DTN Early Word Grains 06/10 05:58

DTN Early Word Grains 06/10 05:58 Grains Mixed at Midweek July corn is down 1 1/4 cents per bushel, July soybeans are up 3 1/4 cents, and July KC wheat is up 6 1/4 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is down 1 1/4 cents per bushel, July soybeans are up 3 1/4 cents, and July KC wheat is up 6 1/4 cents. CME Globex Recap: Mixed to weaker equity trade overnight with futures suggesting a lower start in the United States. Later Wednesday will see the conclusion of the two-day Federal Reserve meeting which is expected to produce no change in their current monetary policy. The Federal Reserve's balance sheet has expanded by $3.0 trillion since the end of February to $7.2 trillion which amounts to 33% of U.S. GDP vs. 19% before the pandemic according to analysis from brokerage RJ O' Brien. It is difficult to deny the current monetary policy from the Fed has supported equity markets but the real question is whether the stock market reflects the actual economy? Energy markets are weaker with spot crude oil futures down close to 3.0% overnight. Precious metals are quiet with gold slightly higher and silver slightly weaker. Grain markets are mixed with gains in wheat and soybeans while corn posts follow through losses. Weather and the June WASDE are the tone-setters at the moment, and neither look to detract from the big supply narrative currently in place. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 300.14 at 27,272.30 and the S&P 500 down 25.21 at 3,232.39 while the 10-Year Treasury yield ended at 0.829%. Early Wednesday, the June DJIA futures are down 72 points. Asian markets are mixed with Japan's Nikkei 225 up 33.92 (0.15%) and China's Shanghai Composite down 12.36 points (-0.42%). European markets are lower with London's FTSE 100 down 33.04 points (-0.52%), Germany's DAX down 106.36 points (-0.84%) and France's CAC 40 down 29.42 points (-0.58%). The June Euro is up 0.001 at 1.140 and the June U.S. dollar index is down 0.086 at 96.235. The September 30-Year T-Bond is up 28/32nds, while August gold is up $1.50 at $1,723.40 and July crude oil is down $1.06 at $37.88. Soybeans on China's Dalian Exchange were up 2.21% while soybean meal was down 0.11%.