DTN Early Word Grains 05/23 05:58
Grains Higher as Wet Weather Persists, Delays Extend
July corn is up 1 3/4 cents per bushel, July soybeans are up 1/2 cent, and
July K.C. wheat is up 5 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: July corn is up 1 3/4 cents per bushel, July soybeans
are up 1/2 cent, and July K.C. wheat is up 5 3/4 cents.
CME Globex Recap: Weaker equity markets around the globe Thursday morning as
trade war fears persist and a slew of weak economic data out of Europe was
released overnight. Weak energy markets are not supportive either as crude oil
hits the lowest price overnight since early May as U.S. stockpiles are now the
highest since July of 2017. Ag markets on the other hand are higher across the
board Thursday morning, led by wheat, as fears persist over a loss of yield and
quality in the southern plains and mid-south. Additional rains are moving
across the central and Eastern Corn Belt Thursday morning with multiple rounds
expected from one end of the Corn Belt to the other through the Memorial Day
weekend. Minimal planting progress is expected which could produce even larger
deficits relative to average on next week's crop progress reports.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial
Average down 100.72 at 25,776.61 and the S&P 500 down 8.09 at 2,864.36 while
the 10-Year Treasury yield ended at 2.393%. Early Thursday, the June DJIA
futures are down 250 points. Asian markets are lower with Japan's Nikkei 225
down 132.23 (-0.62%) and China's Shanghai Composite down 39.19 points (-1.36%).
European markets are lower with London's FTSE 100 down 95.29 points (-1.3%),
Germany's DAX down 217.07 points (-1.78%) and France's CAC 40 down 89.66 points
(-1.67%). The June Euro is down 0.003 at 1.120 and the June U.S. dollar index
is up 0.209 at 98.090. The June 30-Year T-Bond is up 21/32nds, while June gold
is up $1.30 at $1,275.50 and July crude oil is down $1.04 at $60.38. Soybeans
on China's Dalian Exchange were down -0.11% while soybean meal was down -0.07%.
Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot