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DTN Early Word Grains         02/20 05:57
   Grains Weak as USDA Data Tables Awaited

   March corn is down 1/4 cent per bushel, March soybeans are down 2 3/4 cents,
and March KC wheat is down 3 1/4 cents.

By Tregg Cronin
DTN Contributing Analyst

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

CME Globex Recap:   Mixed to weaker equity markets overnight as stimulus
measures continue to be taken in China to help stave off a collapse in economic
activity related to the coronavirus. A poll of economists by Bloomberg News
think Q1 economic growth in China could fall to +4.0% vs. +5.9% pre-virus. The
consensus for full-year 2020 growth is +5.5-5.9% which is below China's +6.0%
long-term target. Much depends on whether the dip in growth is "V-shaped" or
"U-shaped," which could also have an effect on purchases related to the
"phase-one" agreement with the United States. Grain markets are weaker
overnight as traders await the first round of data tables from the USDA Outlook
Forum. USDA's first estimates of the 2020/21 marketing year are not set in
stone, and much depends on growing season weather, but getting the USDA's
interpretation of the "phase-one" agreement will be interesting. Corn, soybean
and spring wheat new crop prices are all tracking lower than a year ago for the
February insurance pricing period.

OUTSIDE MARKETS:   Previous closes on Wednesday showed the Dow Jones Industrial
Average up 115.84 at 29,348.03 and the S&P 500 up 15.86 at 3,370.29 while the
10-Year Treasury yield ended at 1.57%. Early Thursday, the March DJIA futures
are down 44 points. Asian markets are higher with Japan's Nikkei 225 up 78.45
(0.34%) and China's Shanghai Composite up 54.75 points (1.84%). European
markets are lower with London's FTSE 100 down 3.26 points (-0.04%), Germany's
DAX down 19.2 points (-0.14%) and France's CAC 40 down 10.32 points (-0.17%).
The March Euro is down 0.001 at 1.080 and the March U.S. dollar index is up
0.143 at 99.740. The March 30-Year T-Bond is up 11/32nds, while April gold is
up $0.80 at $1,612.60 and March crude oil is up $0.18 at $53.47. Soybeans on
China's Dalian Exchange were down 0.79% while soybean meal was up 0.38%.
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