DTN Early Word Grains 06/29 05:42

DTN Early Word Grains 06/29 05:42 Grain Markets Higher as Traders Assess Recent Rainfall, Current Forecasts December corn is up 2 1/4 cents per bushel, November soybeans are up 3 3/4 cents, September KC wheat is up 2 3/4 cents, September Chicago wheat is up 3 cents and September Minneapolis wheat is up 4 3/4 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: December corn is up 2 1/4 cents per bushel, November soybeans are up 3 3/4 cents, September KC wheat is up 2 3/4 cents, September Chicago wheat is up 3 cents and September Minneapolis wheat is up 4 3/4 cents. CME GLOBEX RECAP: U.S. equity markets have turned higher Thursday morning after a slightly lower session on Wednesday. Federal Reserve Board Chairman Powell, speaking at a European Central Bank forum, suggested that his colleagues believe that they may need to make two more interest rate hikes this year due to the strong labor market and inflation data that hasn't yet come down to the Fed's 2% target. That would seem to be a hawkish statement, but futures rebounded after his speech with the S&P 500 climbing back to nearly unchanged in Wednesday's session. With higher trade Thursday morning, it appears as if two rate hikes are now priced into the market. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average down 74.08 at 33,852.66 and the S&P 500 down 1.55 at 4,376.86, The 10-Year Treasury yield ended at 3.71%. Early Thursday, the September Dow Jones Futures are up 92 points. European markets are mixed with the spot futures of London's FTSE 100 trading down 0.25%, spot futures of Germany's DAX are trading up 0.04% and the spot futures of France's CAC 40 Index up 0.68%. Asian markets are mixed with Japan's Nikkei 225 Index up 0.12% and China's Shanghai Composite Index down 0.22%.