DTN Early Word Grains 03/08 05:56
Grains Rally Sharply to Open Week
May corn is up 4 1/4 cents per bushel, May soybeans are up 14 1/4 cents, and
May KC wheat is up 4 1/2 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: May corn is up 4 1/4 cents per bushel, May
soybeans are up 14 1/4 cents, and May KC wheat is up 4 1/2 cents.
CME Globex Recap: Mixed equity trade around the globe overnight with U.S.
futures pointing toward a slightly lower open Monday morning. Earlier Sunday
evening, the energy complex rallied sharply on the weekend news of Saudi
Arabian energy facilities being attacked by Iranian-backed fighters from Yemen.
Energy prices have come well off the highs with products even trading into
negative territory but the rising tension along with the expectation for
additional money printing is keeping commodities a popular bet. The U.S. Dollar
Index is solidly higher overnight, rallying for the fourth session in a row and
trading to the highest level since mid-November. Gold and copper are weaker
overnight while silver futures are posting gains. Grain markets are higher
across the board with gains led by soybean oil and soybeans, although they too
have come off the highs with the energy complex setting back slightly.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average up 572.16 at 31,496.30 and the S&P 500 up 73.47 at 3,768.47 while the
10-Year Treasury yield ended at 1.554%. Early Monday, the March DJIA futures
are down 49 points. Asian markets are lower with Japan's Nikkei 225 down 121.07
(-0.42%) and China's Shanghai Composite down 80.57 points (-2.3%). European
markets are higher with London's FTSE 100 down 14.58 points (-0.22%), Germany's
DAX up 130.46 points (0.94%) and France's CAC 40 up 31.25 points (0.54%). The
March Euro is down 0.003 at 1.190 and the March U.S. dollar index is up 0.270
at 92.260. The June 30-Year T-Bond is down 22/32nds, while April gold is down
$7.90 at $1,690.60 and April crude oil is up $0.04 at $66.13. Soybeans on
China's Dalian Exchange were up 2.56% while soybean meal was up 1.49% and corn
was up 0.86%.
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