DTN Early Word Grains 05/21 06:01
Another Wild Weekend
July corn was 3 cents higher, July soybeans were 18 cents higher, and July
Kansas City (HRW) wheat was 4 cents higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: July corn was 3 cents higher, July soybeans were 18
cents higher, and July Kansas City (HRW) wheat was 4 cents higher.
CME Globex Recap: Soybeans rocketed higher at the sound of the opening bell
Sunday evening, sparked by weekend headlines that trade agreements between the
United States and China were near. Most important to the soybean market was the
removal of possible import tariffs by China. While nothing absolute or official
was announced, DJIA futures also jumped an early 200 points. Meanwhile, gold
was lower again.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 1.11 points higher
at 24,715.09, the NASDAQ Composite lost 28.13 points (0.4) to 7,354.34, and the
S&P 500 dipped 7.16 points (0.3%) to 2,712.97 Friday. DJIA futures were 228
points higher early Monday morning. Asian markets closed mostly higher with
Japan's Nikkei 225 up 72.01 points (0.3%), Hong Kong's Hang Seng gaining 186.44
points (0.6%), and China's Shanghai Composite up 20.54 points (0.6%). European
markets were trading mostly higher with London's FTSE 100 up 66.87 points
(0.8%), Germany's DAX down 36.89 points (0.3%), and France's CAC 40 gaining
37.80 points (0.7%). The 10-year Treasury yield was at 3.067% with June 30-year
T-Bonds 2/32 lower at 141'04. The euro was 0.0024 lower at 1.1747 as the U.S.
dollar index gained 0.25 to 93.91. June gold lost $8.00 to $1,283.30 while
crude oil added $0.11 to $71.39. China's Dalian soybean futures were higher and
Malaysian palm oil futures were lower overnight.
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