DTN Early Word Grains 01/24 06:03
Grains Weak to Finish Week
March corn is down 2 1/2 cents per bushel, March soybeans are down 3 1/2
cents, and March KC wheat is down 3 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: March corn is down 2 1/2 cents per bushel, March
soybeans are down 3 1/2 cents, and March KC wheat is down 3 1/4 cents.
CME Globex Recap: Equity markets are higher around the globe as the trading
week comes to an end. Concerns certainly appear to have eased about the
coronavirus, although China has put in place travel restrictions for over 35
million people in affected areas. The Chinese Lunar New Year is right around
the corner, so expect anything negative to remain under wraps. Grains are
weaker across the board, although corn and wheat are still working on higher
weeks. In fact, Chicago wheat is trying to close higher for the third
consecutive week in a row and six of the last seven weeks with prices at the
highest level for the March contract since October 2018.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 26.18 at 29,160.09 and the S&P 500 up 3.79 at 3,321.75 while the
10-Year Treasury yield ended at 1.74%. Early Friday, the March DJIA futures are
up 71 points. Asian markets are mixed with Japan's Nikkei 225 up 31.74 (0.13%)
and China's Shanghai Composite down 84.23 points (-2.75%). European markets are
higher with London's FTSE 100 up 118.26 points (1.58%), Germany's DAX up 183.36
points (1.37%) and France's CAC 40 up 68.85 points (1.15%). The March Euro is
down 0.002 at 1.110 and the March U.S. dollar index is up 0.181 at 97.665. The
March 30-Year T-Bond is down 5/32nds, while February gold is down $6.80 at
$1,558.60 and March crude oil is down $0.20 at $55.39. Soybeans on China's
Dalian Exchange were down 0.7% while soybean meal was down 0.88%.
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