DTN Early Word Grains 05/24 06:02

DTN Early Word Grains 05/24 06:02 Grains Higher Ahead of Next Rain, Long Memorial Day Weekend July corn is up 4 1/4 cents per bushel, July soybeans are up 3 cents, and July K.C. wheat is up 5 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 4 1/4 cents per bushel, July soybeans are up 3 cents, and July K.C. wheat is up 5 1/2 cents. CME Globex Recap: Equity markets have stabilized overnight from Thursday's selloff, stoked by the deteriorating trade talks between the U.S. and China. The second Market Facilitation Payment (MFP) program was announced in part during the session Thursday with additional details released after the close. In our view, the announcement of a second program at this juncture would suggest a trade deal is nowhere close and the Administration is readying for a long, drawn-out affair. Grains are higher overnight with most contracts working on solid weekly gains. The confusion related to the second round of MFP payments along with rumors over higher prevent plant coverage is making the tea leaves especially difficult to read at the moment. The bottom line is additional moisture is on the way and final plant dates for many areas of the Corn Belt will be passed this Saturday with another tranche hitting on June 5. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 286.14 at 25,490.47 and the S&P 500 down 34.03 at 2,856.27 while the 10-Year Treasury yield ended at 2.296%. Early Friday, the June DJIA futures are up 177 points. Asian markets are mixed with Japan's Nikkei 225 down 33.92 (-0.16%) and China's Shanghai Composite up 0.48 points (0.02%). European markets are higher with London's FTSE 100 up 42.27 points (0.58%), Germany's DAX up 94.91 points (0.79%) and France's CAC 40 up 51.3 points (0.87%). The June Euro is up 0.001 at 1.120 and the June U.S. dollar index is down 0.118 at 97.605. The June 30-Year T-Bond is down 18/32nds, while June gold is down $4.60 at $1,280.80 and July crude oil is up $0.60 at $58.51. Soybeans on China's Dalian Exchange were up 0.03% while soybean meal was down -0.82%.