out of China overnight. Consumer prices rose 2.7% from a year ago in May, the fasted pace in 15-months and due largely to the rise in pork prices. Pork prices carry a greater weight in China's inflation index because of the importance of meat in the national diet. Grains are weaker, failing to follow through on the post-WASDE strength. Corn bulls got plenty to sink their teeth into on Tuesday but the narrative is quickly shifting to focus on yield-determining weather. Soybeans and wheat didn't get much for supportive news, and when left to their own devices, should have a hard time shaking their bearish fundamentals. The trade will now begin ramping up for the end of the month acreage and stocks report which could prove to be one of the more high volatility reports in recent memory. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 14.17 at 26,048.51 and the S&P 500 down 1.01 at 2,886.73 while the 10-Year Treasury yield ended at 2.14%. Early Wednesday, the June DJIA futures are down 61 points. Asian markets are lower with Japan's Nikkei 225 down 74.56 (-0.35%) and China's Shanghai Composite down 16.34 points (-0.56%). European markets are lower with London's FTSE 100 down 42.26 points (-0.57%), Germany's DAX down 57.05 points (-0.47%) and France's CAC 40 down 33.15 points (-0.61%). The June Euro is down 0.001 at 1.130 and the June U.S. dollar index is down 0.000 at 96.645. The September 30-Year T-Bond is up 10/32nds, while August gold is up $9.00 at $1,340.20 and July crude oil is down $1.46 at $51.81. Soybeans on China's Dalian Exchange were down -1.12% while soybean meal was down -0.24%.