DTN Early Word Grains 05/18 05:57

DTN Early Word Grains 05/18 05:57 Grains Mostly Higher on Wet Weather July corn is down 1/2 cent per bushel, July soybeans are down 2 1/4 cents, and July KC wheat is down 5 cents. Todd Hultman DTN Lead Analyst Pre-6 a.m. Globex Prices: July corn is down 1/2 cent per bushel, July soybeans are down 2 1/4 cents, and July KC wheat is down 5 cents. CME Globex Recap: Global equities are higher overnight with U.S. futures pointed at a stronger open Monday morning. Supporting stock markets has been a recovery in spot crude oil back over $30.00 per barrel in the June WTI contract as we get closer to the delivery cycle. There was a lot of concern the June crude oil contract could face the same fate as the May contract which traded negative for the first time in history, but the recent strength seems to suggest oil could avoid that path. Grain markets are mixed with row crops and spring wheat higher while winter wheat contracts are lower on the up-turn in rain for the U.S. HRW and SRW belts. Production ideas seem to have stabilized and could even be working back higher. Row crops are higher on ideas of planting progress turning slower, prevent plant acres increasing in the north and comments from Chinese traders that the government wishes to grow grain and oilseed inventories in the country ahead of a potential surge in coronavirus cases. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 377.37 at 23,625.34 and the S&P 500 up 32.50 at 2,820.00 while the 10-Year Treasury yield ended at 0.619%. Early Monday, the June DJIA futures are up 373 points. Asian markets are higher with Japan's Nikkei 225 up 96.26 (0.48%) and China's Shanghai Composite up 6.96 points (0.24%). European markets are higher with London's FTSE 100 up 123.76 points (2.13%), Germany's DAX up 283.06 points (2.7%) and France's CAC 40 up 89.38 points (2.09%). The June Euro is down 0.0002 at 1.081 and the June U.S. dollar index is up 0.001 at 100.435. The June 30-Year T-Bond is down 14/32nds, while June gold is up $14.80 at $1,771.10 and July crude oil is up $2.19 at $31.71. Soybeans on China's Dalian Exchange were down 1.53% while soybean meal was up 0.92%.