DTN Early Word Grains 02/01 05:37

DTN Early Word Grains 02/01 05:37 Crop Prices Lower Early Wednesday, Next Rate Hike On the Way March corn is down 4 cents, March soybeans are down 2 cents and March KC wheat is down 3 cents. Todd Hultman DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: March corn is down 4 cents, March soybeans are down 2 cents and March KC wheat is down 3 cents. CME GLOBEX RECAP: Early Wednesday, stock futures in the U.S. were trading lower, while stocks in Europe and Asia were slightly higher. At 1 p.m. CST, the Federal Reserve is expected to increase the federal funds rate target by at least a quarter-percent, possibly more as inflation remains well above the 2% target. OPEC meets Wednesday and is expected to keep oil production levels unchanged. Several manufacturing indices were released overnight, nearly all showing contraction in December. ISM's index of U.S. manufacturing will be out at 9 a.m. CST, followed by the U.S. Energy Department's weekly report of energy inventories, including ethanol production at 9:30 a.m. First quarter earnings continue in full stride and include a report from Corteva, among many others. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 368.95 at 34,086.04 and the S&P 500 up 58.83 at 4,076.60. The 10-Year Treasury yield ended at 3.55%, up from the lowest yields in four months. Early Tuesday, March Dow Jones futures are down 151 points. Asian markets are a little higher with Japan's Nikkei 225 index up 0.07% and China's Shanghai Composite Index up 0.90%. European markets are similar with the spot futures of the London FTSE 100 trading up 0.05%, spot futures of Germany's DAX trading up 0.11% and spot futures of France's CAC Index trading down 0.02%. The March euro is up $0.0022 at $1.0915. The March U.S. Dollar Index is down 0.15 at 101.77. The March 30-year T-bond is up 25/32nds, while April gold is down $4.40 at $1,925.10 and March crude oil is down $0.04 at $78.83. On China's Dalian exchange, March corn was down 1.0%, March soybeans were down 1.2%, May soybean meal was down 0.8% and May soybean oil was down 0.8%. April Malaysian palm oil is trading down 3.2%.