DTN Early Word Grains 03/11 06:03

DTN Early Word Grains 03/11 06:03 Grains Mixed to Weaker in Search of New Direction May corn is down 1 1/4 cents per bushel, May soybeans are up 2 1/4 cents, and May KC wheat is up 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is down 1 1/4 cents per bushel, May soybeans are up 2 1/4 cents, and May KC wheat is up 1/4 cents. CME Globex Recap: Global equity markets are mixed overnight as Europe recovers while U.S. futures look poised for another tough day. Europe is being supported by news the Bank of England made the surprise move of a 50-basis point cut to benchmark lending rates, now at 0.25%. The federal funds futures market in the U.S. now expects almost 100 basis points to be cut off benchmark lending rates through December 2020 as The Fed tries to stave off recession. Markets were hoping President Trump would formally announce the rumored payroll tax cut on Tuesday but the overnight weakness could be tied to the lack of confirmation. Grain markets are mixed overnight with two-sided trade seen in corn and wheat while the soy complex has retained light gains. Amid the chaos of coronavirus and the energy market collapse, the USDA decided to make little to no changes to the March WASDE data sets, a move which was probably wise in the long-run. The market's focus will now be the weather and the March 31 slate of reports including prospective plantings and March 1 stocks. New crop price differentials have been on the move, but so far, neither corn nor soybeans are arguing for additional acres. As usual, final planting decision will come down to weather in May. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 1,167.14 at 25,018.16 and the S&P 500 up 135.67 at 2,746.56 while the 10-Year Treasury yield ended at 0.748%. Early Wednesday, the March DJIA futures are down 448 points. Asian markets are lower with Japan's Nikkei 225 down 451.06 (-2.27%) and China's Shanghai Composite down 28.24 points (-0.94%). European markets are higher with London's FTSE 100 up 49.59 points (0.83%), Germany's DAX up 179.78 points (1.72%) and France's CAC 40 up 79.65 points (1.72%). The March Euro is up 0.002 at 1.130 and the March U.S. dollar index is down 0.199 at 96.190. The June 30-Year T-Bond is up 22/32nds, while April gold is down $1.30 at $1,659.00 and April crude oil is down $0.66 at $33.70. Soybeans on China's Dalian Exchange were up 0.38% while soybean meal was up 0.22%.