DTN Early Word Grains 03/05 06:02

DTN Early Word Grains 03/05 06:02 Grains Weaker as Upside Momentum Remains Fleeting May corn is down 4 1/4 cents per bushel, May soybeans are down 2 cents, and May KC wheat is down 1 cent. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is down 4 1/4 cents per bushel, May soybeans are down 2 cents, and May KC wheat is down 1 cent. CME Globex Recap: Despite a strong performance in Asia, equities are solidly lower in Europe and pointed toward a lower open in the U.S. Markets feel torn between the certainty of slower economic growth in future months and the solid outbreak response from developed countries. The U.S. has now seen the Federal Reserve cut interest rates by 50 basis points as well as the House of Representatives pass an $8.3 billion coronavirus package aimed at containing the disease's spread. Until large-scale events stop being canceled and everyday activities are not impacted, it is difficult to see how growth will not be constrained. Grain markets are weaker across the board overnight as farm gate selling has ticked up. Producers are aware of the likelihood of better new crop pricing opportunities later this spring and summer while planting conditions remain a major unknown. Still feels as though macro influences are the largest driver in the ag space at the moment which likely changes as the end of the month approaches and USDA data sets are digested. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 1,173.45 at 27,090.86 and the S&P 500 up 126.75 at 3,003.37 while the 10-Year Treasury yield ended at 0.992%. Early Thursday, the March DJIA futures are down 502 points. Asian markets are higher with Japan's Nikkei 225 up 229.06 (1.09%) and China's Shanghai Composite up 60.01 points (1.99%). European markets are lower with London's FTSE 100 down 107.97 points (-1.58%), Germany's DAX down 171.11 points (-1.41%) and France's CAC 40 down 87.81 points (-1.61%). The March Euro is up 0.003 at 1.120 and the March U.S. dollar index is down 0.232 at 97.075. The June 30-Year T-Bond is up 14/32nds, while April gold is up $4.90 at $1,647.90 and April crude oil is up $0.01 at $46.79. Soybeans on China's Dalian Exchange were up 1.37% while soybean meal was down 0.81%.