DTN Early Word Grains 05/22 08:09
Mixed Ag Trade as Grains Take a Breather, Soybeans Stabilize
July corn is down 5 1/4 cents per bushel, July soybeans are up 2 1/4 cents,
and July K.C. wheat is down 6 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: July corn is down 5 1/4 cents per bushel, July soybeans
are up 2 1/4 cents, and July K.C. wheat is down 6 1/4 cents.
CME Globex Recap: Mixed equity markets around the globe Wednesday morning
with outside market news actually lacking for a change. Chatter from the trade
front has been mostly quiet, minutes from the last FOMC meeting at the end of
April are expected to show a neutral stance toward interest rate policy and to
our knowledge there were no Trump-Tweets early Wednesday morning. Ag markets
are mixed Wednesday morning as grains finally post some consolidation while
soybeans bounce a bit from yesterday's late selloff. The rumors flying around
the trade about a potential second Market Facilitation Payment were hot and
heavy with thoughts an announcement could be made Thursday. Combined with the
still wet forecast, grain futures have plenty to discount at the moment.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 197.43 at 25,877.33 and the S&P 500 up 24.13 at 2,840.23 while the
10-Year Treasury yield ended at 2.426%. Early Wednesday, the June DJIA futures
are down 18 points. Asian markets are mixed with Japan's Nikkei 225 up 10.92
(0.05%) and China's Shanghai Composite down 14.26 points (-0.49%). European
markets are higher with London's FTSE 100 up 36.09 points (0.49%), Germany's
DAX up 58.86 points (0.48%) and France's CAC 40 up 12.91 points (0.24%). The
June Euro is up 0.001 at 1.120 and the June U.S. dollar index is down 0.061 at
97.835. The June 30-Year T-Bond is down 0/32nds, while June gold is up $0.40 at
$1,273.60 and July crude oil is down $0.56 at $62.57. Soybeans on China's
Dalian Exchange were down -0.79% while soybean meal was up 0.11%.
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