DTN Early Word Grains 05/12 05:57

DTN Early Word Grains 05/12 05:57 Grains Chop Waiting for May WASDE Pre-6 a.m. Globex Prices: July corn is steady, July soybeans are up 2 1/4 cents, and July KC wheat is down 2 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is steady, July soybeans are up 2 1/4 cents, and July KC wheat is down 2 1/2 cents. CME Globex Recap: Global equities are quietly mixed overnight which feels like one of the first times a person has been able to say that in months. Energy markets are stronger with spot crude oil futures up over 5.0% as Saudi Arabia said it is going to cut another 1 million barrels per day from the current OPEC+ agreement. The U.S. Dollar Index traded briefly to 3-week highs overnight before reversing lower. Precious metals are higher overnight with gold continuing to consolidate just below recent highs. Grains are mixed with corn and wheat lower while the soy complex is mostly higher ahead of the May WASDE later Tuesday morning. The data will hold large implications, but traders also realize the entire growing season is still ahead of the market. The largest speculative short positions sit in corn and Minneapolis wheat heading into the numbers. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 109.33 at 24,221.99 and the S&P 500 up 0.52 at 2,929.80 while the 10-Year Treasury yield ended at 0.726%. Early Tuesday, the June DJIA futures are up 51 points. Asian markets are lower with Japan's Nikkei 225 down 24.18 (-0.12%) and China's Shanghai Composite down 3.25 points (-0.11%). European markets are higher with London's FTSE 100 up 52.11 points (0.88%), Germany's DAX up 35.22 points (0.33%) and France's CAC 40 down 7.44 points (-0.17%). The June Euro is up 0.002 at 1.080 and the June U.S. dollar index is down 0.245 at 100.025. The June 30-Year T-Bond is up 6/32nds, while June gold is up $9.80 at $1,707.80 and July crude oil is up $1.25 at $26.33. Soybeans on China's Dalian Exchange were down 0.09% while soybean meal was down 1.59%.