DTN Grain Open: Markets Rally Ahead of WASDE

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6:00 a.m. CME Globex: May corn is up 2 1/4 cents per bushel, May soybeans are up 3 3/4 cents, and May KC wheat is up 6 cents.

CME Globex Recap: Equity markets are mixed around the globe as investors continue to weigh prospects for containment with the coronavirus against the largest three oil producers playing Deal or No Deal. The Financial Times reported overnight that Russia has rejected suggestions a market-driven fall in oil production from U.S. shale producers could count toward the country’s share of a potential global crude reduction deal.

On the coronavirus front, there are real hopes this week could be the high watermark for deaths in the United States.

Grain markets are higher across the board as traders await export sales data and the April WASDE later Thursday morning. All three major ag commodities need to see a strong export sales report to give confidence that sector is helping to offset demand cuts domestically.

The April WASDE will give the market a sense of how sharply the USDA expects ethanol demand to be cut, although unlikely they show their entire hand this month.

OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 779.71 at 23,433.57 and the S&P 500 up 90.57 at 2,659.41 while the 10-Year Treasury yield ended at 0.764%. Early Thursday, the June DJIA futures are down 41 points.

Asian markets are mixed with Japan’s Nikkei 225 down 7.47 (-0.04%) and China’s Shanghai Composite up 10.54 points (0.37%). European markets are mixed with London’s FTSE 100 up 34.75 points (0.61%), Germany’s DAX up 43.02 points (0.42%) and France’s CAC 40 down 19.79 points (-0.45%).

The June Euro is up 0.001 at 1.090 and the June U.S. dollar index is down 0.180 at 99.990. The June 30-Year T-Bond is up 17/32nds, while June gold is up $20.90 at $1,705.20 and May crude oil is up $1.55 at $26.64. Soybeans on China’s Dalian Exchange were up 1.25% while soybean meal was up 0.14%.

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