DTN Early Word Grains 05/08 05:47

DTN Early Word Grains 05/08 05:47 Grain Markets Lower Wednesday Morning, Consolidating Recent Gains Ahead of Friday's USDA Report July corn is down 1 cent per bushel, July soybeans are down 1 1/2 cents, July KC wheat is down 7 3/4 cents, July Chicago wheat is down 3 1/2 cents and July Minneapolis wheat is down 4 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: July corn is down 1 cent per bushel, July soybeans are down 1 1/2 cents, July KC wheat is down 7 3/4 cents, July Chicago wheat is down 3 1/2 cents and July Minneapolis wheat is down 4 cents. CME GLOBEX RECAP: World equity markets are mixed and very quiet after a very quiet session on Tuesday the ended with positive closes that were near unchanged. On one hand, traders have taken the dovish comments from the Fed as well as other world central bankers and they are optimistic that a rate cut could still come this year. On the other hand, market-based interest rates have rallied, and future rate cuts are not being priced into the futures markets. This has equity markets treading water. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 31.99 at 38,884.26 and the S&P 500 up 6.96 at 5,187.70, The 10-Year Treasury yield ended at 4.660%. Early Wednesday, the June Dow Jones Futures are up 23 points. European markets are higher with the spot futures of London's FTSE 100 trading up 0.44%, spot futures of Germany's DAX is trading up 0.43% and the spot futures of France's CAC 40 Index up 0.88%. Asian markets are lower with Japan's Nikkei 225 Index down 1.63% and China's Shanghai Composite Index down 0.61%.