DTN Early Word Grains 03/19 05:53

DTN Early Word Grains 03/19 05:53 Grains Show Solid Recovery Bounce May corn is up 7 3/4 cents per bushel, May soybeans are up 8 1/2 cents, and May KC wheat is up 10 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is up 7 3/4 cents per bushel, May soybeans are up 8 1/2 cents, and May KC wheat is up 10 1/2 cents. CME Globex Recap: Equity markets are mixed overnight with Europe mostly steady while U.S. futures point toward another day of losses. Following suit with the Federal Reserve, the European Central Bank announced plans to buy an extra 750 billion euros of bonds and issued a "no limits" commitment to defend the eurozone against worsening economic conditions. Despite this, the U.S. dollar is still being seen as a safe haven asset, rallying another 0.50% overnight to the highest levels since January 2017. With additional strength, the U.S. dollar will be closing in on the strongest levels since 2003 which will make any commodity recovery more difficult. Grains are sharply higher overnight, impressive considering the currency moves the last two days. Relief rallies can be swift in markets featuring the levels of volatility present across the ag space. Export sales later Thursday morning will be a feature, especially if it highlights importers rushing to stock up on discounted grains amid a drawn-out quarantine environment. The faster the focus can shift to spring and the U.S. growing season, the better off our space will be. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 1,338.46 at 19,898.92 and the S&P 500 down 131.09 at 2,529.19 while the 10-Year Treasury yield ended at 1.266%. Early Thursday, the March DJIA futures are down 423 points. Asian markets are lower with Japan's Nikkei 225 down 173.72 (-1.04%) and China's Shanghai Composite down 26.63 points (-0.98%). European markets are higher with London's FTSE 100 down 1.01 points (-0.02%), Germany's DAX up 12.84 points (0.15%) and France's CAC 40 up 62.41 points (1.66%). The June Euro is down 0.005 at 1.090 and the June U.S. dollar index is up 0.557 at 102.100. The June 30-Year T-Bond is up 1 13/32nds, while April gold is up $4.50 at $1,482.40 and April crude oil is up $1.97 at $22.34. China's Dalian Exchange was closed. Malaysian palm oil closed down 1.25%.