DTN Early Word Grains 03/16 05:58

DTN Early Word Grains 03/16 05:58 Grains Weak as Fed Moves Fail to Stabilize Outsides May corn is down 2 1/4 cents per bushel, May soybeans are down 5 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 2 1/4 cents per bushel, May soybeans are down 5 cents, and May KC wheat is down 2 3/4 cents. CME Globex Recap: Further capitulation in equity markets around the globe overnight in response to the drastic measures being taken from the U.S. to Europe in an effort to contain the spread of coronavirus. It is the general feeling in the U.S. that by mid-week the entire country could be in a full-blown lockdown which could bring the economy to its knees. In response, the Federal Reserve announced massive monetary measures to keep liquidity flowing and prevent a collapse of the banking system. So far, financial markets are making it clear which influence is more important. Fear of the unknown is driving price action at the moment, and until more rational decision-making steps up, the incredible volatility will persist. Grain markets are mostly lower following a two-sided overnight session. It is tough to expect much out of the ag space while the world burns, even if it could be argued value is present at current price levels. The best the ag space can hope for at the moment is the wave of selling pressure largely avoids grain markets until conditions improve and a focus on fundamentals can return. Until then, the end of the month USDA reports are the best opportunity for traders to refocus on supply and demand. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 1,985.00 at 23,185.62 and the S&P 500 up 230.38 at 2,480.64 while the 10-Year Treasury yield ended at 0.951%. Early Monday, the March DJIA futures are down 1041 points. Asian markets are lower with Japan's Nikkei 225 down 429.01 (-2.46%) and China's Shanghai Composite down 98.17 points (-3.4%). European markets are lower with London's FTSE 100 down 355.46 points (-6.62%), Germany's DAX down 690.36 points (-7.48%) and France's CAC 40 down 363.81 points (-8.83%). The March Euro is up 0.013 at 1.120 and the March U.S. dollar index is down 1.209 at 97.555. The June 30-Year T-Bond is up 3 11/32nds, while April gold is down $0.10 at $1,516.60 and April crude oil is down $1.69 at $30.04. Soybeans on China's Dalian Exchange were up 2.4% while soybean meal was up 2.18%.