DTN Early Word Grains 09/12 05:48

DTN Early Word Grains 09/12 05:48 Grain Prices Mostly Lower Awaiting New Fundamentals with Tuesday's USDA Supply and Demand Report December corn is down 1/2 cent per bushel, November soybeans are down 4 1/2 cents, December KC wheat is down 2 1/2 cents, December Chicago wheat is down 3 1/2 cents and December Minneapolis wheat is up 3 cents. By Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: December corn is down 1/2 cent per bushel, November soybeans are down 4 1/2 cents, December KC wheat is down 2 1/2 cents, December Chicago wheat is down 3 1/2 cents and December Minneapolis wheat is up 3 cents. CME GLOBEX RECAP: U.S. equity markets are lower Tuesday morning while world markets are more mixed. We won't have any major economic reports to trade Tuesday, nor will we have any comments from members of the Fed who will be meeting next week. The market remains focused on the probability and the timing of any further rate hikes and will soon be pivoting to focus on the timing of the 1st rate cut when economic conditions warrant. Traders continue to weigh the possibility of a small recession against the possibility that the Fed actually pulled off a "soft landing". There remains considerable difference of opinions on the chance of recession with those believing a recession will still happen pointing to the inverted yield curve and the slowing economic data in many sectors. The soft-landing camp is focused on better-than-expected corporate earnings and a lack of any real slack in the labor market. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 87.13 at 34,663.72 and the S&P 500 up 29.97 at 4,487.46, The 10-Year Treasury yield ended at 4.29%. Early Tuesday, the September Dow Jones Futures are down 46 points. European markets are mixed with the spot futures of London's FTSE 100 trading up 0.55%, spot futures of Germany's DAX is trading down 0.42% and the spot futures of France's CAC 40 Index down 0.19%. Asian markets are mixed with Japan's Nikkei 225 Index up 0.95% and China's Shanghai Composite Index down 0.18%.