DTN Early Word Grains 11/16 05:54

DTN Early Word Grains 11/16 05:54 Wheat Leads Selling Effort Overnight December corn is down 1 3/4 cents per bushel, January soybeans are down 4 cents, and December KC wheat is down 5 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. CDT prices, CME Globex: December corn is down 1 3/4 cents per bushel, January soybeans are down 4 cents, and December KC wheat is down 5 1/2 cents. CME GLOBEX RECAP: Quiet equity trade overnight with U.S. futures slightly weaker overnight. The major indices in the United States are trading just below last week's record highs. With President Biden signing the $1 trillion infrastructure bill into law on Monday, Democrat leaders are aiming to approve the $1.75 trillion Build Back Better social spending bill by the end of this week. The administration is standing by its stance that both bills will help bring inflation down, something which remains to be seen. Energy markets are higher overnight with crude oil firmly back over the $81 per barrel mark. Natural gas is also back over $5.00. The U.S. Dollar Index is firmer overnight, just below Monday's highs. Metals are mixed overnight with copper lower while gold and silver are higher. Grains are mostly weaker across the board overnight with losses led by wheat contracts while soybean oil posts gains close to 1.0%. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 12.86 at 36,087.45 and the S&P 500 down 0.05 at 4,682.85 while the 10-Year Treasury yield ended at 1.623%. Early Tuesday, the December DJIA futures are down 37 points. Asian markets are mixed with Japan's Nikkei 225 up 31.32 (0.11%) and China's Shanghai Composite down 11.52 points (-0.33%). European markets are higher with London's FTSE 100 up 0.63 points (0.01%), Germany's DAX up 40.6 points (0.25%) and France's CAC 40 up 18.76 points (0.26%). The December Euro is down 0.003 at 1.140 and the December U.S. dollar index is up 0.145 at 95.550. The December 30-Year T-Bond is up 12/32nds, while December gold is up $9.80 at $1,876.40 and December crude oil is up $0.26 at $81.14. Soybeans on China's Dalian Exchange were up 0.46% while soybean meal was up 0.89% and corn was up 0.64%.