DTN Early Word Grains 03/20 05:55

DTN Early Word Grains 03/20 05:55 Grain Recovery Continues 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: Equities are sharply higher around the globe overnight with U.S. futures staring at a 900-point Dow rally if futures hold gains into the day session. Central banks around the world continue to unveil massive support programs to prop up the global economy amid the economic slowdown related to coronavirus. In addition, Republican lawmakers in the U.S. unveiled legislation that would inject more than $1 trillion of fiscal stimulus into the economy on Thursday, the largest price tag of any plan yet. Included in the legislation would be $50 billion for passenger airlines, $8 billion for cargo airlines and $150 billion for companies in "unspecified sectors." It isn't clear whether corn, soybeans and wheat are included in the "unspecified sectors" category, but the rally Thursday and overnight is encouraging. Few believed fundamentals justified the crash witnessed the last several weeks in grain markets, even if corn domestic demand was on shaky ground. Regardless of catalyst, the time to set marketing year lows is not immediately preceding planting which is right around the corner. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 188.27 at 20,087.19 and the S&P 500 up 11.29 at 2,398.10 while the 10-Year Treasury yield ended at 1.119%. Early Friday, the June DJIA futures are up 904 points. Asian markets are mixed with Japan's Nikkei 225 closed and China's Shanghai Composite up 43.49 points (1.61%). European markets are higher with London's FTSE 100 up 162.18 points (3.15%), Germany's DAX up 435.38 points (5.06%) and France's CAC 40 up 221.37 points (5.74%). The June Euro is up 0.005 at 1.080 and the June U.S. dollar index is down 0.990 at 102.615. The June 30-Year T-Bond is up 1-24/32nds, while April gold is up $32.50 at $1,511.80 and May crude oil is up $2.40 at $28.31. Soybeans on China's Dalian Exchange were up 0.41% while soybean meal was up 2.42%. Malaysian Palm Oil was up 3.43%.