DTN Early Word Grains 01/22 06:01

DTN Early Word Grains 01/22 06:01 Grains Rally as Chicago Wheat Heads for Five-Year Highs March corn is up 3 cents per bushel, March soybeans are up 4 1/4 cents, and March KC wheat is up 2 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is up 3 cents per bushel, March soybeans are up 4 1/4 cents, and March KC wheat is up 2 1/2 cents. CME Globex Recap: Equity markets around the globe have stabilized following the panic surrounding the coronavirus outbreak in China and the first confirmed case in the United States. The Financial Times reported the virus has killed at least nine people and infected 440 in China and has since spread to other Asian countries. After seeing how devastating African Swine Fever was to hog populations and grain demand last year, the thought of a disease tearing through China that affects humans is sobering. Grains do not appear to be too shook up about the news, shaking off early mixed trade in the overnight session to add gains Wednesday morning. Floor leadership continues to be held by Chicago wheat, which is poised to take out the July 2018 highs to post the highest trade since July 2015. In 2015, there were widespread fears about drought in the Black Sea region affecting two of the world's largest wheat exporters. With no fresh supplies hitting the market in the Northern Hemisphere for another four to five months, it is difficult to see wheat markets materially setting back. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 152.06 at 29,196.04 and the S&P 500 down 8.83 at 3,329.62 while the 10-Year Treasury yield ended at 1.769%. Early Wednesday, the March DJIA futures are up 89 points. Asian markets are higher with Japan's Nikkei 225 up 166.79 (0.7%) and China's Shanghai Composite up 8.61 points (0.28%). European markets are mixed with London's FTSE 100 down 2.32 points (-0.03%), Germany's DAX up 2.19 points (0.02%) and France's CAC 40 down 2.6 points (-0.04%). The March Euro is down 0.001 at 1.110 and the March U.S. dollar index is up 0.061 at 97.355. The March 30-Year T-Bond is up 1/32nds, while February gold is down $0.20 at $1,557.70 and March crude oil is down $0.39 at $57.99. Soybeans on China's Dalian Exchange were down 0.37% while soybean meal was down 0.42%.