DTN Early Word Grains 02/21 05:39

DTN Early Word Grains 02/21 05:39 Soybeans, Meal Rally on Argentine Frost, Drought May corn is up 3 cents, May soybeans are up 15 cents and May KC wheat is up 6 cents. Todd Hultman DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: May corn is up 3 cents, May soybeans are up 15 cents and May KC wheat is up 6 cents. CME GLOBEX RECAP: Early Tuesday, stock futures in the U.S. are trading lower, in line with stocks in Europe and Japan after manufacturing indices in Europe and Japan showed more signs of contraction. Markets may also be showing some concern after Russia's President Putin announced Russia was suspending participation in the START nuclear treaty. A report on U.S. existing home sales in January is due out at 9 a.m. CST, followed by USDA's weekly grain export inspections at 10 a.m. Tuesday's earnings reports include Boise Cascade, Louisiana Pacific and Walmart. On Wednesday, minutes from the latest Federal Reserve meeting will offer another reminder more rate hikes are likely ahead. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average up 129.84 at 33,826.69 and the S&P 500 down 11.32 at 4,079.09. The 10-Year Treasury yield ended at 3.83%, near the highest yield in over a month. Early Tuesday, March Dow Jones futures are down 258 points. Asian markets are mixed with Japan's Nikkei 225 index is down 0.21%% and China's Shanghai Composite Index up 0.49%. European markets are lower with the spot futures of the London FTSE 100 trading down 0.28%, spot futures of Germany's DAX trading down 0.43% and spot futures of France's CAC Index trading down 0.35%. The March euro is down $0.0035 at $1.0676. The March U.S. Dollar Index is up 0.13 at 103.91. The March 30-year T-bond is down 15/32nds, while April gold is down $5.90 at $1,844.30 and March crude oil is up $0.46 at $77.01. On China's Dalian exchange, May corn was up 0.1%, May soybeans were up 0.5%, May soybean meal was up 0.5% and May soybean oil was up 0.2%. April Malaysian palm oil is trading down 0.6%.