DTN Early Word Grains 07/10 06:03

DTN Early Word Grains 07/10 06:03 Grains Weaker Ahead of WASDE December corn is down 3 3/4 cents per bushel, November soybeans are down 3/4 cents, and September K.C. wheat is down 2 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is down 3 3/4 cents per bushel, November soybeans are down 3/4 cents, and September K.C. wheat is down 2 1/2 cents. CME Globex Recap: Outside markets are mixed with equities slightly weaker, energies higher and the U.S. Dollar Index lower as investors await the second day of testimony from Fed Chair Powell in front of Congress. On the trade front, U.S. Trade Representative Lighthizer and Treasury Secretary Mnuchin held telephone talks with their Chinese counterparts with the conversations said to be "constructive." Grains are weaker across the board with follow-through pressure seen in corn and wheat while soybeans fail to hold the impressive reversal posted Tuesday. Consolidation ahead of the July WASDE is likely, although many feel we could be range-bound until the August WASDE when a truer picture of supply is revealed. Weather forecasts are not nearly as threatening as they were early in the week, especially with the delayed maturity of the 2019 crop. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 22.65 at 26,783.49 and the S&P 500 up 3.68 at 2,975.95 while the 10-Year Treasury yield ended at 2.054%. Early Wednesday, the September DJIA futures are down 81 points. Asian markets are lower with Japan's Nikkei 225 down 31.67 (-0.15%) and China's Shanghai Composite down 12.93 points (-0.44%). European markets are lower with London's FTSE 100 down 17.08 points (-0.23%), Germany's DAX down 58.93 points (-0.47%) and France's CAC 40 down 6.95 points (-0.12%). The September Euro is up 0.001 at 1.130 and the September U.S. dollar index is down 0.050 at 97.045. The September 30-Year T-Bond is down 31/32nds, while August gold is down $3.50 at $1,397.00 and August crude oil is up $1.36 at $59.19. Soybeans on China's Dalian Exchange were up 0.62% while soybean meal was up 0.91%.