DTN Early Word Grains 03/04 06:00

DTN Early Word Grains 03/04 06:00 Mixed Grain Trade as Fed Move Digested May corn is down 3/4 cent per bushel, May soybeans are up 3 3/4 cents, and May KC wheat is down 2 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is down 3/4 cent per bushel, May soybeans are up 3 3/4 cents, and May KC wheat is down 2 3/4 cents. CME Globex Recap: The surprise rate cut of 50 basis points remains the major driver overnight, spurring 2.0% gains in U.S. futures as equities look poised to reclaim most of what they lost Tuesday. The whipsaw nature of price action across all markets of late has been violent and that increase in volatility is not likely to exit anytime soon. It looks clear governments and central banks around the world are willing to do what is necessary to support growth and contain the virus, so equity markets are likely to become the report card for both moving forward. Grains are mixed with soybeans showing strength while corn and wheat drift lower. Most contracts put forth an impressive day on Tuesday but some of the strength was tied to rumors of China shopping for U.S. grains. Confirmation of buying by China would be a big boost to bulls as doubts still linger about their willingness to live up to the "phase-one" agreement amid the outbreak. With the warmup in temperatures, corn planting is beginning in the south and fieldwork will be start across southern stretches of the Midwest, shifting focus quickly to new crop. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 785.91 at 25,917.41 and the S&P 500 down 86.86 at 3,090.23 while the 10-Year Treasury yield ended at 1.01%. Early Wednesday, the March DJIA futures are up 555 points. Asian markets are higher with Japan's Nikkei 225 up 17.33 (0.08%) and China's Shanghai Composite up 18.77 points (0.63%). European markets are higher with London's FTSE 100 up 93.23 points (1.39%), Germany's DAX up 129.38 points (1.08%) and France's CAC 40 up 63.2 points (1.17%). The March Euro is down 0.003 at 1.120 and the March U.S. dollar index is up 0.073 at 97.195. The June 30-Year T-Bond is up 0.73%, while April gold is down $0.80 at $1,643.60 and April crude oil is up $0.55 at $47.73. Soybeans on China's Dalian Exchange were up 0.6% while soybean meal was down 0.15%.