DTN Early Word Grains 06/03 06:01
Grains Mixed on Weather, Chinese Buying
July corn is down 1 3/4 cents per bushel, July soybeans are up 3 cents, and
July KC wheat is up 4 1/2 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: July corn is down 1 3/4 cents per bushel, July
soybeans are up 3 cents, and July KC wheat is up 4 1/2 cents.
CME Globex Recap: Stronger equity trade around the globe overnight with U.S.
futures pointed at a higher open as well. The strength in stock markets, the
U.S. specifically, would seem to be bordering on absurd right now as the major
indices are within 10% of the pre-coronavirus highs set in February. This comes
despite some restrictions still in place in many states and limited economic
activity in many major cities due to the recent social unrest. The unlimited
backing by the Federal Reserve is a powerful influence and not one to fight at
the moment. Energy markets are a touch weaker after spot crude oil futures
traded to the highest level overnight since March 6. Precious metals are
slightly weaker overnight. Grains are mixed with corn weaker while the soy
complex and wheat tack on gains. The soybean market has shown resilience the
last couple of sessions, deciding to pay attention to actual data released from
USDA as opposed to headlines related to the trade war, a welcome relief.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 267.63 at 25,742.65 and the S&P 500 up 25.09 at 3,055.73 while the
10-Year Treasury yield ended at 0.68%. Early Wednesday, the June DJIA futures
are up 185 points. Asian markets are higher with Japan's Nikkei 225 up 288.15
(1.29%) and China's Shanghai Composite up 1.97 points (0.07%). European markets
are higher with London's FTSE 100 up 77.79 points (1.25%), Germany's DAX up
283.64 points (2.36%) and France's CAC 40 up 97.18 points (2%). The June Euro
is up 0.003 at 1.120 and the June U.S. dollar index is down 0.219 at 97.440.
The September 30-Year T-Bond is down 21/32nds, while August gold is down $8.50
at $1,725.50 and July crude oil is down $0.00 at $36.81. Soybeans on China's
Dalian Exchange were down 0.82% while soybean meal was up 0.11%.
DTN offers additional daily information available free through DTN Snapshot – sign up