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DTN Early Word Grains 05/19 05:47
Deteriorating Wheat Ratings Imply Small Crop Getting Smaller
July corn is up 2 1/4 cents per bushel, July soybeans are up 1 1/4 cents,
July KC wheat is up 7 1/4 cents, July Chicago wheat is up 7 1/4 cents, and MIAX
July Minneapolis wheat is up 0.0900 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is up 2 1/4 cents per bushel,
July soybeans are up 1 1/4 cents, July KC wheat is up 7 1/4 cents, July Chicago
wheat is up 7 1/4 cents, and MIAX July Minneapolis wheat is up 0.0900 cents.
CME Globex Recap: On Monday, July corn rose 21 1/4 cents, July soybeans
surged 36 cents, and July KC wheat rose 15 3/4 cents. Corn and soybean basis
were steady on Monday, while spring wheat, soft red winter wheat, and hard red
winter wheat basis were weaker. Though all row-crop markets took part in
Monday's rally, the soybean market recovered most of Thursday and Friday's
losses, as traders apparently sought any value or volume indication to deem
last week's trade summit a bullish success. Regarding the weekend trade
details, it is not fully confirmed, but it is reported that the $17 billion in
U.S. agricultural products will be in addition to the 25 million metric tons
(mmt) of soybeans, which has been a volume target since last October's summit
in South Korea. The 25 mmt of soybeans at $13.00 (FOB) would be worth nearly
$12 billion. Crude oil retreated after President Trump announced on Monday that
he had paused a planned U.S. attack on Iran at the request of Gulf leaders.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 159.95 points at 49,686.12, and the S&P 500 down 5.45
points at 7,403.05. The 10-Year Treasury yield ended at 4.623%. Early Tuesday,
the June Dow Jones Futures are down 57 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.72%, spot futures of
Germany's DAX are trading up 1.41%, and the spot futures of France's CAC 40
Index are up 0.75%. Asian markets are mixed, with Japan's Nikkei 225 Index down
0.44% and China's Shanghai Composite Index up 0.92%.
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