DTN Early Word Grains 05/05 05:54

DTN Early Word Grains 05/05 05:54 Grains Lower as Progress, Conditions Pressure July corn is up 1/4 cent per bushel, July soybeans are down 1/2 cent, and July KC wheat is down 10 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is up 1/4 cent per bushel, July soybeans are down 1/2 cent, and July KC wheat is down 10 1/2 cents. CME Globex: Recap: Equity and energy markets are rallying overnight as countries begin to ease lockdown restrictions and the global economy inches back toward normalcy. A dozen countries in Europe including Germany, Spain and France have begun easing restrictions on their citizens with the United States expected to do the same by mid-May. Crude oil is up over 10% on the optimism with the spot contract rallying toward the 50-day moving average for the first time since January. Precious metal markets are mixed while the U.S. Dollar Index is holding strength above major moving averages. Grain markets are mostly weaker overnight, although the May contracts are mostly higher as deliveries continue to recirculate. Crop progress data showing faster planting and better conditioned crops than expected is weighing on prices. Without yield adversity this growing season, most of our ag commodities have a demand problem which price will have to rectify this summer. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 26.07 at 23,749.76 and the S&P 500 up 12.03 at 2,830.71 while the 10-Year Treasury yield ended at 0.637%. Early Tuesday, the June DJIA futures are up 227 points. Asian markets are mixed with Japan's Nikkei 225 down 574.34 (-2.84%) and China closed for holiday. European markets are higher with London's FTSE 100 up 69.46 points (1.21%), Germany's DAX up 156.26 points (1.49%) and France's CAC 40 up 67.75 points (1.55%). The June Euro is down 0.005 at 1.090 and the June U.S. dollar index is up 0.323 at 99.890. The June 30-Year T-Bond is down 28/32nds, while June gold is down $6.70 at $1,706.60 and June crude oil is up $2.14 at $22.53. China's Dalian Exchange is closed for holiday while Malaysian palm oil closed down 0.30%.