DTN Early Word Grains 07/12 06:06

DTN Early Word Grains 07/12 06:06 Grains Ease Following WASDE-Day Surge December corn is down 1 3/4 cents per bushel, November soybeans are down 1 3/4 cents, and September K.C. wheat is down 2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is down 1 3/4 cents per bushel, November soybeans are down 1 3/4 cents, and September K.C. wheat is down 2 cents. CME Globex Recap: Equity markets are mostly higher around the globe Friday morning, seemingly shaking off reports of the U.S.-China trade talks getting off to a rocky start. Tweets from President Trump on Thursday said "China is letting us down in that they have not been buying the agriculture products from our great Farmers that they said they would. Hopefully they will start soon!" There are also reports China intends to take a much more hardline approach in the next round of talks, and with the 2020 election cycle well under way, it would appear they may be content to wait and see if some replaces President Trump next year. Grain markets are weaker after a positive session Thursday following a mixed WASDE report. Wheat enjoyed the best performance, supported by a tightening balance sheet for major exporters. That said, most of the Northern American wheat harvest is still waiting to be combined and the potential demand for U.S. wheat isn't likely to occur until Q3-Q4. Corn and soybeans remain range-bound with supportive forecasts but needing confirmation from USDA and the August WASDE on acres and yield. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 227.88 at 27,088.08 and the S&P 500 up 6.84 at 2,993.07 while the 10-Year Treasury yield ended at 2.12%. Early Friday, the September DJIA futures are up 91 points. Asian markets are higher with Japan's Nikkei 225 up 42.37 (0.2%) and China's Shanghai Composite up 12.79 points (0.44%). European markets are higher with London's FTSE 100 up 17.72 points (0.24%), Germany's DAX up 3.3 points (0.03%) and France's CAC 40 up 32.36 points (0.58%). The September Euro is down 0.000 at 1.130 and the September U.S. dollar index is down 0.056 at 96.610. The September 30-Year T-Bond is down 12/32nds, while August gold is up $1.10 at $1,407.80 and August crude oil is up $0.15 at $60.35. Soybeans on China's Dalian Exchange were -0.03% while soybean meal was up 0.25%.