DTN Early Word Grains 06/15 05:57

DTN Early Word Grains 06/15 05:57 Grains Soft on Weather, Fund Positioning July corn is down 1 1/4 cents per bushel, July soybeans are down 3 1/2 cents, and July KC wheat is down 3 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 down 3 1/2 cents, and July KC wheat is down 3 1/4 cents. CME Globex Recap: Financial markets are weaker around the globe overnight with U.S. futures looking to continue that trend Monday morning. Weakness is being attributed to a jump in new coronavirus infections in the U.S. and China which could be the start of the feared "second wave." With the United States more or less back to business, it will be incredibly difficult to get citizens to lockdown a second time, so the economic impact of a second wave could be much more muted. Energy markets are weaker with the short-term trend in WTI crude oil now down but remaining above its 100-day moving average. Gold and silver are both off more than 1.0%, so the weakness in equity markets would not appear to be outright panic. Grain markets are mainly weaker with the exception of Minneapolis wheat. Sunday was Flag Day, which can be a seasonal marker for new crop prices as it was in 2019. Last year, December corn hit its contract highs on June 17 while November soybeans hit seasonal highs on June 18. Weather forecasts take on added importance each day forward, so prepare for model-to-model volatility. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 477.37 at 25,605.54 and the S&P 500 up 39.21 at 3,002.10 while the 10-Year Treasury yield ended at 0.699%. Early Monday, the June DJIA futures are down 541 points. Asian markets are lower with Japan's Nikkei 225 down 774.53 (-3.47%) and China's Shanghai Composite down 29.71 points (-1.02%). European markets are lower with London's FTSE 100 down 78.7 points (-1.29%), Germany's DAX down 208.33 points (-1.74%) and France's CAC 40 down 78.97 points (-1.63%). The June Euro is up 0.002 at 1.130 and the June U.S. dollar index is down 0.150 at 97.155. The September 30-Year T-Bond is up 18/32nds, while August gold is down $15.90 at $1,721.40 and July crude oil is down $0.78 at $35.48. Soybeans on China's Dalian Exchange were up 1.09% while soybean meal was up 0.04%.