DTN Early Word Grains 05/26 05:56
Grains Mixed to Start Shortened Week
July corn is up 1 1/4 cents per bushel, July soybeans are up 5 1/4 cents,
and July KC wheat is down 1/4 cent.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: July corn is up 1 1/4 cents per bushel, July
soybeans are up 5 1/4 cents, and July KC wheat is down 1/4 cent.
CME Globex Recap: Recap: Equity markets were stronger around the globe
overnight as the holiday-shortened week looks to get off to a good start.
Investors are encouraged by the easing of coronavirus lockdowns, which is
taking the focus off U.S.-China trade relations. With many states in the U.S.
having eased restrictions the last two weeks, it is encouraging to see the
daily death rate in the U.S. hovering at its lowest level in two months.
Restrictions easing will obviously be supportive to energy markets with the
complex higher overnight. Precious metals are mixed overnight with gold lower
and silver higher. Grain markets are mixed with row crops higher and wheat
markets lower. Beneficial rains fell in the U.S. and Black Sea over the weekend
while final plant dates for corn began to be hit on Monday in the Northern
Plains. The forecast brings needed dry weather the next 10 days, which should
encourage solid vegetative growth following recent rainfall.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 8.96 at 24,465.16 and the S&P 500 up 6.94 at 2,948.51 while the
10-year Treasury yield ended at 0.657%. Early Tuesday, the June DJIA futures
are up 511 points. Asian markets are higher with Japan's Nikkei 225 up 529.52
(2.55%) and China's Shanghai Composite up 28.58 points (1.01%). European
markets are higher with London's FTSE 100 up 70.32 points (1.17%), Germany's
DAX up 48.99 points (0.43%) and France's CAC 40 up 50.69 points (1.11%). The
June euro is up 0.007 at 1.100 and the June U.S. Dollar Index is down 0.648 at
99.240. The June 30-year T-Bond is down 29/32nds, while June gold is down
$11.30 at $1,724.20 and July crude oil is up $0.82 at $34.07. Soybeans on
China's Dalian Exchange were up 0.14% while soybean meal was up 0.14%.