DTN Early Word Grains 08/16 05:49

DTN Early Word Grains 08/16 05:47 Grains Higher, Bouncing From Oversold Conditions as Russia Hits More Ukrainian Port Targets December corn is up 3 cents per bushel, November soybeans are up 10 cents, December KC wheat is up 2 cents, September Chicago wheat is up 5 1/2 cents and September Minneapolis wheat is up 6 cents. By Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: December corn is up 3 cents per bushel, November soybeans are up 10 cents, December KC wheat is up 2 cents, September Chicago wheat is up 5 1/2 cents and September Minneapolis wheat is up 6 cents. CME GLOBEX RECAP: U.S. markets are bouncing slightly Wednesday morning after a rough session Tuesday. Yesterday's selloff stemmed from worries about the Chinese economy as there are renewed concerns about their real estate sector and about their banking system. Additionally, the current ideas about "higher for longer" interest rates have renewed worries about potential U.S. recession. Tuesday's strong retail sales numbers added to the sentiment that "higher for longer" is the most likely Fed path forward. One positive note was Wednesday morning's UK inflation estimate which fell sharply from last month's number. Today we will get the July housing starts number, and the Fed minutes from July, which might provide further insight into future Fed actions. OUTSIDE MARKETS: Previous close Tuesday showed the Dow Jones Industrial Average down 361.24 at 34,946.39 and the S&P 500 down 51.86 at 4,437.86, The 10-Year Treasury yield ended at 4.22%. Early Wednesday, the September Dow Jones Futures are up 17 points. European markets are mixed with the spot futures of London's FTSE 100 trading down 0.37%, spot futures of Germany's DAX trading up 0.09% and the spot futures of France's CAC 40 Index up 0.05%. Asian markets are lower with Japan's Nikkei 225 Index down 1.46% and China's Shanghai Composite Index down 0.82%.