DTN Early Word Grains 03/02 05:57
Row Crops, Products Post Follow-Through Selling
May corn is down 3 1/2 cents per bushel, May soybeans are down 4 cents, and
May KC wheat is up 5 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: May corn is down 3 1/2 cents per bushel, May
soybeans are down 4 cents, and May KC wheat is up 5 cents.
CME Globex Recap: Mixed equity trade around the globe overnight following
the sharp rally in the United States Monday which saw the largest single day
gains since last June. Optimism stemmed from a third vaccine gaining approval
in the fight against coronavirus as well as a stabilization in treasury notes
following a week of volatility. Coronavirus cases, hospitalizations and deaths
are all declining sharply and should continue that trend into summer as the
vaccine rollout continues. Energy markets are flat overnight with spot crude
oil hanging above the 60.00 per barrel mark after two consecutive days of heavy
selling. The U.S. Dollar Index is firmer overnight and managed to trade up to
its 50-day moving average before setting back slightly. Grain markets are mixed
overnight with row crops and products weaker while wheat contracts post modest
gains. The tone which has been set to start the month of March is a bit
concerning, especially with how much length the speculative community is
carrying in the ag markets.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 603.14 at 31,535.51 and the S&P 500 up 90.67 at 3,811.15 while the
10-Year Treasury yield ended at 1.446%. Early Tuesday, the March DJIA futures
are down 95 points. Asian markets are lower with Japan's Nikkei 225 down 255.33
(-0.86%) and China's Shanghai Composite down 42.81 points (-1.21%). European
markets are higher with London's FTSE 100 up 31.87 points (0.48%), Germany's
DAX up 19.87 points (0.14%) and France's CAC 40 up 7.86 points (0.18%). The
March Euro is down 0.003 at 1.200 and the March U.S. dollar index is up 0.194
at 91.230. The June 30-Year T-Bond is down 0/32nds, while April gold is up
$3.20 at $1,726.20 and April crude oil is up $0.07 at $60.71. Soybeans on
China's Dalian Exchange were down 0.6% while soybean meal was down 1.11% and
corn was down 0.43%.
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