DTN Early Word Grains 07/29 05:58

DTN Early Word Grains 07/29 05:58 Wheat Leads Grains Higher as U.S. Back in Contention December corn is up 4 1/4 cents per bushel, November soybeans are up 5 cents, and September K.C. wheat is up 6 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 4 1/4 cents per bushel, November soybeans are up 5 cents, and September K.C. wheat is up 6 1/2 cents. CME Globex Recap: Global equity markets are mixed to weaker to begin the new trading week with investors anxiously awaiting the resumption of trade talks in Shanghai Tuesday between the U.S. and China. In addition, this week will also see the Federal Reserve's Open Market Committee meet on interest rate policy which is expected to produce a 25-50 basis point cut in their benchmark rate. The U.S. Dollar Index is continuing its rally this week, trading higher for the third straight session and hitting the highest levels since May 31. Grains are higher across the board Monday morning, led by Chicago and Kansas City wheat as winter wheat harvest wraps up across the United States and U.S. wheat offerings have gotten back into contention with other major exporters. Reproduction weather looks non-threatening across the Midwest the next 15-days. This could add additional uncertainty heading into the August WASDE, especially considering there will be no objective yield plots used in the yield calculation. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 51.47 at 27,192.45 and the S&P 500 up 22.19 at 3,003.67 while the 10-Year Treasury yield ended at 2.081%. Early Monday, the September DJIA futures are down 1 point. Asian markets are lower with Japan's Nikkei 225 down 41.35 (-0.19%) and China's Shanghai Composite down 3.53 points (-0.12%). European markets are mixed with London's FTSE 100 up 88.44 points (1.17%), Germany's DAX down 3.62 points (-0.03%) and France's CAC 40 down 8.6 points (-0.15%). The September Euro is down 0.000 at 1.120 and the September U.S. dollar index is up 0.064 at 97.815. The September 30-Year T-Bond is up 14/32nds, while August gold is down steady at $1,419.30 and September crude oil is down $0.08 at $56.12. Soybeans on China's Dalian Exchange were up 0.24% while soybean meal was -0.11%.