DTN Early Word Grains 05/07 05:47

DTN Early Word Grains 05/07 05:47 Grains Higher as Markets Focus on Weather July corn is up 2 3/4 cents per bushel, July soybeans are up 5 3/4 cents, and July KC wheat is up 6 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices July corn is up 2 3/4 cents per bushel, July soybeans are up 5 3/4 cents, and July KC wheat is up 6 1/2 cents. CME Globex Recap: Financial markets are green across most asset classes overnight as bullish export data from China points toward the worst being over for the global economy. China reported exports rose 3.5% in April from a year earlier as factories and supply chains restarted. Chinese exports to the United States rose 2.2% while imports of American goods fell 11%, which is sure to be a sticking point for U.S. officials as grain imports disappoint. Energy markets are also higher with crude oil back above $25 per barrel and tangling with its 50-day moving average for the first time since mid-January. Grain markets are joining in the buying with gains witnessed at all three exchanges but floor leadership going to wheat contracts. Wheat traders are living forecast to forecast with price direction contingent on what falls where. The combination of concern about prevented planting acres in the Northern Plains, frost in the Corn Belt and improving energy prices appears to be giving corn the needed boost to lift a shoulder off the mat. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 218.45 at 23,664.64 and the S&P 500 down 20.02 at 2,868.44 while the 10-year Treasury yield ended at 0.711%. Early Thursday, the June DJIA futures are up 281 points. Asian markets are mixed with Japan's Nikkei 225 up 55.42 (0.28%) and China's Shanghai Composite down 6.62 points (-0.23%). European markets are higher with London's FTSE 100 up 30.22 points (0.52%), Germany's DAX up 85.63 points (0.81%) and France's CAC 40 up 30.86 points (0.7%). The June euro is down 0.002 at 1.080 and the June U.S. Dollar Index is up 0.159 at 100.295. The June 30-year T-Bond is up 7/32nds, while June gold is up $8.40 at $1,696.90 and June crude oil is up $1.07 at $25.06. Soybeans on China's Dalian Exchange were up 0.32% while soybean meal was up 0.82%.