DTN Early Word Grains 05/18 05:30

DTN Early Word Grains 05/18 05:30 Wheat Prices Sink on Spec Selling, Wednesday's News of a Grain Deal December corn is down 2 cents, November soybeans are down 7 cents and July KC wheat is down 24 cents. Todd Hultman DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: December corn is down 2 cents, November soybeans are down 7 cents and July KC wheat is down 24 cents. CME GLOBEX RECAP: Early Thursday, U.S. stock futures are starting steady to higher with European and Asian stocks following Wednesday's higher closes in the U.S. Raising the debt ceiling remains a concern for traders and at least no new banking problems are being reported. USDA's export sales report will be out at 7:30 a.m. CDT Thursday, the same time as weekly U.S. jobless claims and an update of the U.S. Drought Monitor. U.S. existing home sales and U.S. leading indicators for April are due at 9 a.m., followed by the Energy Department's weekly report of natural gas storage at 9:30 a.m. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 408.63 at 33,420.77 and the S&P 500 Index up 48.87 at 4,158.77. The 10-Year Treasury yield ended at 3.58%. Early Thursday, June Dow Jones futures are down 1 point. European markets are higher with the spot futures of the London FTSE 100 trading up 0.84%, spot futures of Germany's DAX trading up 1.37% and spot futures of France's CAC Index trading up 0.74%. Asian markets are higher with Japan's Nikkei 225 index up 1.60% and China's Shanghai Composite Index up 0.40%.