DTN Early Word Grains 06/09 05:59

DTN Early Word Grains 06/09 05:59 Grains Ease on Weather, Crop Conditions July corn is down 2 cents per bushel, July soybeans are down 2 3/4 cents, and July KC wheat is steady. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is down 2 cents per bushel, July soybeans are down 2 3/4 cents, and July KC wheat is steady. CME Globex Recap: Weaker equity markets around the globe overnight with U.S. futures pointing toward a weaker open Tuesday morning. Investors will be looking forward to the two-day FOMC meeting of the Federal Reserve which is expected to leave its main policy variables unchanged despite stronger than expected employment data during the month of May. Energy markets are weaker overnight with crude oil facing its first back-to-back lower closes since May 6 and 7. While higher overnight, the trend in the U.S. Dollar Index remains down with next support around 94.8950. Grain futures are lower across the board in Turnaround Tuesday fashion. Producer selling has ticked up slightly on the recent rally but most commercials believe it will take continued gains to pry bushels from farmer hands until crop development is further along. Expanding wheat harvest, favorable Midwest growing conditions and expectations for big crops in 2020/21 are the current narratives in place. Thursday's WASDE report from the USDA is unlikely to alter any of them materially. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 461.46 at 27,572.44 and the S&P 500 up 38.46 at 3,193.93 while the 10-Year Treasury yield ended at 0.884%. Early Tuesday, the June DJIA futures are down 274 points. Asian markets are mixed with Japan's Nikkei 225 down 87.07 (-0.38%) and China's Shanghai Composite up 18.34 points (0.62%). European markets are lower with London's FTSE 100 down 114.2 points (-1.76%), Germany's DAX down 265.17 points (-2.07%) and France's CAC 40 down 98.57 points (-1.9%). The June Euro is down 0.004 at 1.130 and the June U.S. dollar index is up 0.332 at 96.940. The September 30-Year T-Bond is up 45/32nds, while August gold is up $8.80 at $1,713.90 and July crude oil is down $0.79 at $37.40. Soybeans on China's Dalian Exchange were up 2.36% while soybean meal was down 0.5%.