DTN Early Word Grains 02/03 06:02

DTN Early Word Grains 02/03 06:02 Grains Remain Weak as Virus Fears Persist March corn is down 2 cents per bushel, March soybeans are down 1/2 cent, and March KC wheat is down 3 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is down 2 cents per bushel, March soybeans are down 1/2 cent, and March KC wheat is down 3 1/4 cents. CME Globex Recap: Global equities are mixed overnight with Asian markets very weak after China was closed for a week while Europe and the U.S. are mostly higher. Analysts knew the selling in China would be severe as they caught up to the rest of the world related to the coronavirus. Overnight, China's CSI 300 Index fell as much 9.1% while the Shanghai Composite settled down 7.72% for the worst single-day losses since August of 2015. The blows kept coming to China over the weekend with the United States and Australia saying they would deny entry to all foreign visitors who had recently been in China while Russia, Japan, Pakistan and Italy have all announced restrictions. Hong Kong has closed 10 of its 13 border crossings with China as well. The impact on economic growth in China will be noticeable, although at the moment uncertain. Grains are weak overnight as downside momentum remains in control at present. Production estimates out of South American remain on the rise at a time in which demand concerns in the world's largest feed market are front burner. The February insurance pricing period begins this week with producers beginning to make decisions about spring rotations. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 603.41 at 28,256.03 and the S&P 500 down 58.14 at 3,283.66 while the 10-Year Treasury yield ended at 1.52%. Early Monday, the March DJIA futures are up 111 points. Asian markets are lower with Japan's Nikkei 225 down 233.24 (-1.01%) and China's Shanghai Composite down 229.92 points (-7.72%). European markets are higher with London's FTSE 100 up 32.5 points (0.45%), Germany's DAX up 29.17 points (0.22%) and France's CAC 40 up 16.36 points (0.28%). The March Euro is down 0.003 at 1.110 and the March U.S. dollar index is up 0.307 at 97.520. The March 30-Year T-Bond is down 7/32nds, while April gold is down $3.90 at $1,584.00 and March crude oil is up $0.16 at $51.72. Soybeans on China's Dalian Exchange were down 1.46% while soybean meal was down 2.51%.