DTN Early Word Grains 07/02 06:08

DTN Early Word Grains 07/02 06:08 Grains Bounce After Early Week Selloff December corn is up 2 3/4 cents, November soybeans are up 4 1/4 cents, and September K.C. wheat is up 2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 2 3/4 cents, November soybeans are up 4 1/4 cents, and September K.C. wheat is up 2 cents. CME Globex Recap: Equities are lightly mixed around the globe Tuesday morning after U.S. stocks hit fresh record highs Monday as optimism persists about a trade deal between the U.S. and China. The shift in sentiment seemed to be tied to President Trump's change in policy toward the Chinese company Huawei and the ability of U.S. companies to do business with the Chinese telecommunications giant. Energy markets have gone into consolidation mode with crude oil consolidating inside a flagging pattern as the 50, 100 and 200-day moving average all converge at current prices. Grains are higher, bouncing back from Monday's drubbing after the crop progress report held conditions steady when most penciled an improvement. There are still soybean acres left to plant, and now that the calendar says July, the growing season keeps getting smaller and yield potential drops with it. Weather is mostly benign the next two weeks, although the delayed nature of this crop does not make weather a black and white issue. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 117.47 at 26,717.43 and the S&P 500 up 22.57 at 2,941.76 while the 10-Year Treasury yield ended at 2.034%. Early Tuesday, the September DJIA futures are down 34 points. Asian markets are mixed with Japan's Nikkei 225 up 24.3 (0.11%) and China's Shanghai Composite down 0.96 points (-0.03%). European markets are mixed with London's FTSE 100 up 32.47 points (0.43%), Germany's DAX down 13.52 points (-0.11%) and France's CAC 40 down 1.63 points (-0.03%). The September Euro is up 0.001 at 1.140 and the September U.S. dollar index is down 0.069 at 96.340. The September 30-Year T-Bond is up 14/32nds, while August gold is up $6.60 at $1,395.90 and August crude oil is down $0.13 at $58.96. Soybeans on China's Dalian Exchange were down -0.82% while soybean meal was down -1.35%.