DTN Early Word Grains 05/21 06:35

DTN Early Word Grains 05/21 06:35 Wheat Extends Rally Overnight July corn is up 1/2 cent per bushel, July soybeans are down 1 3/4 cents, and July KC wheat is up 5 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is up 1/2 cent per bushel, July soybeans are down 1 3/4 cents, and July KC wheat is up 5 cents. CME Globex Recap: Equity markets are mostly lower overnight with lower trade expected in the United States. Investors seemed to give pause late Wednesday once the head of the Center for Disease Control and Prevention warned the U.S. would have to increase its disease-tracking capabilities rapidly in the next few months to avoid anther public health crisis as the seasonal flu coincides with a second wave of COVID-19. He even suggested another round of lockdowns might be needed. Weekly jobless claims will be in focus Thursday morning with expectations for another 2.4 million new unemployment claims bringing the total to 37 million. Grains are mixed overnight with wheat adding to Wednesday's gains on dry weather in the European Union and Black Sea while corn prices are steady and the soy complex is weaker. Northern Hemisphere wheat harvest will begin in earnest next month, bringing with it a host of seasonal trends. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 369.04 at 24,575.90 and the S&P 500 up 48.67 at 2,971.61 while the 10-Year Treasury yield ended at 0.67%. Early Thursday, the June DJIA futures are down 139 points. Asian markets are lower with Japan's Nikkei 225 down 42.84 (0.21%) and China's Shanghai Composite down 15.81 points (-0.55%). European markets are lower with London's FTSE 100 down 56.74 points (0.94%), Germany's DAX down 155.42 points (-1.38%) and France's CAC 40 down 46.38 points (-1.03%). The June Euro is down 0.0007 at 1.09850 and the June U.S. dollar index is up 0.175 at 99.310. The June 30-Year T-Bond is up 12/32nds, while June gold is down $17.5 at $1,735.20 and July crude oil is up $0.75 at $34.24.