DTN Early Word Grains 05/24 05:40

DTN Early Word Grains 05/24 05:40 Grain Markets Lower Wednesday Morning With Weather, Ukrainian Grain Corridor in Focus July corn is down 1 3/4 cents per bushel, July soybeans are down 3 cents, July KC wheat is down 7 3/4 cents, July Chicago wheat is down 5 1/2 cents and July Minneapolis wheat is down 4 1/4 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: July corn is down 1 3/4 cents per bushel, July soybeans are down 3 cents, July KC wheat is down 7 3/4 cents, July Chicago wheat is down 5 1/2 cents and July Minneapolis wheat is down 4 1/4 cents. CME GLOBEX RECAP: The negotiations over the U.S. debt ceiling remains the major focus for world equity markets. News reports suggest that there has been little movement in the negotiations over the past 24 hours, which is making traders in the equity markets more nervous. All the major equity markets are lower Wednesday morning. Traders are also worried about interest rates, as recent statements by members of the Federal reserve and other prominent economists suggest that rates may still need to go higher or at a minimum will not come down as quickly as the markets are currently priced. The most recent was former Fed Chairman Bernanke who wrote a paper released Tuesday that suggested that the strong labor market might keep inflation above the Fed target and that a higher rates for longer would be required to tame inflation. OUTSIDE MARKETS: Previous close Tuesday showed the Dow Jones Industrial Average down 231.07 at 33,055.51 and the S&P 500 down 47.05 at 4,145.58, The 10-Year Treasury yield ended at 3.70%. Early Wednesday, the June Dow Jones Futures are down 134 points. European markets are lower with the spot futures of London's FTSE 100 trading down 1.66%, spot futures of Germany's DAX is trading down 1.57% and the spot futures of France's CAC 40 Index down 1.74%. Asian markets are lower with Japan's Nikkei 225 Index down 0.89% and China's Shanghai Composite Index down 1.28%.