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DTN Early Word Grains 02/12 05:46
Corn and Wheat Prices Steady, Soybeans Lower to Open Post USDA Trade
March corn is up 1/4 cents and March soybeans are down 4 3/4 cents. March KC
wheat is up 3 3/4 cents, March Chicago wheat is down 4 1/4 cents, and March
Minneapolis wheat is up 4 1/2 cents.
Rhett Montgomery
DTN Lead Analyst
CME GLOBEX RECAP: March corn is up 1/4 cents and March soybeans are down 4
3/4 cents. March KC wheat is up 3 3/4 cents, March Chicago wheat is down 4 1/4
cents, and March Minneapolis wheat is up 4 1/2 cents. Grain markets are mixed
early Wednesday as traders attempt to sort out the recent round of estimates
from USDA. While world production and carryout estimates for corn and soybeans
were on paper less than most analysts had expected, the lack of any clues of
the influence world supply and demand will have directly on U.S. balance sheets
left some traders scratching their heads. In fundamental news Wednesday, the
Energy Information Administration (EIA) will release last week's ethanol
production at 9:30 a.m. CST. The prior week's production at 1,112,000 barrels
per day (bpd) was the largest weekly figure since mid-November. Also set for
release Wednesday morning is Consumer Price Index data from the Bureau of Labor
Statistics, which will give investors a refreshed look into inflation in the
economy.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average up 123.24 points to 44,593.65 and the S&P 500 Index up 2.06 at
6,068.50. The 10-Year Treasury yield ended at 4.54%. Early Wednesday, March Dow
Jones futures are down 72 points. European markets are mixed with the spot
futures of the London FTSE 100 trading down 0.02%, spot futures of Germany's
DAX trading up 0.23% and spot futures of France's CAC Index trading up 0.12%.
Asian markets are firmer with Japan's Nikkei 225 index up 0.42% and China's
Shanghai Composite Index up 0.85%.
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