DTN Early Word Grains 02/12 06:01

DTN Early Word Grains 02/12 06:01 Grains Weaker as Bulls Struggle to Gain Traction March corn is down 1 1/4 cents per bushel, March soybeans are down 1 1/4 cents, and March KC wheat is down 2 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is down 1 1/4 cents per bushel, March soybeans are down 1 1/4 cents, and March KC wheat is down 2 1/2 cents. CME Globex Recap: Equity markets are stronger around the globe overnight as investors once again think the coronavirus is under control and the worst is behind us. Given the flippant nature of late, it would not surprise to see equity markets react negatively yet this week on a swing in sentiment the other direction. Markets will also be paying attention today to Fed Chair Jay Powell who will be testifying before the Senate Banking Committee in the second day of testimony. Any clues about future policy from the question and answer portion of the event could prove interesting. Grains are weaker overnight, following through on the mostly negative report day Tuesday. Beneficial weather in South America and uncertainty about Chinese demand seems to have bulls on their back foot as of late. Focus is also shifting to new crop where bears are quick to remind about the 19 million acres of prevent plant in 2019, many of which could find their way back into production in 2020. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 0.48 at 29,276.34 and the S&P 500 up 5.66 at 3,352.09 while the 10-Year Treasury yield ended at 1.59%. Early Wednesday, the March DJIA futures are up 100 points. Asian markets are higher with Japan's Nikkei 225 up 175.23 (0.74%) and China's Shanghai Composite up 25.22 points (0.87%). European markets are higher with London's FTSE 100 up 19.25 points (0.26%), Germany's DAX up 89.4 points (0.66%) and France's CAC 40 up 19.77 points (0.33%). The March Euro is down 0.001 at 1.090 and the March U.S. dollar index is up 0.001 at 98.595. The March 30-Year T-Bond is down 13/32nds, while April gold is up $0.40 at $1,570.50 and March crude oil is up $0.71 at $50.65. Soybeans on China's Dalian Exchange were down 0.34% while soybean meal was down 0.11%.