DTN Early Word Grains 03/03 05:58
Grain Markets Ease After Tuesday Surge
May corn is down 4 1/2 cents per bushel, May soybeans are up 1 1/2 cents,
and May KC wheat is down 1 3/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: May corn is down 4 1/2 cents per bushel, May
soybeans are up 1 1/2 cents, and May KC wheat is down 1 3/4 cents.
CME Globex Recap: Equity markets are higher around the globe overnight as
optimism toward a stimulus package and the ongoing vaccine rollout bolster
investor sentiment. It was announced Tuesday the Biden Administration had
secured enough vaccine to inoculate 300 million Americans by the end of May, a
much earlier date than the end of summer which had been the previous goal. If
the entire U.S. was vaccinated before summer, the economic surge in Q3 could be
impressive. Energy markets are all solidly higher overnight with spot crude oil
attempting to close higher for the first session in four. The U.S. Dollar Index
was roundly rejected by its 50-day moving average the previous session and is
trading weaker overnight. Industrial and precious metals are weaker overnight.
Grains are weaker across the board save for soybean oil as contracts
back-and-fill from Tuesday's gains.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average down 143.99 at 31,391.52 and the S&P 500 down 31.53 at 3,901.82 while
the 10-Year Treasury yield ended at 1.415%. Early Wednesday, the March DJIA
futures are up 226 points. Asian markets are higher with Japan's Nikkei 225 up
150.93 (0.51%) and China's Shanghai Composite up 68.31 points (1.95%). European
markets are higher with London's FTSE 100 up 73.96 points (1.12%), Germany's
DAX up 129.67 points (0.92%) and France's CAC 40 up 49.58 points (0.86%). The
March Euro is up 0.001 at 1.210 and the March U.S. dollar index is down 0.050
at 90.740. The June 30-Year T-Bond is down 28/32nds, while April gold is down
$9.60 at $1,724.00 and April crude oil is up $1.01 at $60.76. Soybeans on
China's Dalian Exchange were up 0.38% while soybean meal was down 0.06% and
corn was down 0.04%.
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