DTN Early Word Grains 04/23 05:51
Weaker Grains as Planters Roll, Funds Extend Shorts
May corn is down 2 cents per bushel, May soybeans are down 1/2 cent, and
July K.C. wheat is down 2 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is down 2 cents per bushel, May soybeans are
down 1/2 cent, and July K.C. wheat is down 2 3/4 cents.
CME Globex Recap: Global equity markets are lightly mixed Tuesday as crude
oil continues its march higher. Overnight, crude oil climbed to its highest
level since Oct. 31 as traders raise concerns about supply as the Trump
administration demands zero imports of Iranian oil by any country. The
administration said they aim to bring Iran's crude oil exports "to zero."
Despite the strength in the normally supportive crude oil market, grains cannot
seem to lift a shoulder off the mat as planting conditions improve, and trade
talks seem just out of reach. Traders are starting to realize that one of the
only things that might be able to turn grains around are large-scale purchases
of U.S. grains by China.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 3.12 at 26,449.54 and the S&P 500 down 6.61 at 2,907.06 while the
10-Year Treasury yield ended at 2.592%. Early Tuesday, the June DJIA futures
are down 18 points. Asian markets are mixed with Japan's Nikkei 225 up 41.84
(0.19%) and China's Shanghai Composite down 16.45 points (-0.51%). European
markets are mixed with London's FTSE 100 up 27.29 points (0.37%), Germany's DAX
down 25.72 points (-0.21%) and France's CAC 40 down 10.32 points (-0.18%). The
June euro is down 0.000 at 1.130 and the June U.S. dollar index is up 0.045 at
97.000. The June 30-year T-Bond is up 3/32nds, while June gold is down $2.50 at
$1,275.10 and May crude oil is up $1.70 at $65.70. Soybeans on China's Dalian
Exchange were up 0.27% while soybean meal was unchanged.
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