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DTN Early Word Grains 05/28 05:44
Corn, Soybeans, Wheat Likely to End May in the Red
EARLY MORNING GLOBEX NET CHANGES: July corn is up 3 1/2 cents per bushel,
July soybeans are up 7 1/2 cents, July KC wheat is down 1 cent, July Chicago
wheat is up 2 cents, and MIAX July Minneapolis wheat is down 0.0075 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is up 3 1/2 cents per bushel,
July soybeans are up 7 1/2 cents, July KC wheat is down 1 cent, July Chicago
wheat is up 2 cents, and MIAX July Minneapolis wheat is down 0.0075 cents.
CME GLOBEX RECAP: On Wednesday, July corn dropped 5 cents, July soybeans
fell 3/4 of a cent, and July KC wheat was down 6 1/2 cents. Corn, soybean,
spring wheat, and hard red winter wheat basis were steady on Wednesday, while
soft red winter wheat basis was stronger. Soybean losses were trimmed by
strength in soybean meal and soybean oil. Wheat and corn markets were pressured
by lower energy futures after an Iran-based report that a peace deal was
reached between the U.S. and Iran. The White House later denied that report.
The Energy Information Administration will release the delayed Petroleum Status
report at 9:30 a.m. CDT, which will include last week's ethanol production.
OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average up 182.60 points to 50,644.28 and the S&P 500 up 1.24 points
to 7,520.36. The 10-Year Treasury yield ended at 4.481%. Early Thursday, the
June Dow Jones Futures are down 50 points. European markets are lower, with the
spot futures of London's FTSE 100 trading down 0.7%, the spot futures of
Germany's DAX trading down 0.36%, and the spot futures of France's CAC 40 Index
trading down 0.37%. Asian markets are mixed, with Japan's Nikkei 225 Index down
0.47% and China's Shanghai Composite Index up 0.12%. The June Euro is down
0.002 at 1.162, and the June U.S. Dollar Index is up 0.161 at 99.310. The June
30-Year T-Bond is down 4/32nds, while June gold is down $58.60 at $4,389.80,
and July crude oil is up $1.62 at $90.30. On China's Dalian Exchange, July corn
was down 0.35% while July soybeans were down 0.14%, September soybean meal was
up 0.2%, and August Malaysian Palm Oil was trading up 0.87%.
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