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DTN Early Word Grains 05/22 05:52
Wet Forecasts, Peace Deal Uncertainty Direct Row-Crop Prices
July corn is up 2 3/4 cents per bushel, July soybeans are up 5 1/4 cents,
July KC wheat is up 2 cents, July Chicago wheat is up 1 3/4 cents, and MIAX
July Minneapolis wheat is up 0.0275 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is up 2 3/4 cents per bushel,
July soybeans are up 5 1/4 cents, July KC wheat is up 2 cents, July Chicago
wheat is up 1 3/4 cents, and MIAX July Minneapolis wheat is up 0.0275 cents.
CME Globex Recap: On Thursday, July corn dropped 3 1/2 cents, July soybeans
fell 5 1/2 cents, and July KC wheat was down 11 3/4 cents. Corn, soybean, hard
red winter wheat, spring wheat, and soft red winter wheat basis were stronger.
The markets are falling due to increased chances of rain toward the end of May
and the first part of June. Thursday's trading session showed support, only to
turn lower when the market turned optimistic about the conflict in the Middle
East ending and the reopening of the Strait of Hormuz. On the bull side, the
USDA's weekly export corn sales for the week ended May 14 were very strong, and
soybean sales were steady. On Friday, USDA will release the May Cattle on Feed
report at 2 p.m. CDT. Later, at 2:30 p.m. CDT, the CFTC will release the weekly
Commitments of Traders report, updating positions as of Tuesday, May 19.
OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average up 276.31 points to 50,285.66 and the S&P 500 up 12.75
points to 7,445.72. The 10-Year Treasury yield ended at 4.586%. Early Friday,
the June Dow Jones Futures are up 157 points. European markets are higher, with
the spot futures of London's FTSE 100 trading up 0.13%, spot futures of
Germany's DAX are trading up 0.41%, and the spot futures of France's CAC 40
Index are up 0.46%. Asian markets are higher, with Japan's Nikkei 225 Index up
2.68% and China's Shanghai Composite Index up 0.87%.
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