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DTN Early Word Grains 05/12 05:47
Row Crop Markets Await USDA Data, U.S.-China Trade Summit
July corn is down 1/4 cent per bushel, July soybeans are up 1 1/4 cents,
July KC wheat is up 13 cents, July Chicago wheat is up 8 1/2 cents, and MIAX
July Minneapolis wheat is up 0.0850 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is down 1/4 cent per bushel,
July soybeans are up 1 1/4 cents, July KC wheat is up 13 cents, July Chicago
wheat is up 8 1/2 cents, and MIAX July Minneapolis wheat is up 0.0850 cents.
CME Globex Recap: On Monday, July corn dropped 4 cents, July soybeans rose 5
cents, and July KC wheat rose 10 1/2 cents. Soybean, hard red winter wheat,
corn, and hard red spring wheat basis were steady on Monday, while soft red
winter wheat basis was weaker. The markets were generally higher on Monday
after the U.S. labeled the Iranian response to its peace proposal as
"unacceptable" and said the month-old ceasefire is on "life support". That
reaction pushed crude oil higher, supporting grains and oilseeds. Traders also
positioned ahead of Tuesday's USDA WASDE Reports and President Trump's trade
visit with China on Wednesday. U.S. corn farmers are over halfway finished with
corn seeding, and nearly halfway on soybeans, the USDA said on Monday. Both are
ahead of five-year averages. Meanwhile, winter wheat condition ratings continue
to decline.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 95.31 points at 49,704.47, and the S&P 500 up 13.91
points at 7,412.84. The 10-Year Treasury yield ended at 4.41%. Early Tuesday,
the June Dow Jones Futures are down 70 points. European markets are lower, with
spot futures of London's FTSE 100 down 0.6%, spot futures of Germany's DAX down
1.06%, and spot futures of France's CAC 40 Index down 0.69%. Asian markets are
mixed, with Japan's Nikkei 225 Index up 0.52% and China's Shanghai Composite
Index down 0.25%.
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