DTN Early Word Grains 03/02 06:03

DTN Early Word Grains 03/02 06:03 Grains Mostly Higher as Recovery Continues May corn is up 2 3/4 cents per bushel, May soybeans are up 6 1/4 cents, and May KC wheat is down 1 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is up 2 3/4 cents per bushel, May soybeans are up 6 1/4 cents, and May KC wheat is down 1 3/4 cents. CME Globex Recap: Equity markets are extending their recovery effort from Friday into Monday as investors seem to have more confidence the worst of the coronavirus outbreak has passed. While the hits to economic data are likely to continue for the next couple of months, the actual spread of the disease appears to be slowing, especially in China. Speaking of China, the February purchasing managers index (PMI) fell to 35.7, the lowest on record while the non-manufacturing PMI fell to 29.6 from 54.1 in January. Anything below 50.0 denotes economic contraction. Grains are mostly higher overnight as corn and soybeans extend their late-week bounce. Bulls are still optimistic China can live up to its "phase-one" commitments despite the impact from the coronavirus. Weather forecasts across the Midwest are looking especially favorable with above normal temperatures expected most of March. If multiple rounds of late-season blizzards can be avoided, unlike 2019, producers might have a chance at a normal spring for the first time since 2017. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 357.28 at 25,409.36 and the S&P 500 down 24.54 at 2,978.76 while the 10-Year Treasury yield ended at 1.127%. Early Monday, the March DJIA futures are up 245 points. Asian markets are higher with Japan's Nikkei 225 up 201.12 (0.95%) and China's Shanghai Composite up 90.63 points (3.15%). European markets are mixed with London's FTSE 100 up 67.64 points (1.03%), Germany's DAX down 29.46 points (-0.25%) and France's CAC 40 up 10.86 points (0.2%). The March Euro is up 0.006 at 1.110 and the March U.S. dollar index is down 0.411 at 97.670. The June 30-Year T-Bond is up 34/32nds, while April gold is up $43.80 at $1,610.50 and April crude oil is up $0.81 at $45.57. Soybeans on China's Dalian Exchange were down -0.74% while soybean meal was up 1.89%.