DTN Early Word Grains 02/24 05:54
Grains Stabilize Overnight
May corn was fractionally higher, May soybeans were 3 cents higher, and July
Kansas City wheat was 2 cents lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: May corn was fractionally higher, May soybeans were 3
cents higher, and July Kansas City wheat was 2 cents lower.
CME Globex Recap: Soybeans and corn were showing small gains early Friday
morning, recovering a small part of Thursday's sell-off. Wheat contracts were
under pressure, led by the Kansas City market. Outside commodities were mixed
with energies mostly lower, metals higher, and softs mostly higher. In that
latter group, cotton continues to see strong commercial buying. The U.S. dollar
index and DJIA futures were both lower overnight.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 34.72 points (0.2%)
higher at 20,810.32. The NASDAQ Composite lost 25.12 points (0.4%) to 5,835.51
and the S&P 500 added 0.99 point to 2,363.81 Thursday. DJIA futures were 61
points lower early Friday morning. Asian markets were mostly lower with Japan's
Nikkei down 87.92 points, Hong Kong's Hang Seng lost 149.16 points (0.6%), and
China's Shanghai Composite gained 2.06 points. European markets were lower
Friday with London's FTSE 100 down 45.08 points (0.6%), Germany's DAX losing
103.92 points (0.9%), and France's CAC 40 off 46.96 points (1.0%). The euro
posted a small gain, adding 0.0007 to 1.0590 while the U.S. dollar index dipped
0.10 to 100.88. March 30-year T-Bonds were 10/32 higher at 152'04 while April
gold gained $6.10 to $1,257.50. Crude oil slipped $0.29 to $54.16 while Brent
crude fell $0.33 to $56.25. Dalian soybean futures were lower while Malaysian
palm oil futures were higher overnight.
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