DTN Early Word Grains 03/31 06:02

DTN Early Word Grains 03/31 06:02 Grains Steady to Weaker Ahead of USDA May corn is up 1/2 cent per bushel, May soybeans are down 3 1/2 cents, and May KC wheat is down 1 cent. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is up 1/2 cent per bushel, May soybeans are down 3 1/2 cents, and May KC wheat is down 1 cent. CME Globex Recap: Equities are steady to higher overnight, but energy markets are tacking on a nice rally with crude oil up over 6.0%. The strength appears tied to a phone call between President Trump and Russian President Putin on which they agreed to have their top energy officials discuss slumping global oil markets. It is difficult to believe Russia will be interested in taking any measures that lifts pressure off U.S. shale drillers, considering that group is a major part of why Russia bucked OPEC to engage in the price war in the first place. Grains are biding their time until the USDA reports later Tuesday morning, which will at least temporarily shift focus solely on to fundamentals. How quickly traders revert back to trading coronavirus-headlines and concerns over demand will be interesting. It is our opinion the acreage data will be dismissed rather quickly considering everything that has happened since the acreage survey was conducted in late February and early March. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 690.70 at 22,327.48 and the S&P 500 up 85.18 at 2,541.47 while the 10-year Treasury yield ended at 0.67%. Early Tuesday, the June DJIA futures are up 51 points. Asian markets are mixed with Japan's Nikkei 225 down 167.96 (-0.88%) and China's Shanghai Composite up 3.08 points (0.11%). European markets are higher with London's FTSE 100 up 73.05 points (1.31%), Germany's DAX up 140.97 points (1.44%) and France's CAC 40 up 32.26 points (0.69%). The June euro is down 0.007 at 1.100 and the June U.S. dollar index is up 0.569 at 99.850. The June 30-year T-Bond is down 36/32nds, while April gold is down $23.20 at $1,598.80 and May crude oil is up $1.30 at $21.39. Soybeans on China's Dalian Exchange were up 0.7% while soybean meal was down 1.4%.