DTN Early Word Grains 07/07 05:53

DTN Early Word Grains 07/07 05:53 Wheat, Bean Oil Lead Sharp Overnight Gains PRE-6 A.M. GLOBEX PRICES: December corn is up 9 3/4 cents per bushel, November soybeans are up 34 1/4 cents, and September KC wheat is up 27 1/2 cents. Tregg Cronin DTN Contributing Analyst PRE-6 A.M. GLOBEX PRICES: December corn is up 9 3/4 cents per bushel, November soybeans are up 34 1/4 cents, and September KC wheat is up 27 1/2 cents. CME GLOBEX RECAP: Higher equity markets around the globe overnight with U.S. futures higher ahead of unemployment data later Thursday. Investors are also keen to see the latest jobs data on Friday morning, which will be the last employment data ahead of the next Federal Reserve meeting. Futures markets are now discounting a 96% chance of another 75-basis-point high in the Fed's benchmark interest rate. Energy markets are firmer overnight as crude oil continues to sit just below $100.00 per barrel. Many energy analysts have made note this week that despite the sell-off in futures, the crude oil forward curve has gotten stronger, indicating higher prices might not be far off. The U.S. Dollar Index is slightly weaker overnight, hanging below Wednesday's 19-year high. Metals are firmer overnight with copper up over 4.0%. Grains are sharply higher overnight with gains led by wheat contracts and soybean oil in one of the best relief rallies we've seen in some time. Multiple days of gains are needed to give confidence a bottom is in. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 69.86 at 31,037.68 and the S&P 500 up 13.69 at 3,831.39 while the 10-Year Treasury yield ended at 2.913%. Early Thursday, the September DJIA futures are up 81 points. Asian markets are higher with Japan's Nikkei 225 up 382.88 (1.47%) and China's Shanghai Composite up 9.05 points (0.27%). European markets are higher with London's FTSE 100 up 77.96 points (1.1%), Germany's DAX up 169.67 points (1.35%) and France's CAC 40 up 79.36 points (1.33%). The September Euro is up 0.002 at 1.030 and the September U.S. Dollar Index is down 0.358 at 106.540. The September 30-Year T-Bond is down 20/32nds, while August gold is up $3.90 at $1,740.40 and August crude oil is up $0.83 at $99.36. Corn on China's Dalian Exchange was up 1.24% while soybeans were up 1.47% and soybean meal was up 2.47%.