DTN Early Word Grains 05/14 05:55

DTN Early Word Grains 05/14 05:55 Ag Markets Higher on Planting Progress, Forecast July corn is up 7 cents per bushel, July soybeans are up 13 1/2 cents, and July K.C. wheat is up 4 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 7 cents per bushel, July soybeans are up 13 1/2 cents, and July K.C. wheat is up 4 3/4 cents. CME Globex Recap: The equity selloff Monday finally eased early Tuesday as European markets steadied and U.S. futures pointed towards a recovery day. The Trump Whitehouse was in damage control mode Monday as markets reacted negatively to the trade war escalation with officials saying talks were ongoing and follow-up meetings were forthcoming. President Trump also said additional trade war assistance payments would be coming for U.S. farmers, which seemed to bolster spirits but threw a wrench in the supply and demand machinery that constitutes our marketplace. Grain futures are sharply higher overnight as crop progress data from the USDA on Monday confirmed the slow pace of planting and weather forecasts point toward a very narrow window before the next round of moisture hits the Northern Plains and Western Corn Belt. The heavy short positions held by the speculative community in the Ag space will be a supportive influence as long as that group views the easy money as already having been made. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 617.38 at 25,324.99 and the S&P 500 down 69.53 at 2,881.40 while the 10-Year Treasury yield ended at 2.405%. Early Tuesday, the June DJIA futures are up 139 points. Asian markets are lower with Japan's Nikkei 225 down 124.05 (-0.59%) and China's Shanghai Composite down 20.1 points (-0.69%). European markets are higher with London's FTSE 100 up 55.99 points (0.78%), Germany's DAX up 40.04 points (0.34%) and France's CAC 40 up 42.86 points (0.81%). The June Euro is up 0.001 at 1.130 and the June U.S. dollar index is up 0.010 at 97.130. The June 30-Year T-Bond is down 7/32nds, while June gold is down $3.20 at $1,298.60 and June crude oil is down $0.12 at $60.92. Soybeans on China's Dalian Exchange were up 0.8% while soybean meal was up 0.57%.