DTN Early Word Grains 07/25 06:08

DTN Early Word Grains 07/25 06:08 Markets Mixed as Grains Fail to Gain Traction December corn is down 1 cent per bushel, November soybeans are up 1 3/4 cents, and September K.C. wheat is down 2 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is down 1 cent per bushel, November soybeans are up 1 3/4 cents, and September K.C. wheat is down 2 1/4 cents. CME Globex Recap: Equities are higher around the globe Thursday morning as investors await the rate decision by the European Central Bank (ECB) later Thursday morning. The consensus is the ECB will revise its guidance language to pave the way for a rate cut in September. This will lead into the Federal Reserve meeting next week during which the FOMC is expected to cut benchmark rates by at least 25 basis points. Despite the dovish expectations toward monetary policy, the U.S. Dollar Index traded to the highest level since June 3 on Wednesday. Grains are mixed with soybeans and spring wheat posting gains while corn and winter wheat contracts post losses. The price action in corn Wednesday was discouraging as the rally attempt failed and the December contract closed bottom range. Based on price action alone, it would appear the market is getting more comfortable with the projected supply and demand situation in corn for 2019/20. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average down 79.22 at 27,269.97 and the S&P 500 up 14.09 at 3,005.47 while the 10-Year Treasury yield ended at 2.05%. Early Thursday, the September DJIA futures are up 41 points. Asian markets are higher with Japan's Nikkei 225 up 46.98 (0.22%) and China's Shanghai Composite up 14.08 points (0.48%). European markets are mixed with London's FTSE 100 up 9.55 points (0.13%), Germany's DAX up 10.18 points (0.08%) and France's CAC 40 up 24.43 points (0.44%). The September Euro is down 0.001 at 1.120 and the September U.S. dollar index is up 0.038 at 97.490. The September 30-Year T-Bond is up 13/32nds, while August gold is up $3.30 at $1,426.90 and September crude oil is up $0.34 at $56.22. Soybeans on China's Dalian Exchange were up 0.59% while soybean meal was up 1.5%.