DTN Early Word Grains 01/15 06:03
Wheat Carrying Mantle to Finish Week
March corn is down 1/2 cent per bushel, March soybeans are down 9 1/2 cents,
and March KC wheat is up 16 1/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: March corn is down 1/2 cent per bushel, March
soybeans are down 9 1/2 cents, and March KC wheat is up 16 1/4 cents.
CME Globex Recap: Equities are mostly weaker to finish the week with U.S.
futures pointed lower as well. The big news Thursday evening was
President-elect Biden's $1.9 trillion economic rescue plan which follows the
$900 billion package agreed upon by lawmakers last month. The early market
reaction would seem to suggest there is as much concern about the taxes needed
to pay for such an effort as there is optimism about the fresh fiscal stimulus.
Energy markets are weaker overnight with crude and most products down over 1.0%
while natural gas rallies 3.0%. The U.S. Dollar Index is firmer overnight and
seems to be reacting less to idea of fiscal deficits all the time. Precious
metals are mixed overnight with both rangebound in recent trading ranges.
Grains are mixed overnight with row crops and productions weaker while wheat
markets add strong gains on the prospect of Russian wheat exports being
curtailed even more sharply than previously expected. One always has to
exercise caution buying wheat on comments from Russian government officials,
but bulls seem to be buying the story for now.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 68.95 at 30,991.52 and the S&P 500 down 14.30 at 3,809.84 while
the 10-Year Treasury yield ended at 1.129%. Early Friday, the March DJIA
futures are down 76 points. Asian markets are mixed with Japan's Nikkei 225
down 179.08 (-0.62%) and China's Shanghai Composite up 0.47 points (0.01%).
European markets are lower with London's FTSE 100 down 44.72 points (-0.66%),
Germany's DAX down 68.19 points (-0.49%) and France's CAC 40 down 36.7 points
(-0.65%). The March Euro is down 0.001 at 1.220 and the March U.S. dollar index
is up 0.125 at 90.340. The March 30-Year T-Bond is up 12/32nds, while February
gold is up $3.20 at $1,854.60 and February crude oil is down $0.73 at $52.84.
Soybeans on China's Dalian Exchange were down 0.79% while soybean meal was down
0.14% and corn was up 0.21%.
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