DTN Early Word Grains 03/07 05:51

DTN Early Word Grains 03/07 05:51 Grain Markets Higher on Short Covering, Good Demand at Lower Price Levels May corn is up 6 1/4 cents per bushel, May soybeans are up 8 1/2 cents, May KC wheat is up 6 1/2 cents, May Chicago wheat is up 4 1/4 cents and May Minneapolis wheat is up 8 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: May corn is up 6 1/4 cents per bushel, May soybeans are up 8 1/2 cents, May KC wheat is up 6 1/2 cents, May Chicago wheat is up 4 1/4 cents and May Minneapolis wheat is up 8 cents. CME GLOBEX RECAP: World equity markets were lower overnight but are starting to rally Thursday morning. Fed Chairman Powell spoke before Congress Wednesday and stated that he believed that rate cuts could still begin this year although there will not likely be as many cuts and they will not begin as quickly. Other members of the Fed spoke Wednesday as well and suggested that the economy remains strong and that rate cuts will occur in response to weakness, but they won't necessarily come if the economy doesn't soften. On Wednesday, 10-year notes fell to 4.1% and stocks rallied sharply, gaining back some of Tuesday's losses. Thursday morning, we will get new weekly jobless claims while Fed Chairman Powell speaks before Congress once again. Friday is the jobs report which will likely be the most important economic data this week. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 75.86 at 38,661.05 and the S&P 500 up 26.11 at 5,104.76, The 10-Year Treasury yield ended at 4.10%. Early Thursday, the March Dow Jones Futures are up 18 points. European markets are higher with the spot futures of London's FTSE 100 trading up 0.05%, spot futures of Germany's DAX is trading up 0.01% and the spot futures of France's CAC 40 Index up 0.09%. Asian markets are lower with Japan's Nikkei 225 Index down 1.23% and China's Shanghai Composite Index down 0.41%.