DTN Early Word Grains 09/11 05:59

DTN Early Word Grains 09/11 05:59 Grains Weaker as Prices Consolidate Ahead of WASDE December corn is down 1 cent per bushel, November soybeans are down 2 1/2 cents, and December K.C. wheat is down 3 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is down 1 cent per bushel, November soybeans are down 2 1/2 cents, and December K.C. wheat is down 3 1/2 cents. CME Globex Recap: Equity markets are mostly higher around the globe, supported by news the Chinese government moved overnight to exempt 16 types of U.S. exported goods from import tariffs as a peace offering ahead of the next round of trade negotiations. Beginning September 17, China will suspend for one year the tariffs on goods including cancer drugs, lubricant oils and a handful of chemicals China doesn't domestically produce. There were no agricultural goods on the list like soybeans or pork, but investors are obviously hopefully about the next round of talks. Grains are mostly lower after a mixed overnight session with traders mainly waiting on updated supply data from USDA Thursday. Based on average trade estimates, bulls are clearly counting on meaningful supply cuts being made. The risk with this report is the lack of historical precedent considering 2019 is the first year no objective plot data was used on the August report but will instead be initially used on the September report. Still no frost threats expected through September with above normal temperatures expected the next 15-days. Excessive moisture around the Midwest will keep quality fears elevated. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 73.92 at 26,909.43 and the S&P 500 up 0.96 at 2,978.43 while the 10-Year Treasury yield ended at 1.702%. Early Wednesday, the September DJIA futures are up 44 points. Asian markets are mixed with Japan's Nikkei 225 up 205.66 (0.96%) and China's Shanghai Composite down 12.39 points (-0.41%). European markets are higher with London's FTSE 100 up 70.05 points (0.96%), Germany's DAX up 94.95 points (0.77%) and France's CAC 40 up 26.36 points (0.47%). The September Euro is down 0.003 at 1.100 and the September U.S. dollar index is up 0.213 at 98.520. The December 30-Year T-Bond is down 9/32nds, while December gold is up $0.80 at $1,500.00 and October crude oil is up $0.54 at $57.94. Soybeans on China's Dalian Exchange were down 0.29% while soybean meal was up 0.14%.