DTN Early Word Grains 05/10 05:54

DTN Early Word Grains 05/10 05:54 Grain Markets Led Higher By Surge in Wheat Prices; USDA Report Later Friday Morning EARLY MORNING GLOBEX NET CHANGES: July corn is up 3 1/4 cents per bushel, July soybeans are up 3 1/2 cents, July KC wheat is up 19 3/4 cents, July Chicago wheat is up 17 3/4 cents and July Minneapolis wheat is up 17 3/4 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: July corn is up 3 1/4 cents per bushel, July soybeans are up 3 1/2 cents, July KC wheat is up 19 3/4 cents, July Chicago wheat is up 17 3/4 cents and July Minneapolis wheat is up 17 3/4 cents. CME GLOBEX RECAP: World equity markets are higher this morning, as traders once again believe interest rate cuts are coming, both here and from other central banks around the world. With several European countries already in a recession, rate cuts there may come sooner, which has kept the U.S. dollar firm. But the dovish tone from Fed Chairman Powell last week has at least one rate cut priced into futures at the present time. Thursday's initial jobless claims were quite a bit higher than expected at 231,000, which helped equity prices rally as it implies the slowdown in the economy could result in that rate cut this year. OUTSIDE MARKETS: Previous close Thursday showed the Dow Jones Industrial Average up 331.37 at 39,387.76 and the S&P 500 up 26.41 at 5,214.08, The 10-Year Treasury yield ended at 4.598%. Early Friday, the June Dow Jones futures are up 115 points. European markets are higher with the spot futures of London's FTSE 100 trading up 0.83%, spot futures of Germany's DAX trading up 0.69% and the spot futures of France's CAC 40 Index up 0.86%. Asian markets are higher with Japan's Nikkei 225 Index up 0.41% and China's Shanghai Composite Index up 0.01%.