DTN Early Word Grains 10/02 05:52

DTN Early Word Grains 10/02 05:52 Grains Weaker at Midweek December corn is down 3 cents per bushel, November soybeans are down 6 cents, and December KC wheat is down 3 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is down 3 cents per bushel, November soybeans are down 6 cents, and December KC wheat is down 3 3/4 cents.. CME Globex Recap: Global equity markets are weaker as investors are clearly concerned with the slowdown in manufacturing activity in the U.S. On Tuesday, the Institute for Supply Management issued their U.S. manufacturing purchasing managers' index, which came in at 47.8%, the lowest reading since June 2009 and marking the second straight month of contraction. New export orders were reported at 41%, the lowest reading since March 2009 and down from 43.3% in August. Analysts will be quick to point at the trade war and tariffs as the culprit. Grain prices are weaker almost cross the board at midweek, led by winter wheat and corn futures. There seems to be a different tone surrounding our space following the Sept. 1 stocks data as analysts reconfigure balance sheets with smaller carry-in stocks as well as lower yield ideas. It is anyone's guess as to what direction the USDA will trend with their October WASDE yield estimates, although commodity broker INTL FCStone believes yields will move higher due to favorable temperatures and moisture in September. With a drawn out harvest ahead, it looks increasingly likely seasonal lows were set in September. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 96.58 at 26,916.83 and the S&P 500 up 14.95 at 2,961.79 while the 10-year Treasury yield ended at 1.675%. Early Wednesday, the December DJIA futures are down 168 points. Asian markets are lower with Japan's Nikkei 225 down 106.63 (0.49%) and China's Shanghai Composite down 26.98 points (0.92%). European markets are lower with London's FTSE 100 down 105.24 points (1.43%), Germany's DAX down 114.12 points (0.94%) and France's CAC 40 down 70.34 points (1.26%). The December euro is down 0.003 at 1.100 and the December U.S. dollar index is up 0.253 at 99.030. The December 30-year T-Bond is up 11/32nds, while December gold is up $1.10 at $1,490.10 and November crude oil is up $0.09 at $53.71. Soybeans on China's Dalian Exchange were down 0.68% while soybean meal was down 0.63%.