DTN Early Word Grains 05/28 05:59
Grains Mixed on Weather, China
July corn is up 1 cent per bushel, July soybeans are down 1 1/4 cents, and
July KC wheat is up 2 1/2 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: July corn is up 1 cent per bushel, July soybeans
are down 1 1/4 cents, and July KC wheat is up 2 1/2 cents.
CME Globex Recap: Equity markets are cautiously higher overnight as
investors await action from the Trump Administration toward Hong Kong.
President Trump and Secretary of State Pompeo have both expressed ideas of
raising sanctions on Hong Kong after China's move to impose a new security law
for Hong Kong. Energy markets are weaker with crude oil looking at a two-day
losing streak for the first time since early May. Both RBOB and heating oil
look as though they are ready to move back under $1.00 per gallon with the
latter having done so overnight. Precious metals are higher and fixed income
markets are mixed. Grain markets are mixed with higher corn and wheat while
soybeans are showing small losses. Weather is the primary driving force at the
moment and will remain so deep into July. The ongoing trade skirmish with China
is also front-page news, but it is difficult for grain markets to react to each
and every headline considering how long this kerfuffle has been going on.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 553.16 at 25,548.27 and the S&P 500 up 44.36 at 2,991.77
while the 10-Year Treasury yield ended at 0.68%. Early Thursday, the June DJIA
futures are up 79 points. Asian markets are higher with Japan's Nikkei 225 up
497.08 (2.32%) and China's Shanghai Composite up 9.42 points (0.33%). European
markets are higher with London's FTSE 100 up 37.53 points (0.61%), Germany's
DAX up 42.72 points (0.37%) and France's CAC 40 up 30.23 points (0.64%). The
June Euro is up 0.001 at 1.100 and the June U.S. dollar index is down 0.073 at
98.985. The June 30-Year T-Bond is down 2/32nds, while June gold is up $13.30
at $1,724.00 and July crude oil is down $0.49 at $32.32. Soybeans on China's
Dalian Exchange were up 1.22% while soybean meal was up 0.07%.
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