DTN Early Word Grains 08/08 05:59

DTN Early Word Grains 08/08 05:59 Grains Bounce, Keep Consolidation in Place December corn is up 1 cent per bushel, November soybeans are up 4 1/2 cents, and September K.C. wheat is up 1 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 1 cent per bushel, November soybeans are up 4 1/2 cents, and September K.C. wheat is up 1 1/2 cents. CME Globex Recap: Equities are rallying around the globe Thursday morning as the violent swings across major indices continue. Interest rate policy and currency volatility have been the name of the game the last couple of weeks as central bankers try to position themselves to best deal with a global slowdown brought on by the U.S.-China trade war. As many economic commentators have suggested, a multitude of indicators are pointing to the fact the global economy may already be in recession. Grain prices are higher across the board Thursday morning, keeping the choppy nature as of late in place in the lead up to Monday's USDA reports. Looking at the average trade guesses, it is clear the market is positioning for drastic cuts to supply of both corn and soybeans, suggesting the surprise would be less severe cuts. Anecdotally, there still seems to be a fair amount of old crop left to move, and the new crop portion of the book appears uncovered based on CFTC data. One has to wonder what the response of end users, producers and funds will be if the report induces either a sharply higher or sharply lower price response. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average down 22.45 at 26,007.07 and the S&P 500 up 2.21 at 2,881.77 while the 10-Year Treasury yield ended at 1.684%. Early Thursday, the September DJIA futures are up 73 points. Asian markets are higher with Japan's Nikkei 225 up 76.79 (0.37%) and China's Shanghai Composite up 25.87 points (0.93%). European markets are higher with London's FTSE 100 up 6.99 points (0.1%), Germany's DAX up 74.93 points (0.64%) and France's CAC 40 up 56.28 points (1.07%). The September Euro is down 0.001 at 1.120 and the September U.S. dollar index is down 0.025 at 97.320. The September 30-Year T-Bond is down 30/32nds, while December gold is down $10.70 at $1,508.90 and September crude oil is up $1.32 at $52.41. Soybeans on China's Dalian Exchange were up 0.21% while soybean meal was up 0.24%.