DTN Early Word Grains 01/21 05:55
Grains Rebound After Three-Day Skid
March corn is up 6 1/2 cents per bushel, March soybeans are up 9 cents, and
March KC wheat is up 3 1/2 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: March corn is up 6 1/2 cents per bushel, March
soybeans are up 9 cents, and March KC wheat is up 3 1/2 cents.
CME Globex Recap: Global equities are mostly higher with U.S. futures
pointing toward small gains at the cash open later Thursday morning. Much of
the focus is still on Washington D.C. as President Biden gets to work after
being sworn in Wednesday. The President's first full day in office was a busy
one as he signed executive orders ranging from rejoining the Paris Climate
Accord to canceling the permit for the Keystone XL pipeline. Energy markets are
weaker overnight with crude oil back below 53.00 per barrel while natural gas
is down nearly 2.5%. The U.S. Dollar Index is weaker, looking to close lower
for the fourth session in a row and moving back toward the 90-handle level.
Precious metals are firmer with both inside recent ranges. Grain markets are
firmer across the board with gains being led by corn as March futures rally
over 1.2%. The last three days features some tree-shaking but it appears that
found buyers overnight. Fundamentals remain solid and the U.S. producer is
counting on strong prices through February to ensure solid insurance protection
for the 21/22 marketing year.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 257.86 at 31,188.38 and the S&P 500 up 52.94 at 3,798.91
while the 10-Year Treasury yield ended at 1.09%. Early Thursday, the March DJIA
futures are up 52 points. Asian markets are higher with Japan's Nikkei 225 up
233.6 (0.82%) and China's Shanghai Composite up 38.17 points (1.07%). European
markets are higher with London's FTSE 100 up 0.09 points (0.01%), Germany's DAX
up 62.57 points (0.45%) and France's CAC 40 down 6.81 points (-0.12%). The
March Euro is up 0.003 at 1.220 and the March U.S. dollar index is down 0.244
at 90.225. The March 30-Year T-Bond is down 0/32nds, while February gold is up
$5.30 at $1,871.80 and March crude oil is down $0.39 at $52.92. Soybeans on
China's Dalian Exchange were down 0.57% while soybean meal was down 1.25% and
corn was up 0.35%.
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