DTN Early Word Grains 05/04 05:33

DTN Early Word Grains 05/04 05:33 Crop Prices Lower Early Thursday With Low Expectations for Export Sales July corn is down 3 cents, July soybeans are down 5 cents and July KC wheat is down 9 cents. Todd Hultman DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: July corn is down 3 cents, July soybeans are down 5 cents and July KC wheat is down 9 cents. CME GLOBEX RECAP: Early Wednesday, U.S. stock futures are starting a little lower the morning after the Federal Reserve raised the upper limit of federal funds to 5.25%, as was expected. Fed Chairman Powell tried to assure the public the banking system was sound, but the stock of another bank, PacWest fell sharply overnight, reported the Wall Street Journal. USDA's weekly export sales report is due out at 7:30 a.m. CDT Thursday, the same time as weekly U.S. jobless claims, the U.S. trade deficit for March, first-quarter U.S. productivity and an update of the U.S. Drought Monitor. The Energy Department's weekly report on natural gas storage is at 9:30 a.m. Thursday's earnings reports include Apple, Boise Cascade and Conoco Phillips. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average down 270.29 at 33,414.24 and the S&P 500 Index down 28.83 at 4,090.75. The 10-Year Treasury yield ended at 3.40%. Early Thursday, June Dow Jones futures are down 29 points. European markets are lower with the spot futures of the London FTSE 100 trading down 0.44%, spot futures of Germany's DAX trading down 0.55% and spot futures of France's CAC Index trading down 0.47%. Japan is closed for holiday and China's Shanghai Composite Index up 0.82%.