DTN Early Word Grains 07/08 05:58

DTN Early Word Grains 07/08 05:58 Grains Higher as Forecast Stokes Yield Concerns December corn is up 3 3/4 cents, November soybeans are up 3 cents, and September K.C. wheat is up 1 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 3 3/4 cents, November soybeans are up 3 cents, and September K.C. wheat is up 1 1/2 cents. CME Globex Recap: Equity markets are weaker around the globe Monday morning as analysts seem to be lowering odds for multiple rate cuts by the Federal Reserve this year following the stronger than expected employment report last Friday. Fed Chairman Powell will testify in front of Congress this week with markets watching his comments closely for any hints at which way the monetary chief is leaning. Stronger grain prices to begin post-holiday trade as bulls do not care for the hot and dry weather across much of the Corn Belt. After battling excessive rain and cold temperatures much of the spring, the last thing a crop which has not rooted down well needs is a bout of extended dry weather and heat. With the drawn-out nature of planting, the yield discussion will last longer than usual this year with parts of the Upper-Midwest likely to be pollinating at the end of August. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average down 43.88 at 26,922.12 and the S&P 500 down 5.41 at 2,995.82 while the 10-Year Treasury yield ended at 2.048%. Early Monday, the September DJIA futures are down 66 points. Asian markets are lower with Japan's Nikkei 225 down 212.03 (-0.98%) and China's Shanghai Composite down 77.7 points (-2.58%). European markets are lower with London's FTSE 100 down 12.58 points (-0.17%), Germany's DAX down 29 points (-0.23%) and France's CAC 40 down 17.2 points (-0.31%). The September Euro is up 0.000 at 1.130 and the September U.S. dollar index is down 0.075 at 96.815. The September 30-Year T-Bond is up 10/32nds, while August gold is up $7.50 at $1,407.60 and August crude oil is down $0.03 at $57.48. Soybeans on China's Dalian Exchange were -0.32% while soybean meal was -0.68%.