DTN Early Word Grains 04/13 06:01

DTN Early Word Grains 04/13 06:01 Grains Mixed as Crude Cuts Fail to Support May corn is down 3/4 cent per bushel, May soybeans are steady, and May KC wheat is up 6 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is down 3/4 cent per bushel, May soybeans are steady, and May KC wheat is up 6 3/4 cents. CME Globex Recap: Equities are mixed around the globe overnight with gains in Europe being mostly offset by losses in Asia and U.S. futures pointed lower. The big weekend news was the historic production cuts secured by OPEC+ following pressure from President Trump after the coronavirus ravaged the energy industry in the shale patch. OPEC said it would cut 9.7 million barrels per day in May and June, which is equivalent to almost 10% of global supply, and continue with reductions until April of 2022. There is skepticism about compliance, especially with the members outside of OPEC which could be leading to crude's lack of enthusiasm overnight. Grains are mixed with corn and soybeans turning lower Monday morning while wheat continues to hold gains. The lack of excitement in crude over the historic cuts seems to be weighing on the two markets that make biofuel from the base commodity. Wheat is supported by interest from China in U.S. wheat, cold temperatures across the U.S. Southern Plains and dryness in Kansas as well as southern Russia. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 285.80 at 23,719.37 and the S&P 500 up 39.84 at 2,749.98 while the 10-Year Treasury yield ended at 0.729%. Early Monday, the June DJIA futures are down 262 points. Asian markets are lower with Japan's Nikkei 225 down 455.1 (-2.33%) and China's Shanghai Composite down 13.58 points (-0.49%). European markets are higher with London's FTSE 100 up 164.93 points (2.9%), Germany's DAX up 231.85 points (2.24%) and France's CAC 40 up 64.1 points (1.44%). The June Euro is down 0.002 at 1.090 and the June U.S. dollar index is up 0.056 at 99.560. The June 30-Year T-Bond is down 1/32nds, while June gold is down $11.00 at $1,741.80 and May crude oil is up $0.15 at $22.91. Soybeans on China's Dalian Exchange were up 0.58% while soybean meal was down 0.46%.