DTN Early Word Grains 02/28 05:49

DTN Early Word Grains 02/28 05:49 Grain Markets Lower Wednesday Morning After Two-Day Rally in Corn, Wheat May corn is down 3/4 cent per bushel, May soybeans are down 2 1/4 cents, May KC wheat is down 7 1/4 cents, May Chicago wheat is down 5 1/4 cents and May Minneapolis wheat is down 3 1/2 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: May corn is down 3/4 cent per bushel, May soybeans are down 2 1/4 cents, May KC wheat is down 7 1/4 cents, May Chicago wheat is down 5 1/4 cents and May Minneapolis wheat is down 3 1/2 cents. CME GLOBEX RECAP: World equity markets are mixed to mostly lower Wednesday morning after a quiet mixed session on Tuesday. Interest rates inched higher Tuesday, but the 10-year note has been very steady trading on either side of 4.3% for the past two weeks. Tuesday's economic data was mostly weaker than expected, with durable goods orders down 6.1% in January while consumer confidence fell from 110.9 to 106.7. This ran counter to expectations that confidence was going to rise to 115.1. Wednesday morning, we will get the first revision to 4th quarter GDP with the expectation of 3.3% growth. Wednesday we will also get wholesale and retail inventory reports, and the U.S. trade balance. Thursday will be the release of the important PCE index which is the favorite inflation indicator of the Federal Reserve. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 96.82 at 38,972.41 and the S&P 500 up 8.65 at 5,078.18, The 10-Year Treasury yield ended at 4.32%. Early Wednesday, the March Dow Jones Futures are down 112 points. European markets are mixed with the spot futures of London's FTSE 100 trading down 0.7%, spot futures of Germany's DAX is trading up 0.09% and the spot futures of France's CAC 40 Index down 0.1%. Asian markets are lower with Japan's Nikkei 225 Index down 0.08% and China's Shanghai Composite Index down 1.91%.