DTN Early Word Grains 06/16 05:56

DTN Early Word Grains 06/16 05:56 Grains Higher on Crop Progress, Market Structure July corn is up 3 cents per bushel, July soybeans are up 2 1/4 cents, and July KC wheat is up 3/4 cent. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is up 3 cents per bushel, July soybeans are up 2 1/4 cents, and July KC wheat is up 3/4 cent. CME Globex Recap: Equity markets are higher around the globe overnight with solid gains expected in the U.S. according to futures markets. Investors are pointing toward the possible $1 trillion stimulus package being prepared by the Trump Administration, which would add to the previous stimulus packages to provide the largest fiscal stimulus seen in United States history. News of another stimulus package combined with reports the Federal Reserve began purchasing a "broad and diversified" portfolio of individual company bonds and previously purchasing exchange traded funds tracking company debt according to the Financial Times. Difficult to fight the tape in financial markets when the tape is being printed by the central bank. Energy markets are higher overnight as are precious metals. Grains are stronger overnight, led by corn on a percentage basis which featured a gap higher at the overnight open. Concerns over incoming weather along with the second largest net short position on record are providing lift. Roughly two weeks remains between now and the next big USDA report which has the potential to shift the narrative in grain markets. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 157.62 at 25,763.16 and the S&P 500 up 25.28 at 3,041.31 while the 10-Year Treasury yield ended at 0.702%. Early Tuesday, the June DJIA futures are up 414 points. Asian markets are higher with Japan's Nikkei 225 up 1051.26 (4.88%) and China's Shanghai Composite up 41.72 points (1.44%). European markets are higher with London's FTSE 100 up 149.5 points (2.47%), Germany's DAX up 319.08 points (2.67%) and France's CAC 40 up 105.21 points (2.18%). The June Euro is up 0.005 at 1.130 and the June U.S. dollar index is down 0.327 at 96.978. The September 30-Year T-Bond is down 38/32nds, while August gold is up $9.60 at $1,736.80 and July crude oil is up $0.49 at $37.61. Soybeans on China's Dalian Exchange were up 0.72% while soybean meal was up 0.11%.