DTN Early Word Grains 03/12 06:03

DTN Early Word Grains 03/12 06:03 Grains Bouncing in Turnaround Tuesday May corn is up 3/4 cents per bushel, May soybeans are up 1/4 cents, and May K.C. wheat is up 2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is up 3/4 cents per bushel, May soybeans are up 1/4 cents, and May K.C. wheat is up 2 cents. CME Globex Recap: Stocks are mainly higher around the globe Tuesday as the S&P 500 recovers back above its 200-day moving average. The Trump administration made headlines Monday as it released its budget proposal for 2020, which included measures to reduce the premium subsidy for crop insurance, tighten income qualifications, tighten farm program payments, alter U.S. conservation programs, eliminate a forage disaster program and changes to nutrition programs. The budget also included $8.6 billion for border wall funding, which is expected to meet stiff opposition from Democrats. Remains to be seen what, if any, changes in the new budget are actually enacted. Grains are mostly higher Tuesday, bouncing from another brutal session Monday. The next fundamental drivers in ag will be the March Prospective Plantings report, an actual summit between Presidents Xi and Trump, and ongoing spring weather. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 200.64 at 25,650.88 and the S&P 500 up 40.23 at 2,743.07 while the 10-Year Treasury yield ended at 2.643%. Early Tuesday, the March DJIA futures are up 17 points. Asian markets ended higher with Japan's Nikkei 225 up 378.6 (1.79%) and China's Shanghai Composite up 33.31 points (1.1%). European markets are higher with London's FTSE 100 down 11.61 points (0.16%), Germany's DAX up 30.4 points (0.26%) and France's CAC 40 up 15.02 points (0.29%). The March Euro is up 0.004 at 1.130 and the March U.S. dollar index is down 0.249 at 96.925. The June 30-Year T-Bond is down 15/32nds, while April gold is up $5.50 at $1,296.60 and April crude oil is up $0.57 at $57.36. Soybeans on China's Dalian Exchange were up 0.59% while soybean meal was down 0.44%.