DTN Early Word Grains 06/20 06:01

DTN Early Word Grains 06/20 06:01 Grains Mixed as Consolidative Trade Takes Hold July corn is up 1 cent, July soybeans are down 2 1/2 cents, and July K.C. wheat is down 1 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 1 cent, July soybeans are down 2 1/2 cents, and July K.C. wheat is down 1 1/2 cents. CME Globex Recap: Global equities are extending their rally into Thursday as the central banks of the world continue to stand by easier monetary policies. The FOMC of the Federal Reserve held rates steady Wednesday but softened its tone toward interest rates heading into the July meeting, which investors expect to produce an interest rate cut. An important event ahead of that meeting will be trade negotiations between the U.S. and China as well as the meeting between Presidents Trump and Xi. A favorable outcome from that summit could influence thinking toward Fed policy. Grains are mixed with wheat and soybeans weaker but corn bouncing from overnight lows to trade into positive territory. Option expiration for the July contract occurs Friday with a big round of USDA reports the following Friday. We are also into the season where changes between weather model runs can and will influence price direction as heat and moisture become critical to assessing yield potential. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 38.46 at 26,504.00 and the S&P 500 up 8.71 at 2,917.75 while the 10-Year Treasury yield ended at 2.029%. Early Thursday, the June DJIA futures are up 225 points. Asian markets are higher with Japan's Nikkei 225 up 128.99 (0.6%) and China's Shanghai Composite up 69.32 points (2.38%). European markets are higher with London's FTSE 100 up 27.21 points (0.37%), Germany's DAX up 114.41 points (0.94%) and France's CAC 40 up 38.39 points (0.69%). The September Euro is up 0.005 at 1.140 and the September U.S. dollar index is down 0.377 at 96.205. The September 30-Year T-Bond is up 10/32nds, while August gold is up $36.00 at $1,384.80 and July crude oil is up $1.52 at $55.28. Soybeans on China's Dalian Exchange were up 0.32% while soybean meal was down -0.64%.