DTN Early Word Grains 05/28 05:59

DTN Early Word Grains 05/28 05:59 Grains Mixed on Weather, China July corn is up 1 cent per bushel, July soybeans are down 1 1/4 cents, and July KC wheat is up 2 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is up 1 cent per bushel, July soybeans are down 1 1/4 cents, and July KC wheat is up 2 1/2 cents. CME Globex Recap: Equity markets are cautiously higher overnight as investors await action from the Trump Administration toward Hong Kong. President Trump and Secretary of State Pompeo have both expressed ideas of raising sanctions on Hong Kong after China's move to impose a new security law for Hong Kong. Energy markets are weaker with crude oil looking at a two-day losing streak for the first time since early May. Both RBOB and heating oil look as though they are ready to move back under $1.00 per gallon with the latter having done so overnight. Precious metals are higher and fixed income markets are mixed. Grain markets are mixed with higher corn and wheat while soybeans are showing small losses. Weather is the primary driving force at the moment and will remain so deep into July. The ongoing trade skirmish with China is also front-page news, but it is difficult for grain markets to react to each and every headline considering how long this kerfuffle has been going on. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 553.16 at 25,548.27 and the S&P 500 up 44.36 at 2,991.77 while the 10-Year Treasury yield ended at 0.68%. Early Thursday, the June DJIA futures are up 79 points. Asian markets are higher with Japan's Nikkei 225 up 497.08 (2.32%) and China's Shanghai Composite up 9.42 points (0.33%). European markets are higher with London's FTSE 100 up 37.53 points (0.61%), Germany's DAX up 42.72 points (0.37%) and France's CAC 40 up 30.23 points (0.64%). The June Euro is up 0.001 at 1.100 and the June U.S. dollar index is down 0.073 at 98.985. The June 30-Year T-Bond is down 2/32nds, while June gold is up $13.30 at $1,724.00 and July crude oil is down $0.49 at $32.32. Soybeans on China's Dalian Exchange were up 1.22% while soybean meal was up 0.07%.