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DTN Early Word Grains 04/08 05:42
US Truce With Iran Crashes Oil, Weighs on Row-Crop Markets
EARLY MORNING GLOBEX NET CHANGES: May corn is down 3 3/4 cents per bushel,
May soybeans are up 1 1/4 cents, May KC wheat is down 16 3/4 cents, May Chicago
wheat is down 18 1/4 cents, and MIAX May Minneapolis wheat is down 0.1400 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is down 3 3/4 cents per bushel,
May soybeans are up 1 1/4 cents, May KC wheat is down 16 3/4 cents, May Chicago
wheat is down 18 1/4 cents, and MIAX May Minneapolis wheat is down 0.1400 cents.
CME GLOBEX RECAP: On Tuesday, May corn fell by 5 cents, May soybeans
declined by 8 1/2 cents, and May KC wheat decreased by 3/4 of a cent. Corn,
hard red winter wheat, spring wheat, and soft red winter wheat basis remained
steady on Tuesday, while soybean basis strengthened. The markets declined due
to a lack of fresh bullish news. Wheat dryness, strong exports, and acreage
reports have already been built in. On Tuesday, President Trump delayed his
"whole civilization attack" on Iran by two weeks if the Strait of Hormuz
opened. Negotiations with Iran will start on Friday. Crude oil prices, after
the truce announcement, experienced their biggest drop since 2020. The EIA will
release its weekly Petroleum Status report on Wednesday at 9:30 a.m. CDT,
including last week's average ethanol production. The markets will stay tuned
to weather forecasts and geopolitical updates.
OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average down 85.42 points at 46,584.46, and the S&P 500 up 5.02
points at 6,616.85. The 10-Year Treasury yield ended at 4.343%. Early
Wednesday, the June Dow Jones Futures are up 1171 points. European markets are
higher, with the spot futures of London's FTSE 100 trading up 2.59%, spot
futures of Germany's DAX are trading up 4.39%, and the spot futures of France's
CAC 40 Index are up 4.16%. Asian markets are higher, with Japan's Nikkei 225
Index up 5.39% and China's Shanghai Composite Index up 2.7%. The June Euro is
up 0.011 at 1.172, and the June U.S. Dollar Index is down 1.017 at 98.665. The
June 30-Year T-Bond is up 1 11/32nds, while June gold is up $132.80 at
$4,817.50 and May crude oil is down $18.77 at $94.18. On China's Dalian
Exchange, May corn was up 0.09% while May soybeans were down 0.22%, and May
soybean meal was steady. June Malaysian Palm Oil was trading down 3.76%.
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