DTN Early Word Grains 04/14 05:54

DTN Early Word Grains 04/14 05:54 Grains Mixed as Crude Cuts Fail to Support May corn is steady, May soybeans are down 1 1/4 cents, and May KC wheat is down 1 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is steady, May soybeans are down 1 1/4 cents, and May KC wheat is down 1 1/4 cents. CME Globex Recap: Equities are mostly higher around the globe overnight, supported by stronger than expected economic data out of China. China's exports fell 3.5% during the month of March, a modest recovery after sharp contraction in January and February due to coronavirus. China also saw a trade surplus of $18.5 billion for the month of March, sharply higher than the $7.1 billion deficit in January and February. The energy complex is back on the defensive after a one-day bout of strength following the OPEC+ announcement about production cuts. The market reaction is the clearest yet that demand remains the chief problem, not supply. Grains are mixed to weaker with corn slightly higher while losses are seen in wheat and soybeans. Spring has yet to really break loose as temperatures remain below normal across the Midwest. Despite memories of a late spring in 2019, producers seem prepared to wait for ideal seeding conditions which should come later in the month. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 328.60 at 23,390.77 and the S&P 500 down 28.19 at 2,789.82 while the 10-Year Treasury yield ended at 0.749%. Early Tuesday, the June DJIA futures are up 313 points. Asian markets are higher with Japan's Nikkei 225 up 595.41 (3.13%) and China's Shanghai Composite up 44.24 points (1.59%). European markets are higher with London's FTSE 100 down 33.72 points (-0.58%), Germany's DAX up 111.19 points (1.05%) and France's CAC 40 up 8.49 points (0.19%). The June Euro is up 0.001 at 1.100 and the June U.S. dollar index is down 0.026 at 99.310. The June 30-Year T-Bond is down 12/32nds, while June gold is down $1.10 at $1,760.30 and May crude oil is down $0.42 at $21.99. Soybeans on China's Dalian Exchange were down 0.52% while soybean meal was down 1.36%.