DTN Early Word Grains 06/17 06:02

DTN Early Word Grains 06/17 06:02 Sharply Higher Grains as Wet Weather Persists July corn is up 8 3/4 cents per bushel, July soybeans are up 16 1/2 cents, and July KC wheat is up 8 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 8 3/4 cents per bushel, July soybeans are up 16 1/2 cents, and July KC wheat is up 8 cents. CME Globex Recap: Global equity markets are higher around the globe Monday with tensions between Iran and the U.S. dominating weekend headlines. Energy markets remains subdued, so it would appear the threat of transportation being halted through the Strait of Hormuz remains low at this time. Grain markets are sharply higher overnight as forecasts call for more wet weather in the coming week with producers still trying to finish soybean planting. Prevented planting ideas for soybeans are nowhere near those expected for corn but expectations are growing with each passing day. Aside from weekly crop progress, the next major event will be the June 28 acreage and stocks report, which could give further clues into the supply picture. Even that report will be suspect, however, given how much planting progress was still occurring in June as the survey was being conducted. The path of least resistance will remain up until the market is more comfortable with the supply picture of both corn and soybeans. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 17.16 at 26,089.61 and the S&P 500 down 4.66 at 2,891.64 while the 10-year Treasury yield ended at 2.093%. Early Monday, the June DJIA futures are up 32 points. Asian markets are higher with Japan's Nikkei 225 up 7.11 (0.03%) and China's Shanghai Composite up 5.65 points (0.2%). European markets are higher with London's FTSE 100 up 10.4 points (0.14%), Germany's DAX up 18.2 points (0.15%) and France's CAC 40 up 9.75 points (0.18%). The June euro is up 0.001 at 1.120 and the June U.S. dollar index is down 0.035 at 97.535. The September 30-year T-Bond is down 8/32nds, while August gold is down $7.60 at $1,336.90 and July crude oil is down $0.24 at $52.27. Soybeans on China's Dalian Exchange were down -0.06% while soybean meal was up 1.26%.