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DTN Early Word Grains 05/05 06:37
Trade Summit Hopes, Frost Threat Throttle Soybean Prices
July corn is down 2 cents per bushel, July soybeans are down 3 cents, July
KC wheat is down 8 3/4 cents, July Chicago wheat is down 3 1/2 cents, and MIAX
July Minneapolis wheat is down 0.0375 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is down 2 cents per bushel, July
soybeans are down 3 cents, July KC wheat is down 8 3/4 cents, July Chicago
wheat is down 3 1/2 cents, and MIAX July Minneapolis wheat is down 0.0375 cents.
CME Globex Recap: On Monday, July corn rose 5 1/2 cents, July soybeans rose
19 1/2 cents, and July KC wheat was unchanged. Corn, soybean, and hard red
spring wheat basis strengthened on Monday, while soft red winter wheat and hard
red winter wheat basis weakened. Soybean prices surged to a six-week high this
week amid a frost threat to emerging Midwest crops and higher crude oil prices
amid increased tensions in the Middle East. Additionally, this week's stronger
soybean market has traders pricing in the possibility of a productive meeting
when President Trump visits China in 10 days.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average down 557.37 points at 48,941.90, and the S&P 500 down 29.37
points at 7,200.75. The 10-Year Treasury yield ended at 4.446%. Early Tuesday,
the June Dow Jones Futures are up 125 points. European markets are mixed: spot
futures of London's FTSE 100 are down 1.09%, spot futures of Germany's DAX are
up 0.93%, and spot futures of France's CAC 40 Index are up 0.98%. Asian markets
are mixed, with Japan's Nikkei 225 Index up 0.38% and China's Shanghai
Composite Index steady.
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