DTN Early Word Grains 02/20 05:46

DTN Early Word Grains 02/20 05:46 Row Crop Futures Reverse Wednesday Losses Ahead of Thursday Trade March corn is up 4 cents and March soybeans are up 5 cents. March KC wheat is up 4 cents, March Chicago wheat is down 1 3/4 cents, and March Minneapolis wheat is up 9 1/4 cents. Rhett Montgomery DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: March corn is up 4 cents and March soybeans are up 5 cents. March KC wheat is up 4 cents, March Chicago wheat is down 1 3/4 cents, and March Minneapolis wheat is up 9 1/4 cents. CME GLOBEX RECAP: Grain markets are firm Thursday morning led again by wheat futures which are finding a footing following profit taking on Wednesday. A stretch of positive sessions across Ag markets was bound to spur some traders to reward the market with profit taking so Wednesday's weak session was not a huge shock to see. Wednesday's minutes from the January Federal Reserve meeting pointed to an unlikeliness for a continuation of rate cuts for the foreseeable future as stubborn inflation remains a concern. On the slate for news Thursday includes the delayed Environmental Information Agency's Petroleum Status Report which will update the market on ethanol production for last week in the U.S. Analysts are expecting production to fall between 1,052 and 1,077 thousand barrels per day (tbpd), which would be slightly less than the prior week. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 71.25 at 44,627.59 and the S&P 500 Index up 14.57 to a record 6,144.15. The 10-Year Treasury yield ended at 4.54%. Early Thursday, March Dow Jones futures are down 88 points. European markets are firmer with the spot futures of the London FTSE 100 trading up 0.11%, spot futures of Germany's DAX trading up 0.50% and spot futures of France's CAC Index trading up 0.71%. Asian markets are weaker Thursday with Japan's Nikkei 225 index down 1.24% and China's Shanghai Composite Index down 0.02%.