DTN Early Word Grains 02/28 05:56

DTN Early Word Grains 02/28 05:56 Grains Soft to Finish Money Flow Driven Week May corn is down 1 3/4 cents per bushel, May soybeans are down 12 cents, and May KC wheat is down 3 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is down 1 3/4 cents per bushel, May soybeans are down 12 cents, and May KC wheat is down 3 1/2 cents. CME Globex Recap: The selloff continues with heavy losses being sustained around the globe as stocks look to close with the worst week since the 2008 financial crisis. Safe-havens are in high demand as U.S. Treasuries remain bid and the yield on the 10-yr note fell below 1.2% for the first time on record. At last count, 83,000 people have contracted coronavirus globally with 2,858 having died as a result. These numbers are still fairly conservative when compared to the common flu or other reoccurring illnesses, but investors are not taking a rational approach to markets at the moment. Grain markets are joining in the sell pressure because they can, even if the drop is not completely justified. The slower pace of soy exports last week did not help the situation, although rumors of Chinese buying interest could help support prices if confirmation is received by the USDA. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 1,190.95 at 25,766.64 and the S&P 500 down 137.63 at 3,116.39 while the 10-Year Treasury yield ended at 1.299%. Early Friday, the March DJIA futures are down 293 points. Asian markets are lower with Japan's Nikkei 225 down 805.27 (-3.67%) and China's Shanghai Composite down 111.02 points (-3.71%). European markets are lower with London's FTSE 100 down 224.73 points (-3.31%), Germany's DAX down 466.46 points (-3.77%) and France's CAC 40 down 170.02 points (-3.09%). The March Euro is up 0.004 at 1.100 and the March U.S. dollar index is down 0.316 at 98.145. The March 30-Year T-Bond is up 61/32nds, while April gold is down $13.70 at $1,628.80 and April crude oil is down $1.66 at $45.43. Soybeans on China's Dalian Exchange were down -0.02% while soybean meal was down 0.35%.