DTN Early Word Grains 02/25 05:57
Soy Rally Continues While Grains Ease
March corn is down 2 1/2 cents per bushel, May soybeans are up 17 cents, and
May KC wheat is down 2 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: March corn is down 2 1/2 cents per bushel, May
soybeans are up 17 cents, and May KC wheat is down 2 cents.
CME Globex Recap: Equity markets are mostly higher overnight as indices
around the globe tack on gains in response to the record high close in the
United States Wednesday. U.S. futures were quiet ahead of economic data on
jobless claims and the manufacturing sector. 10-year T-note yields rallied to a
one-year high of 1.43% on Wednesday and are up 50 basis points in 2021.
Expectations are still high a new stimulus bill will be passed by Congress by
mid-March which will keep inflation expectations climbing. Energy markets are
firmer overnight as spot crude oil prices hold gains above 63.00 per barrel.
The U.S. Dollar Index has slipped below the 90-handle level overnight to the
weakest trade since January 8. Precious metals are mixed overnight while copper
pushes to new highs for the move and is trading at the highest level since July
2011. Grains are mixed overnight with a stronger soy complex while corn and
wheat slip to small losses. Soybean oil and soybeans remain on a tear with
little overhead for technical resistance.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 424.51 at 31,961.86 and the S&P 500 up 44.06 at 3,881.37
while the 10-Year Treasury yield ended at 1.389%. Early Thursday, the March
DJIA futures are up 50 points. Asian markets are higher with Japan's Nikkei 225
up 496.57 (1.67%) and China's Shanghai Composite up 20.97 points (0.59%).
European markets are higher with London's FTSE 100 up 28.3 points (0.42%),
Germany's DAX down 16.02 points (-0.11%) and France's CAC 40 up 22.53 points
(0.39%). The March Euro is up 0.008 at 1.220 and the March U.S. dollar index is
down 0.400 at 89.770. The March 30-Year T-Bond is down 41/32nds, while April
gold is down $7.50 at $1,790.40 and April crude oil is up $0.12 at $63.34.
Soybeans on China's Dalian Exchange were up 0.81% while soybean meal was up
0.43% and corn was up 0.81%.