DTN Early Word Grains 01/26 05:48
Grains Mostly Lower, Wheat Falls Back
March corn was down 3 cents, March soybeans were down 1/4 cent and March KC
wheat was down 12 1/4 cents.
DTN Lead Analyst
Pre-6 a.m. Globex Prices: March corn was down 3 cents, March soybeans were
down 1/4 cent and March KC wheat was down 12 1/4 cents.
CME Globex Recap: Early Wednesday, Dow Jones futures are trading higher in
line with Europe ahead of Wednesday's announcement from the Federal Reserve.
Stocks also received a boost from a positive earnings report from Microsoft and
have several more reports due Wednesday. Many will be watching at 1 p.m. CST
for the Federal Reserve's post-meeting announcement and the Chairman's news
conference following the announcement. The federal funds rate is expected to
stay unchanged, but the Fed will likely hint at an upcoming rate hike, possibly
as soon as March.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 66.77 at 34,297.73 and the S&P 500 down 53.68 at 4,356.45 as the
10-Year Treasury yield increased to 1.78%. Early Wednesday, March Dow Jones
futures are trading up 344 points. Asian markets are mixed with Japan's Nikkei
225 index down 0.44% and China's Shanghai Composite Index up 0.66%. European
markets are higher with the spot futures of the London FTSE 100 trading up
1.66%, spot futures of Germany's DAX trading up 2.08% and spot futures of
France's CAC Index trading up 2.13%. The March euro is down $0.0024 at $1.1292.
The March U.S. Dollar Index is up 0.16 at 96.09. The March 30-year T-bond is
steady, while February gold is down $5.30 at $1,847.20 and March crude oil is
up $0.53 at $86.13. On China's Dalian exchange, May corn was up 0.8%, March
soybeans were up 0.6%, May soybean meal was up 0.5% and May soybean oil was
down 0.0%. March Malaysian palm oil is trading up 0.9%.