DTN Early Word Grains 05/10 05:54

DTN Early Word Grains 05/10 05:54 Grain Markets Lower on Chinese Corn Cancellations, Resumption of Ukrainian Vessel Inspections July contracts of corn, soybeans and wheat are lower Wednesday morning. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: July corn is down 5 1/4 cents per bushel, July soybeans are down 9 1/2 cents, July KC wheat is down 11 1/4 cents, July Chicago wheat is down 6 3/4 cents and July Minneapolis wheat is down 7 1/4 cents. CME GLOBEX RECAP: Equity prices are slightly lower again Wednesday morning as traders anticipate the release of the April CPI data at 7:30 a.m. CDT this morning. Traders are looking for a 0.1% rise in April with Core CPI up 0.4%. Year-over-year, traders expect the CPI to be up 5.0% while the Core CPI is expected to be up 5.5%. These expectations are little changed from the March readings. Equity markets are also concerned about the debt ceiling, with nothing accomplished in the first meeting between the president and Congressional representatives Tuesday. In grains, we will see weekly ethanol production at 10 a.m. CDT. Traders will also be waiting to see if the USDA announces any additional cancellations of corn imports at 8 a.m. CDT. OUTSIDE MARKETS: Previous close Tuesday showed the Dow Jones Industrial Average down 56.88 at 33,561.81 and the S&P 500 down 18.95 at 4,119.17, The 10-Year Treasury yield ended at 3.52%. Early Wednesday, the June Dow Jones Futures are down 49 points. European markets are lower with the spot futures of London's FTSE 100 trading down 0.03%, spot futures of Germany's DAX trading down 0.11% and the spot futures of France's CAC 40 Index down 0.21%. Asian markets are lower with Japan's Nikkei 225 Index down 0.41% and China's Shanghai Composite Index down 1.15%.