DTN Early Word Grains 03/10 06:01

DTN Early Word Grains 03/10 06:01 Grain Markets Recover in Relief Bounce May corn is up 2 1/4 cents per bushel, May soybeans are up 7 3/4 cents, and May KC wheat is up 3 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is up 2 1/4 cents per bushel, May soybeans are up 7 3/4 cents, and May KC wheat is up 3 cents. CME Globex Recap: Equity markets are recovering overnight following the largest single-day drop since December 2008 while U.S. Treasury yields remain at record lows. Energy markets are recovering smartly overnight, although a 6.0% gain in crude oil doesn't exactly make up from the 30% drop the previous day. The combination of a price war between the three largest crude oil producers in the world and the expanding coronavirus threat is a double whammy very rarely seen in financial markets. Newswire services reported Monday the Trump Administration is preparing tax cut incentives to help combat the coronavirus fallout while the energy price drop should have the affect of a tax cut on U.S. consumers. Grain markets are higher overnight, recovering further from Monday's bounce off the lows. Tuesday will see the March WASDE report released late morning although changes are expected to be minor. The much more important data will be released at the end of the month in the way of prospective plantings and March 1 stocks. Confidence has been shaken in a major way across commodity markets, so expecting funds to do an about face and begin buying our space hand-over-fist would be a tall order. As a basket, commodities have never been cheaper, but this isn't encouraging anyone to step in and buy at this time. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 2,013.76 at 23,851.02 and the S&P 500 down 225.81 at 2,972.37 while the 10-Year Treasury yield ended at 0.499%. Early Tuesday, the March DJIA futures are up 951 points. Asian markets are higher with Japan's Nikkei 225 up 168.36 (0.85%) and China's Shanghai Composite up 53.47 points (1.82%). European markets are higher with London's FTSE 100 up 160.28 points (2.69%), Germany's DAX up 278.12 points (2.62%) and France's CAC 40 up 137.79 points (2.93%). The March Euro is down 0.010 at 1.140 and the March U.S. dollar index is up 0.895 at 95.765. The June 30-Year T-Bond is down 2.61%, while April gold is down $13.80 at $1,661.90 and April crude oil is up $1.95 at $33.08. Soybeans on China's Dalian Exchange were up 0.65% while soybean meal was up 0.64%.