DTN Early Word Grains 08/01 05:58

DTN Early Word Grains 08/01 05:58 Grains Mixed to Higher After Wednesday Rout December corn is up 1 cents per bushel, November soybeans are down 1 cents, and September KC wheat is up 2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 1 cents per bushel, November soybeans are down 1 cents, and September KC wheat is up 2 cents. CME Globex Recap: Global equity markets are mostly stable after the rout suffered Wednesday after the Federal Reserve confirmed their interest rate cut, but suggested this was not the state of a new period of monetary easing. In response, the U.S. dollar index rallied to the highest levels since May of 2017, a bearish input for commodity markets. In addition, it would be difficult for investors to feel confident a trade resolution is close at hand after the U.S.-China showing in Shanghai this week. As we have feared, it looks increasingly likely that this trade conflict will drag on well into 2020 with U.S. agriculture suffering the brunt of the fallout. Grain markets are mixed with corn and wheat attempting to bounce while soybeans are clinging to small losses. There is simply nothing supportive about December corn dropping to 2-month lows with little in the way of technical support for another dime. Bulls are putting their eggs in the August WASDE basket, which feels too far away at the moment to stem the tide. The supply bulls who said markets did not need to pay attention to demand until this fall or winter are enduring a rude wake up call. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 333.75 at 26,864.27 and the S&P 500 down 32.80 at 3,013.18 while the 10-year Treasury yield ended at 2.021%. Early Thursday, the September DJIA futures are up 67 points. Asian markets are mixed with Japan's Nikkei 225 up 19.46 (0.09%) and China's Shanghai Composite down 23.74 points (-0.81%). European markets are higher with London's FTSE 100 up 5.15 points (0.07%), Germany's DAX up 51.65 points (0.42%) and France's CAC 40 up 40.36 points (0.73%). The September euro is down 0.005 at 1.110 and the September U.S. dollar index is up 0.402 at 98.660. The September 30-year T-bond is down 7/32nds, while December gold is down $18.60 at $1,419.20 and September crude oil is down $0.75 at $57.83. Soybeans on China's Dalian Exchange were up 0.38% while soybean meal was down 0.39%.