DTN Early Word Grains 07/21 06:00

DTN Early Word Grains 07/21 06:00 Grains Weak as Weather, Conditions Weigh December corn is down 2 1/4 cents per bushel, November soybeans are down 6 1/2 cents, and September KC wheat is down 1/4 cent. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: December corn is down 2 1/4 cents per bushel, November soybeans are down 6 1/2 cents, and September KC wheat is down 1/4 cent. CME Globex Recap: Higher equity trade around the globe overnight as investors take solace in the deal struck by EU leaders on a landmark coronavirus recovery package which will involve the European Commission taking on massive borrowing in capital markets for the first time. The euro is slightly lower overnight but had been trending higher, hitting the highest level overnight since March 9 before easing. The U.S. Dollar Index traded the lowest level since March 10 as additional fiscal stimulus gets proposed. Energy markets are sharply higher overnight with spot crude leading the way up 2.30%. Grain markets are lower across the board, led by soybeans and corn as forecasts remain mostly favorable through key development weather the next two weeks. Bulls continue to point out spots in the Midwest running dry, but these seem to be outnumbered by a fair margin by spots enjoying phenomenal growing conditions. Last week saw a lot of Chinese buying but that hasn't been a supportive feature so far this week. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 8.92 at 26,680.87 and the S&P 500 up 27.11 at 3,224.73 while the 10-Year Treasury yield ended at 0.62%. Early Tuesday, the September DJIA futures are up 165 points. Asian markets are higher with Japan's Nikkei 225 up 166.74 (0.73%) and China's Shanghai Composite up 6.75 points (0.2%). European markets are higher with London's FTSE 100 up 42.76 points (0.68%), Germany's DAX up 249.82 points (1.91%) and France's CAC 40 up 67.72 points (1.33%). The September Euro is down 0.001 at 1.140 and the September U.S. dollar index is down 0.052 at 95.720. The September 30-Year T-Bond is up 5/32nds, while August gold is up $7.70 at $1,825.10 and August crude oil is up $0.94 at $41.75. Soybeans on China's Dalian Exchange were down 1% while soybean meal was up 1.07%.