DTN Early Word Grains 04/08 05:56
Grains Higher at Midweek
May corn is up 1 3/4 cents per bushel, May soybeans are up 4 3/4 cents, and
May KC wheat is up 6 1/2 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is up 1 3/4 cents per bushel, May soybeans are
up 4 3/4 cents, and May KC wheat is up 6 1/2 cents.
CME Globex Recap: Mixed financial markets around the globe overnight in what
feels like the quietest morning in weeks. Investors are still glued to
unfolding coronavirus numbers, but the tenor definitely seems to have changed
in the last 24-48 hours with optimism about the outbreak being somewhat under
control. In energy markets, the U.S. Department of Energy reiterated the White
House's stance that U.S. oil producers would not join any organized efforts by
Russia and Saudi Arabia to cut production. U.S. oil production is already
falling due to market forces and intervening to influence production might
infringe on anti-trust laws. Grain markets are higher overnight led by wheat
markets, which have shaken early losses at the overnight open. Wheat is already
in a weather market globally with Northern Hemisphere producers watching their
developing crops closely. Corn and soybeans are not at that juncture yet as
they await producers to head to the field across the Midwest. The looming cold
snap in the Corn Belt is giving producers pause about charging off and sticking
seeds in the ground.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average down 26.13 at 22,653.86 and the S&P 500 down 4.27 at 2,663.68 while the
10-Year Treasury yield ended at 0.736%. Early Wednesday, the June DJIA futures
are up 90 points. Asian markets are mixed with Japan's Nikkei 225 up 403.06
(2.13%) and China's Shanghai Composite down 5.39 points (-0.19%). European
markets are lower with London's FTSE 100 down 87.19 points (-1.53%), Germany's
DAX down 108.14 points (-1.04%) and France's CAC 40 down 74.81 points (-1.69%).
The June Euro is down 0.003 at 1.090 and the June U.S. dollar index is up 0.271
at 100.185. The June 30-Year T-Bond is down 2/32nds, while June gold is up
$4.60 at $1,688.30 and May crude oil is up $0.92 at $24.55. Soybeans on China's
Dalian Exchange were down 0.31% while soybean meal was up 0.32%.
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