DTN Early Word Grains 06/18 06:03

DTN Early Word Grains 06/18 06:03 Grains Lower as Bout Profit-Taking Hits July corn is down 8 1/2 cents, July soybeans are down 3 3/4 cents, and July K.C. wheat is down 10 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is down 8 1/2 cents, July soybeans are down 3 3/4 cents, and July K.C. wheat is down 10 cents. CME Globex Recap: Equities are mostly higher around the globe Tuesday morning with traders also taking note of the U.S. Dollar Index trading back above its 50-day moving average and early June highs. Markets will be watching the 2-day FOMC meeting of the Federal Reserve very closely. Markets do not expect a rate cut at this meeting, but one is overwhelmingly expected at the July meeting. Sharp weakness in grains overnight led by corn and Kansas City wheat. Our markets have been on a tear, and this week will see July option expiration Friday, which could allow prices to correct slightly. In addition, traders are putting less stock in the weekly crop progress reports as most aren't sure if the percentages are still counting total intentions from March or what producers will actually get seeded. The next big focus will be the June acreage and stocks report on the 28 with volatility expected to ramp up in the coming sessions. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 22.92 at 26,112.53 and the S&P 500 up 2.69 at 2,886.98 while the 10-Year Treasury yield ended at 2.086%. Early Tuesday, the June DJIA futures are up 56 points. Asian markets are mixed with Japan's Nikkei 225 down 151.29 (-0.72%) and China's Shanghai Composite up 2.54 points (0.09%). European markets are higher with London's FTSE 100 up 41.09 points (0.56%), Germany's DAX up 93.61 points (0.77%) and France's CAC 40 up 59.43 points (1.1%). The September Euro is down 0.004 at 1.130 and the September U.S. dollar index is up 0.163 at 97.215. The September 30-Year T-Bond is up 23/32nds, while August gold is up $5.20 at $1,348.10 and July crude oil is down $0.24 at $51.69. Soybeans on China's Dalian Exchange were down -1.05% while soybean meal was down -0.38%.