DTN Early Word Grains 06/03 06:01

DTN Early Word Grains 06/03 06:01 Grains Mixed on Weather, Chinese Buying July corn is down 1 3/4 cents per bushel, July soybeans are up 3 cents, and July KC wheat is up 4 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is down 1 3/4 cents per bushel, July soybeans are up 3 cents, and July KC wheat is up 4 1/2 cents. CME Globex Recap: Stronger equity trade around the globe overnight with U.S. futures pointed at a higher open as well. The strength in stock markets, the U.S. specifically, would seem to be bordering on absurd right now as the major indices are within 10% of the pre-coronavirus highs set in February. This comes despite some restrictions still in place in many states and limited economic activity in many major cities due to the recent social unrest. The unlimited backing by the Federal Reserve is a powerful influence and not one to fight at the moment. Energy markets are a touch weaker after spot crude oil futures traded to the highest level overnight since March 6. Precious metals are slightly weaker overnight. Grains are mixed with corn weaker while the soy complex and wheat tack on gains. The soybean market has shown resilience the last couple of sessions, deciding to pay attention to actual data released from USDA as opposed to headlines related to the trade war, a welcome relief. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 267.63 at 25,742.65 and the S&P 500 up 25.09 at 3,055.73 while the 10-Year Treasury yield ended at 0.68%. Early Wednesday, the June DJIA futures are up 185 points. Asian markets are higher with Japan's Nikkei 225 up 288.15 (1.29%) and China's Shanghai Composite up 1.97 points (0.07%). European markets are higher with London's FTSE 100 up 77.79 points (1.25%), Germany's DAX up 283.64 points (2.36%) and France's CAC 40 up 97.18 points (2%). The June Euro is up 0.003 at 1.120 and the June U.S. dollar index is down 0.219 at 97.440. The September 30-Year T-Bond is down 21/32nds, while August gold is down $8.50 at $1,725.50 and July crude oil is down $0.00 at $36.81. Soybeans on China's Dalian Exchange were down 0.82% while soybean meal was up 0.11%.