DTN Early Word Grains 02/20 06:01
Mixed Trade Following Tuesday Selloff
March corn is up 3 cents per bushel, March soybeans are down 1 1/4 cents,
and March K.C. wheat is up 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: March corn is up 3 cents per bushel, March soybeans are
down 1 1/4 cents, and March K.C. wheat is up 3/4 cents.
CME Globex Recap: Global equities are mostly higher Wednesday morning as we
await more developments in the trade talks with China and hope to stave off
another feud with the EU. Grains are mixed to weaker following the washout
Tuesday which saw sizable increases in open interest for corn and wheat. This
could be a sign funds were adding to short positions, although without updated
CFTC data, we are flying somewhat blind. Thursday's export sales data and
Friday's USDA Outlook Forum data will be the next big fundamental inputs for
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 8.07 at 25,891.32 and the S&P 500 up 4.16 at 2,775.60 while the
10-Year Treasury yield ended at 2.647%. Early Wednesday, the March DJIA futures
are down 44 points. Asian markets are higher with Japan's Nikkei 225 up 128.84
(0.6%) and China's Shanghai Composite up 5.57 points (0.2%). European markets
are higher with London's FTSE 100 up 11.21 points (0.16%), Germany's DAX up
26.61 points (0.24%) and France's CAC 40 up 8.32 points (0.16%). The March Euro
is down 0.001 at 1.140 and the March U.S. dollar index is up 0.086 at 96.435.
The March 30-Year T-Bond is up 9/32nds, while April gold is up $2.50 at
$1,347.30 and April crude oil is down $0.33 at $56.12. Soybeans on China's
Dalian Exchange were down -0.26% while soybean meal was down -1.44%.
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