DTN Early Word Grains 09/02 05:58

DTN Early Word Grains 09/02 05:58 Grains Weak at Midweek December corn is down 2 1/2 cents per bushel, November soybeans are down 6 1/2 cents, and December KC wheat is down 4 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: December corn is down 2 1/2 cents per bushel, November soybeans are down 6 1/2 cents, and December KC wheat is down 4 cents. CME Globex Recap: Equity markets are sharply higher overnight, following the rally to new record highs in the U.S. on Tuesday which look to be bested later Wednesday if futures direction proves accurate. Energy markets are higher as well except for natural gas which is off over 2.0% at this writing. The U.S. Dollar Index is higher, attempting to bounce further from the two-year lows notched Tuesday. Precious metals are a lower overnight with silver off over 1.5%. Grain markets are weaker overnight with the exception of Minneapolis spring wheat which is posting small gains. Following the surge to new highs Monday, row crops have featured fairly erratic price action which is making technicians a bit nervous. If corn and soybeans can consolidate these levels, a build a base, the rally might not be over. The demand bull needs to be fed every day, however, keeping traders looking for export sales announcements. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 215.61 at 28,645.66 and the S&P 500 up 26.34 at 3,500.31 while the 10-Year Treasury yield ended at 0.672%. Early Wednesday, the September DJIA futures are up 196 points. Asian markets are mixed with Japan's Nikkei 225 up 109.08 (0.47%) and China's Shanghai Composite down 5.81 points (-0.17%). European markets are higher with London's FTSE 100 up 107.19 points (1.83%), Germany's DAX up 311.34 points (2.4%) and France's CAC 40 up 118.06 points (2.39%). The September Euro is down 0.004 at 1.190 and the September U.S. dollar index is up 0.263 at 92.600. The December 30-Year T-Bond is down 9/32nds, while December gold is down $2.30 at $1,976.60 and October crude oil is up $0.14 at $42.90. Soybeans on China's Dalian Exchange were down 0.34% while soybean meal was down -0.24%.