DTN Early Word Grains 12/30 05:34

DTN Early Word Grains 12/30 05:34 Grains Set Back Following Impressive Run March corn is down 2 3/4 cents per bushel, March soybeans are down 9 1/2 cents, and March KC wheat is down 2 1/4 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: March corn is down 2 3/4 cents per bushel, March soybeans are down 9 1/2 cents, and March KC wheat is down 2 1/4 cents. CME Globex Recap: Global equity trade was mostly higher overnight with reports of another pharmaceutical company getting the greenlight for their COVID-19 vaccine in the U.K. The news comes as Colorado reported the first case in the United States of a fast-spreading variant of COVID-19 that was first detected in the United Kingdom and led to widespread travel restrictions there. Congress is still debating increasing pandemic-relief checks from $600 to $2,000 as the first relief hits bank accounts this week. Energy markets were firmer overnight while the U.S. Dollar Index pushes further below 90.00. Precious metals are mixed with gold weaker and silver firmer. Grain markets are weaker across the board with losses being led by soy meal. Our entire space is owed a corrective day given the gains we've seen the last two weeks but counting on one early in the day has proven foolish for much of December. Weekly ethanol production and any news related to the Argentine strike should help set the tone. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 68.30 at 30,335.67 and the S&P 500 down 8.32 at 3,735.36 while the 10-year Treasury yield ended at 0.935%. Early Wednesday, the March DJIA futures are up 102 points. Asian markets are mixed with Japan's Nikkei 225 down 123.98 (0.45%) and China's Shanghai Composite up 35.42 points (1.05%). European markets are higher with London's FTSE 100 up 12.31 points (0.19%), Germany's DAX down 0.94 points (0.01%) and France's CAC 40 up 4.73 points (0.08%). The March euro is up 0.002 at 1.230 and the March U.S. Dollar Index is down 0.203 at 89.715. The March 30-year T-Bond is down 14/32nds, while February gold is down $0.50 at $1,882.40 and February crude oil is up $0.31 at $48.31. Soybeans on China's Dalian Exchange were up 1.42% while soybean meal was up 1.03% and corn was up 0.95%.