DTN Early Word Grains 06/24 06:07
Grains Higher With USDA Report Week Upon Us
July corn is up 3 1/2 cents, July soybeans are up 6 1/2 cents, and September
K.C. wheat is up 4 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: July corn is up 3 1/2 cents, July soybeans are up 6 1/2
cents, and September K.C. wheat is up 4 3/4 cents.
CME Globex Recap: Global equities are quietly mixed around the globe Monday
morning despite an important week for global trade and Middle East tensions.
President Xi of China and President Trump are scheduled to meet this weekend in
Japan on the sidelines of the G-20 Summit. Negotiators from both sides are
expected to be working around the clock leading up to the meeting. Markets will
also be watching moves by both Iran and the U.S. after tensions heated up to
close last week. President Trump said in an interview this past weekend he does
not want conflict with Iran but much could ride on actions taken by Iran as
opposed to Washington. Grains are all higher Monday morning in the lead up to
the USDA reports Friday. Markets will have a tough time making fresh highs in
front of such high risk reports, although with heightened volatility, anything
remains possible. Model-to-model weather will also take on increased importance
as outlooks start peaking into July.
OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial
Average down 34.04 at 26,719.13 and the S&P 500 down 3.72 at 2,954.18 while the
10-Year Treasury yield ended at 2.068%. Early Monday, the September DJIA
futures are up 58 points. Asian markets are higher with Japan's Nikkei 225 up
27.35 (0.13%) and China's Shanghai Composite up 6.17 points (0.21%). European
markets are mixed with London's FTSE 100 up 2.05 points (0.03%), Germany's DAX
down 71.03 points (-0.58%) and France's CAC 40 down 10.36 points (-0.19%). The
September Euro is up 0.002 at 1.150 and the September U.S. dollar index is down
0.168 at 95.550. The September 30-Year T-Bond is up 20/32nds, while August gold
is up $10.30 at $1,410.40 and August crude oil is up $0.46 at $57.89. Soybeans
on China's Dalian Exchange were down -2.85% while soybean meal was down -0.25%.
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