DTN Early Word Grains 07/03 10:27

DTN Early Word Grains 07/03 10:27 Grains Higher Ahead of July Fourth Break December corn is up 2 3/4 cents, November soybeans are up 3/4 cents, and September K.C. wheat is up 3/4 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 3/4 cents, and September K.C. wheat is up 3/4 cents. CME Globex Recap: CME Globex Recap: Global equity markets are mostly higher, especially so in Europe after International Monetary Fund chief Christine Lagarde was nominated to be the new European Central Bank President. The move is seen as a dovish development that could keep easy-money policies in place for the foreseeable future. Crude oil bouncing a bit after its almost 5% drop Tuesday despite the decision by OPEC+ to extend its 1.2 million barrel per day production agreement by another nine months. Grains are mostly higher on the last full trading session before the July Fourth holiday. Usually, the Fourth of July marks a critical time period for U.S. row crops as forecasts are available well into the pollination period. Because of the delayed nature of this year's crop, pollination won't occur until the end of the month or even into August for much of the Midwest, minimizing the importance of weather the next week to ten days. July is a weak month seasonally for corn and soybean prices, but seasonals could also be delayed like the development of the crop in 2019. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 69.25 at 26,786.68 and the S&P 500 up 8.68 at 2,964.33 while the 10-Year Treasury yield ended at 1.976%. Early Wednesday, the September DJIA futures are up 55 points. Asian markets are lower with Japan's Nikkei 225 down 116.11 (-0.53%) and China's Shanghai Composite down 28.68 points (-0.94%). European markets are higher with London's FTSE 100 up 45.04 points (0.6%), Germany's DAX up 101.17 points (0.81%) and France's CAC 40 up 38.9 points (0.7%). The September Euro is down 0.000 at 1.140 and the September U.S. dollar index is up 0.051 at 96.325. The September 30-Year T-Bond is up 16/32nds, while August gold is up $21.10 at $1,429.10 and August crude oil is up $0.46 at $56.71. Soybeans on China's Dalian Exchange were up 0.5% while soybean meal was down -1.8%.