DTN Early Word Grains 01/25 05:57
Grains Find Stability Overnight
March corn is down 3 3/4 cents per bushel, March soybeans are up 4 1/2
cents, and March KC wheat is up 1/4 cent.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: March corn is down 3 3/4 cents per bushel, March
soybeans are up 4 1/2 cents, and March KC wheat is up 1/4 cent.
CME Globex Recap: Equity trade was mixed around the globe overnight as
traders prepare for a week focusing on President Biden's $1.9 trillion pandemic
relief bill. The encouraging thing is markets now have improving coronavirus
statistics to contemplate while assessing the level of aid lawmakers plan to
provide. Cases look to have peaked back around January 8, hospitalizations are
down in most states and daily average deaths is trending lower. It would appear
vaccinations are helping and should only improve moving forward. Energy markets
are higher overnight with natural gas rallying almost 3.0% at this writing. The
U.S. Dollar Index is firmer, holding just above the 90.00 level. Precious
metals are quietly firmer. Grain markets are mixed to higher overnight with the
soy complex and most wheat contracts up while corn can't seem to shake losses.
The stabilization is encouraging considering the heavy sell pressure witnessed
across the ag space. If a higher close can be notched, it would go a long way
in confirming Friday's selling was technical in nature and not a major
fundamental shift in ag market fundamentals.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 179.03 at 30,996.98 and the S&P 500 down 11.60 at 3,853.07 while
the 10-Year Treasury yield ended at 1.091%. Early Monday, the March DJIA
futures are down 1 point. Asian markets are higher with Japan's Nikkei 225 up
190.84 (0.67%) and China's Shanghai Composite up 17.49 points (0.48%). European
markets are lower with London's FTSE 100 down 15.11 points (-0.23%), Germany's
DAX down 12.4 points (-0.09%) and France's CAC 40 down 29.52 points (-0.53%).
The March Euro is down 0.002 at 1.220 and the March U.S. dollar index is up
0.088 at 90.300. The March 30-Year T-Bond is up 9/32nds, while February gold is
down $1.00 at $1,855.20 and March crude oil is up $0.39 at $52.66. Soybeans on
China's Dalian Exchange were down 2.86% while soybean meal was down 2.05% and
corn was down 1.34%.
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