DTN Early Word Grains 02/04 05:56

DTN Early Word Grains 02/04 05:56 Wheat, Soy Lead Recovery Effort March corn is up 2 cents per bushel, March soybeans are up 6 3/4 cents, and March KC wheat is up 6 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is up 2 cents per bushel, March soybeans are up 6 3/4 cents, and March KC wheat is up 6 1/2 cents. CME Globex Recap: Equity markets and many commodity markets came surging back overnight as global pandemic fears seem to be easing and a focus on underlying economic conditions seems to be supporting. After their biggest selloff in four years, Chinese equities posted gains over 2.5% as The People's Bank of China said it would inject $71 billion of banking liquidity in coming days. After briefly dipping below $50 per barrel overnight, spot crude has recovered in early morning trade. Grain markets are enjoying in the asset-wide recovery early Tuesday, led by soybean oil and winter wheat markets. Malaysian Palm Oil rallied over 2.0% overnight, adding to its recovery efforts as global vegetable oil prices have been some of the hardest hit during the coronavirus outbreak. As bulls have been quick to point out the entire saga, the virus is unlikely to materially impact global food demand and it appears that sentiment might finally be grabbing hold. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 143.78 at 28,399.81 and the S&P 500 up 23.40 at 3,225.52 while the 10-Year Treasury yield ended at 1.52%. Early Tuesday, the March DJIA futures are up 294 points. Asian markets are higher with Japan's Nikkei 225 up 112.65 (0.49%) and China's Shanghai Composite up 36.68 points (1.34%). European markets are higher with London's FTSE 100 up 94.38 points (1.22%), Germany's DAX up 141.37 points (1.08%) and France's CAC 40 up 71.02 points (1.22%). The March Euro is down 0.001 at 1.110 and the March U.S. dollar index is up 0.100 at 97.725. The March 30-Year T-Bond is down 0.69%, while April gold is down $8.00 at $1,574.40 and March crude oil is up $0.73 at $50.84. Soybeans on China's Dalian Exchange were up 0.89% while soybean meal was up 2.65%.