DTN Early Word Grains 06/30 06:01

DTN Early Word Grains 06/30 06:01 Grains Mixed Awaiting Key USDA Reports July corn is down 1 1/2 cents per bushel, July soybeans are up 2 1/4 cents, and September KC wheat is down 1 3/4 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is down 1 1/2 cents per bushel, July soybeans are up 2 1/4 cents, and September KC wheat is down 1 3/4 cents. CME Globex Recap: Mixed equity trade overnight with generally higher markets across Asia while Europe posts losses and U.S. futures point towards a lower open. The Financial Times reported overnight China passed a new security law with regard to Hong Kong which is expected to draw sharp criticism and even retaliation from the United States. The U.S. and China had been enjoying somewhat of a de-escalation in tensions of late but that is not likely to last. Energy markets are mixed with crude oil off 1.50% overnight and once again failing to maintain strength above the $40 per barrel level. The U.S. Dollar Index is firmer and remains in an overall uptrend from the early June lows. Grain markets are mixed following the strong session Monday as traders strap in for the highly anticipated USDA reports later Tuesday morning. Weather is taking on as big of a focus right now as the expectations for acreage changes and stocks, so how long the market trades Tuesday's data will be interesting. Farmer marketing engagement has been on the light side the last several months so their involvement post-report could be very important. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 580.25 at 25,595.80 and the S&P 500 up 44.19 at 3,009.05 while the 10-Year Treasury yield ended at 0.636%. Early Tuesday, the September DJIA futures are down 100 points. Asian markets are higher with Japan's Nikkei 225 up 293.1 (1.33%) and China's Shanghai Composite up 23.16 points (0.78%). European markets are lower with London's FTSE 100 down 56.85 points (-0.91%), Germany's DAX down 3.4 points (-0.03%) and France's CAC 40 down 10.89 points (-0.22%). The September Euro is down 0.003 at 1.120 and the September U.S. dollar index is up 0.199 at 97.700. The September 30-Year T-Bond is up 5/32nds, while August gold is up $1.20 at $1,782.40 and August crude oil is down $0.56 at $39.14. Soybeans on China's Dalian Exchange were up 0.85% while soybean meal was up 0.36%.