DTN Early Word Grains 04/28 05:57

DTN Early Word Grains 04/28 05:57 Grains Bounce in Turnaround Tuesday July corn is up 2 1/2 cents per bushel, July soybeans are up 2 1/4 cents, and July KC wheat is up 6 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 2 1/2 cents per bushel, July soybeans are up 2 1/4 cents, and July KC wheat is up 6 1/2 cents. CME Globex Recap: Mixed equity performance around the globe overnight, although the real story seems to be crude oil as we get closer to another contract expiration next month. May crude oil futures traded to a low of minus $40.32 per barrel before recovering to settle the contract at $10.01 per barrel the next day. The fear is the same fate could befall the June contract without additional storage or demand from the U.S. economy. June crude oil futures are trading 8% lower overnight at $11.65 per barrel. Grains are firmer across the board, led by Kansas City wheat, which is up close to 1.50% overnight. Dryness concerns persist in the U.S. Southern Plains and moisture deficits still exist in many major exporters even if better rains are in the forecast. Traders will be keeping an eye on the 3.00 level basis May corn futures as delivery nears later this week. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 358.51 at 24,133.78 and the S&P 500 up 41.74 at 2,836.74 while the 10-Year Treasury yield ended at 0.656%. Early Tuesday, the June DJIA futures are up 328 points. Asian markets are lower with Japan's Nikkei 225 down 12.03 (-0.06%) and China's Shanghai Composite down 5.47 points (-0.19%). European markets are higher with London's FTSE 100 up 91.71 points (1.45%), Germany's DAX up 169 points (1.59%) and France's CAC 40 up 58.72 points (1.3%). The June Euro is up 0.005 at 1.090 and the June U.S. dollar index is down 0.487 at 99.610. The June 30-Year T-Bond is down 5/32nds, while June gold is down $3.10 at $1,720.70 and June crude oil is down $1.10 at $11.68. Soybeans on China's Dalian Exchange were down 0.08% while soybean meal was down 0.44%.