DTN Early Word Grains 07/16 05:58

DTN Early Word Grains 07/16 05:58 Row Crops Firmer While Wheat Takes a Breather December corn is up 2 1/4 cents per bushel, November soybeans are up 3 1/4 cents, and September KC wheat is down 1 cent. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: December corn is up 2 1/4 cents per bushel, November soybeans are up 3 1/4 cents, and September KC wheat is down 1 cent. CME Globex Recap: Lower equities around the globe overnight, led by China as indices there tumbled between 4-5% as economic data came in worse than expected. Chinese GDP for the second quarter was just 3.2% compared with the same period a year earlier but was stronger than the negative economic growth during Q1. In addition, retail sales in the world's second largest economy fell 1.8% from a year earlier, the fifth consecutive monthly decline. The data doesn't paint a rosy picture for the U.S. during Q2. Energy markets are weaker but mostly holding recent gains. The U.S. Dollar Index is firmer overnight, trying to close higher for the first time in six sessions. Grains are mixed overnight with corn and soybeans higher while wheat posts small losses. The buying spree by China of late has been adding underlying support, especially in wheat which saw Chicago wheat hit the highest prices in three months. Weather is still the chief driver in row crops, however, and corn will have a difficult time bucking the improving weather trend. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 227.51 at 26,870.10 and the S&P 500 up 29.04 at 3,197.52 while the 10-Year Treasury yield ended at 0.63%. Early Thursday, the September DJIA futures are down 202 points. Asian markets are lower with Japan's Nikkei 225 down 175.14 (-0.76%) and China's Shanghai Composite down 151.21 points (-4.5%). European markets are lower with London's FTSE 100 down 60.06 points (-0.95%), Germany's DAX down 99.66 points (-0.77%) and France's CAC 40 down 52.35 points (-1.02%). The September Euro is down 0.001 at 1.140 and the September U.S. dollar index is up 0.111 at 96.150. The September 30-Year T-Bond is up 5/32nds, while August gold is down $7.40 at $1,806.40 and August crude oil is down $0.51 at $40.69. Soybeans on China's Dalian Exchange were down 0.04% while soybean meal was up 0.42%.