DTN Early Word Grains 03/26 06:05

DTN Early Word Grains 03/26 06:05 Grains Firmer, Soy Softer as GASC Tenders, Reports Loom May corn is up 1/4 cent per bushel, May soybeans are down 1 1/4 cents, and May K.C. wheat is up 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is up 1/4 cent per bushel, May soybeans are down 1 1/4 cents, and May K.C. wheat is up 3/4 cents. CME Globex Recap: Global equities are mostly higher around the globe Tuesday morning but it is the Treasury market which continues to be the focus. The 10-yr T-note yield fell to a 14-month low of 2.375% on Monday as the more dovish stance from the Federal Reserve changes the attitudes of investors. The fed funds futures contract is actually now pricing in a 25 basis point cut to the federal funds rate by December 2019. This is a complete 180-degree shift in mindset from just a few months ago when multiple rate increases were seen for 2019 and 2020. Expect these market movements to be accompanied by increased talk about recession. Grains are mostly firmer overnight, led by US-SRW as it looks to be priced competitively into Egypt on their overnight tender. Slow build up to the end of the week reports and the beginning of the latest round of trade talks in Beijing. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 14.51 at 25,516.83 and the S&P 500 down 2.35 at 2,800.71 while the 10-Year Treasury yield ended at 2.42%. Early Tuesday, the June DJIA futures are up 127 points. Asian markets are mixed with Japan's Nikkei 225 up 451.28 (2.15%) and China's Shanghai Composite down 45.94 points (-1.51%). European markets are higher with London's FTSE 100 up 20.93 points (0.29%), Germany's DAX up 20.33 points (0.18%) and France's CAC 40 up 32.21 points (0.61%). The June Euro is up 0.001 at 1.140 and the June U.S. dollar index is down 0.078 at 95.990. The June 30-Year T-Bond is down 13/32nds, while April gold is down $8.40 at $1,314.20 and May crude oil is up $0.73 at $59.55. Soybeans on China's Dalian Exchange were down -0.12% while soybean meal was up 0.23%.