DTN Early Word Grains 06/22 05:50

DTN Early Word Grains 06/22 05:50 Grain Prices Are Lower on Farmer Hedge Selling, Slightly Wetter Forecast December corn is down 5 1/4 cents per bushel, November soybeans are down 16 1/2 cents, September KC wheat is down 4 1/4 cents, July Chicago wheat is down 5 1/2 cents and September Minneapolis wheat is down 2 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: December corn is down 5 1/4 cents per bushel, November soybeans are down 16 1/2 cents, September KC wheat is down 4 1/4 cents, July Chicago wheat is down 5 1/2 cents and September Minneapolis wheat is down 2 cents. CME GLOBEX RECAP: Equity prices are lower and are continuing to react to Wednesday's testimony by Federal Reserve Board Chairman Powell who indicated that more interest rate hikes may still be necessary. The futures market now indicates a 75% probability that the Fed will raise rates 1/4 point at the July meeting. This idea may be boosted by a number of banks that have continued to raise interest rates recently. Thursday morning, the market will be watching this week's initial jobless claims number, as well as existing home sales and U.S. leading economic indicators for evidence that the economy is slowing. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average down 102.35 at 33,951.52 and the S&P 500 down 23.02 at 4,365.69, The 10-Year Treasury yield ended at 3.72%. Early Thursday, the September Dow Jones Futures are down 62 points. European markets are lower with the spot futures of London's FTSE 100 trading down 0.92%, spot futures of Germany's DAX is trading down 0.71% and the spot futures of France's CAC 40 Index down 1.35%. Asian markets are lower with Japan's Nikkei 225 Index down 0.92%. The September Euro is up 0.002 at 1.106 and the September U.S. Dollar Index is down 0.106 at 101.570. The September 30-Year T-Bond is down 18/32nds, while August gold is down $6.70 at $1,938.20 and August crude oil is down $1.12 at $71.41. September soybean meal was up 0.69% and September Malaysian Palm Oil was trading down 1.25%.