DTN Early Word Grains 02/25 05:57

DTN Early Word Grains 02/25 05:57 Soy Rally Continues While Grains Ease March corn is down 2 1/2 cents per bushel, May soybeans are up 17 cents, and May KC wheat is down 2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: March corn is down 2 1/2 cents per bushel, May soybeans are up 17 cents, and May KC wheat is down 2 cents. CME Globex Recap: Equity markets are mostly higher overnight as indices around the globe tack on gains in response to the record high close in the United States Wednesday. U.S. futures were quiet ahead of economic data on jobless claims and the manufacturing sector. 10-year T-note yields rallied to a one-year high of 1.43% on Wednesday and are up 50 basis points in 2021. Expectations are still high a new stimulus bill will be passed by Congress by mid-March which will keep inflation expectations climbing. Energy markets are firmer overnight as spot crude oil prices hold gains above 63.00 per barrel. The U.S. Dollar Index has slipped below the 90-handle level overnight to the weakest trade since January 8. Precious metals are mixed overnight while copper pushes to new highs for the move and is trading at the highest level since July 2011. Grains are mixed overnight with a stronger soy complex while corn and wheat slip to small losses. Soybean oil and soybeans remain on a tear with little overhead for technical resistance. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 424.51 at 31,961.86 and the S&P 500 up 44.06 at 3,881.37 while the 10-Year Treasury yield ended at 1.389%. Early Thursday, the March DJIA futures are up 50 points. Asian markets are higher with Japan's Nikkei 225 up 496.57 (1.67%) and China's Shanghai Composite up 20.97 points (0.59%). European markets are higher with London's FTSE 100 up 28.3 points (0.42%), Germany's DAX down 16.02 points (-0.11%) and France's CAC 40 up 22.53 points (0.39%). The March Euro is up 0.008 at 1.220 and the March U.S. dollar index is down 0.400 at 89.770. The March 30-Year T-Bond is down 41/32nds, while April gold is down $7.50 at $1,790.40 and April crude oil is up $0.12 at $63.34. Soybeans on China's Dalian Exchange were up 0.81% while soybean meal was up 0.43% and corn was up 0.81%.