DTN Early Word Grains 02/26 05:56
Grain Losses Accelerate into Weekend
May corn is down 6 1/2 cents per bushel, May soybeans are down 14 cents, and
May KC wheat is down 11 1/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: May corn is down 6 1/2 cents per bushel, May
soybeans are down 14 cents, and May KC wheat is down 11 1/4 cents.
CME Globex Recap: Heavy selling in equity markets overnight around the globe
in response to the selloff in the United States Thursday. U.S. stock futures
are mostly steady ahead of the Friday morning open. The volatility in equities
seems tied to the surge in treasury yields according to financial media
outlets. The 10-year T-note yield rallied to 1.61% on Thursday before settling
at 1.52% which is just 40 basis points below the pre-pandemic level of 1.92%
seen in 2019. Federal Reserve officials continue to underscore that the recent
rally in yields does not warrant a monetary response and that it simply means
the market is giving a vote of confidence about growth moving forward. Energy
markets are weaker overnight with crude oil teetering on the 63-handle level
once again. The U.S. Dollar Index is higher overnight and has moved off support
at 90.00. Grains are seeing moderate to heavy losses overnight in follow
through selling from Thursday's session. The break feels technical in nature
even though bears are citing poor export sales data from Thursday.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 559.85 at 31,402.01 and the S&P 500 down 96.09 at 3,925.43 while
the 10-Year Treasury yield ended at 1.518%. Early Friday, the March DJIA
futures are up 5 points. Asian markets are lower with Japan's Nikkei 225 down
1202.26 (-3.99%) and China's Shanghai Composite down 75.97 points (-2.12%).
European markets are lower with London's FTSE 100 down 31.15 points (-0.47%),
Germany's DAX down 28.62 points (-0.21%) and France's CAC 40 down 23.8 points
(-0.41%). The March Euro is down 0.006 at 1.210 and the March U.S. dollar index
is up 0.425 at 90.560. The March 30-Year T-Bond is up 32/32nds, while April
gold is down $11.40 at $1,764.00 and April crude oil is down $0.55 at $62.98.
Soybeans on China's Dalian Exchange were down -2.2% while soybean meal was down
2.83% and corn was down 0.64%.
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