DTN Early Word Grains 03/12 05:53

DTN Early Word Grains 03/12 05:53 Ag Market Selloff Continues as Financials Pressure May corn is down 4 1/2 cents per bushel, May soybeans are down 12 cents, and May KC wheat is down 7 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is down 4 1/2 cents per bushel, May soybeans are down 12 cents, and May KC wheat is down 7 1/4 cents. CME Globex Recap: The global financial rout market continues overnight led by Europe where major equity indices are down over 5.0%. Investors are not warming to President Trump's travel ban on many European nations entering the United States the next 30-days. The actions taken the last two weeks around the world make it a near certainty the global economy is in recession by the end of 2020 with the only question being how long and deep the recession lasts. Fear is gripping everything from decisions about stock portfolio's to buying basic needs at the supermarket. Until this fear and panic subsides, volatility will remain at extreme levels across all asset classes. Grain markets turned light losses at the overnight open into heavy losses as the morning session wore on. The European Union is a major grain end user as well as one of the world's largest wheat exporters. Bans and a slowdown in economic activity will be felt as much as in China but it will have global ramifications. The focus in ag markets remains outside of our space with day-to-day fundamentals taking a back seat. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 1,464.94 at 23,553.22 and the S&P 500 down 140.85 at 2,882.23 while the 10-Year Treasury yield ended at 0.82%. Early Thursday, the March DJIA futures are down 1201 points. Asian markets are lower with Japan's Nikkei 225 down 856.43 (-4.41%) and China's Shanghai Composite down 45.03 points (-1.52%). European markets are higher with London's FTSE 100 down 322.33 points (-5.67%), Germany's DAX down 603.83 points (-5.82%) and France's CAC 40 down 271.83 points (-5.9%). The March Euro is down 0.005 at 1.120 and the March U.S. dollar index is up 0.268 at 96.760. The June 30-Year T-Bond is up 73/32nds, while April gold is down $6.30 at $1,636.00 and April crude oil is down $1.87 at $31.11. Soybeans on China's Dalian Exchange were up 2.99% while soybean meal was up 1.82%.