DTN Early Word Grains 02/28 05:43

DTN Early Word Grains 02/28 05:43 Grain Markets Attempt to End an Ugly Week on a Positive Note May corn is up 1 1/4 cents and May soybeans are up 3 1/2 cents. May KC wheat is up 2 1/2 cents, May Chicago wheat is down 4 cents, and May Minneapolis wheat is up 2 1/4 cents. Rhett Montgomery DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: May corn is up 1 1/4 cents and May soybeans are up 3 1/2 cents. May KC wheat is up 2 1/2 cents, May Chicago wheat is down 4 cents, and May Minneapolis wheat is up 2 1/4 cents. CME GLOBEX RECAP: Thursday was one of the most active days for news in the market in a few weeks but unfortunately most of what was announced was stacked on the bearish side of the aisle. Grain markets were under heavy pressure from the release of the USDA Ag Outlook balance sheets Thursday morning which were followed shortly by President Trump clarifying the Administration's intentions to implement tariffs on Mexico, Canada, as well as additional action against China next week. To add to the fundamental woes, the session was marked by technical failures at several vital support points on the chart for corn, soybeans, and wheat. The outside market was slower to react, with the Dow Jones Industrial Average trading higher for most of the day before a shaky early jobs report combined with tariff concern caught up to the market and drove both the DJIA and S&P500 further into their lowest points in over a month. The market will be watching Friday for the 7:30 a.m. CST release of U.S. Personal Consumption data, with the PCE Index in particular being the Federal Reserve's preferred inflation measure. Thus far early Friday, grains are steady, lead slightly higher by soybeans which showed the most bullish potential Thursday before the onslaught of bearish soundbites drove prices lower by afternoon. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average down 193.62 at 43,239.50 and the S&P 500 Index down 94.49 at 5,861.57. The 10-Year Treasury yield ended at 4.29%. Early Friday, March Dow Jones futures are up 131 points. European markets are mostly lower with the spot futures of the London FTSE 100 trading up 0.31%, spot futures of Germany's DAX trading down 0.23% and spot futures of France's CAC Index trading down 0.54%. Asian markets are lower with Japan's Nikkei 225 index down 2.88% and China's Shanghai Composite Index down 1.98%.