DTN Early Word Grains 06/21 06:05

DTN Early Word Grains 06/21 06:05 Grains Higher, Soy Lower Ahead of USDA Report July corn is up 1 1/4 cents per bushel, July soybeans are down 3 1/2 cents, and July K.C. wheat is up 1 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 1 1/4 cents per bushel, July soybeans are down 3 1/2 cents, and July K.C. wheat is up 1 1/2 cents. CME Globex Recap: Equity markets are taking a slight breather to close the week after the S&P 500 hit an all-time record high Thursday as investors take solace in the easy-money-forever mantra currently held at most central banks. Meanwhile, tensions continue to escalate between the U.S. and Iran as President Trump was close to ordering retaliatory strikes before pulling back at the last minute. Energy markets are seeing their first bit of sustained strength in weeks. Grain markets are mixed to close the week with traders eyeing weather maps, anecdotal reports from the Eastern Corn Belt and pre-report estimates for next week. July weather maps from both private and public sources suggest a mostly favorable month for crop development, but with the delayed nature of this year, we will also need to see a favorable August through October to reach whatever potential is still available. Option expiration at the close today with some large strikes still in play for both corn and soybeans. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average up 249.17 at 26,753.17 and the S&P 500 up 27.72 at 2,926.46 while the 10-Year Treasury yield ended at 2.001%. Early Friday, the September DJIA futures are down 34 points. Asian markets are mixed with Japan's Nikkei 225 down 204.22 (-0.95%) and China's Shanghai Composite up 14.86 points (0.5%). European markets are lower with London's FTSE 100 down 0.51 points (-0.01%), Germany's DAX down 26.22 points (-0.21%) and France's CAC 40 down 1.64 points (-0.03%). The September Euro is up 0.002 at 1.140 and the September U.S. dollar index is down 0.013 at 96.125. The September 30-Year T-Bond is down 11/32nds, while August gold is up $5.20 at $1,402.10 and August crude oil is up $0.53 at $57.60. Soybeans on China's Dalian Exchange were up 1.44% while soybean meal was up 1.32%.