DTN Early Word Grains 05/29 06:03

DTN Early Word Grains 05/29 06:03 Grains Sharply Higher as Late Planting Fears Persist July corn is up 17 1/4 cents, July soybeans are up 36 1/2 cents, and July K.C. wheat is up 19 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 17 1/4 cents, July soybeans are up 36 1/2 cents, and July K.C. wheat is up 19 3/4 cents. CME Globex Recap: Equity markets are rather weak overnight with soft unemployment data overnight from Germany. However, for the first time in a long time, the focus is on Ag commodities with the level of volatility surging in the last couple of weeks. Grains are sharply higher again overnight with 12-month highs being set in corn futures while soybeans and wheat rise to multi-month levels. Some truly dire balance sheets are being floated with ideas demand rationing could approach 1 billion bushels (bb) helping to stoke the flames. We believe farmers will continue to plant well into June at these price levels but the market will need ideal weather the rest of the summer to achieve an adequate yield. Producer selling has slowed to a crawl as often happens in times of panic. As of the last Commitments of Traders Data, there still existed plenty of net short positions across the grain room, leaving plenty of fuel for the fire. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 237.92 at 25,347.77 and the S&P 500 down 23.67 at 2,826.06 while the 10-Year Treasury yield ended at 2.268%. Early Wednesday, the June DJIA futures are down 182 points. Asian markets are lower with Japan's Nikkei 225 down 155.1 (-0.57%) and China's Shanghai Composite down 256.77 points (-1.21%). European markets are lower with London's FTSE 100 down 99.8 points (-1.37%), Germany's DAX down 164.72 points (-1.37%) and France's CAC 40 down 96.18 points (-1.81%). The June Euro is down 0.001 at 1.120 and the June U.S. dollar index is up 0.078 at 97.920. The June 30-Year T-Bond is up 26/32nds, while June gold is up $5.10 at $1,282.20 and July crude oil is down $1.32 at $57.82. Soybeans on China's Dalian Exchange were up 2.25% while soybean meal was up 1.83%.