DTN Early Word Grains 02/26 05:56

DTN Early Word Grains 02/26 05:56 Grain Losses Accelerate into Weekend May corn is down 6 1/2 cents per bushel, May soybeans are down 14 cents, and May KC wheat is down 11 1/4 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: May corn is down 6 1/2 cents per bushel, May soybeans are down 14 cents, and May KC wheat is down 11 1/4 cents. CME Globex Recap: Heavy selling in equity markets overnight around the globe in response to the selloff in the United States Thursday. U.S. stock futures are mostly steady ahead of the Friday morning open. The volatility in equities seems tied to the surge in treasury yields according to financial media outlets. The 10-year T-note yield rallied to 1.61% on Thursday before settling at 1.52% which is just 40 basis points below the pre-pandemic level of 1.92% seen in 2019. Federal Reserve officials continue to underscore that the recent rally in yields does not warrant a monetary response and that it simply means the market is giving a vote of confidence about growth moving forward. Energy markets are weaker overnight with crude oil teetering on the 63-handle level once again. The U.S. Dollar Index is higher overnight and has moved off support at 90.00. Grains are seeing moderate to heavy losses overnight in follow through selling from Thursday's session. The break feels technical in nature even though bears are citing poor export sales data from Thursday. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 559.85 at 31,402.01 and the S&P 500 down 96.09 at 3,925.43 while the 10-Year Treasury yield ended at 1.518%. Early Friday, the March DJIA futures are up 5 points. Asian markets are lower with Japan's Nikkei 225 down 1202.26 (-3.99%) and China's Shanghai Composite down 75.97 points (-2.12%). European markets are lower with London's FTSE 100 down 31.15 points (-0.47%), Germany's DAX down 28.62 points (-0.21%) and France's CAC 40 down 23.8 points (-0.41%). The March Euro is down 0.006 at 1.210 and the March U.S. dollar index is up 0.425 at 90.560. The March 30-Year T-Bond is up 32/32nds, while April gold is down $11.40 at $1,764.00 and April crude oil is down $0.55 at $62.98. Soybeans on China's Dalian Exchange were down -2.2% while soybean meal was down 2.83% and corn was down 0.64%.