DTN Grain Open: Starting Lower, Coronavirus Spread Persists

The Port of Rosedale - Rosedale, Mississippi - Mississippi River ©Debra L Ferguson Stock Photography

6:00 a.m. CME Globex: March corn is down 2 1/2 cents, March soybeans are down 3 cents and March KC wheat is down 4 1/4 cents.

CME Globex Recap: U.S. stock futures and international stock markets are lower early Thursday after the coronavirus death toll jumped to over 1,300. At 7:30 a.m. CST, USDA will release its weekly report of export sales for last week.

The U.S. Labor Department will also issue reports on consumer prices and weekly jobless claims, offering possible clues for interest rates. March crude oil is down $0.38 after the International Energy Agency said it expects the first contraction of global oil demand in over a decade in the first quarter of 2020.

OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 275.08 at 29,551.42 and the S&P 500 up 21.70 at 3,379.45 while the 10-Year Treasury yield ended at 1.63%. Early Thursday, March Dow Jones futures are down 233 points.

Asian markets are lower with Japan’s Nikkei 225 down 33.48 (-0.1%) and China’s Shanghai Composite down 20.83 points (-0.7%). European markets are lower with London’s FTSE 100 down 95.34 points (-1.3%), Germany’s DAX down 108.69 points (-0.8%) and France’s CAC 40 down 52.39 points (-0.9%). The March euro is up $.0013 at $1.0901.

The March U.S. dollar index is down 0.14 at 98.78. The March 30-year T-bond is up 31/32nds, while April gold is up $7.10 at $1,578.70 and March crude oil is down $0.38 at $50.79. Soybeans and meal are both modestly higher on China’s Dalian Exchange. April palm oil fell 3.1% overnight and is back near its three-month low.

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