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DTN Early Word Grains 03/04 05:50
Row-Crop Markets Digest Iran War, Strong Dollar Caps Rallies
May corn is down 1 cent per bushel, May soybeans are up 1 cent, May KC wheat
is down 2 3/4 cents, May Chicago wheat is down 4 cents, and MIAX May
Minneapolis wheat is down 0.0075 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is down 1 cent per bushel, May
soybeans are up 1 cent, May KC wheat is down 2 3/4 cents, May Chicago wheat is
down 4 cents, and MIAX May Minneapolis wheat is down 0.0075 cents.
CME GLOBEX RECAP: On Tuesday, May corn edged higher, May soybeans rose 6 1/2
cents, and May KC wheat gained 3 1/2 cents. The markets initially rallied but
couldn't surpass their highs. Crude oil's 15% increase this week, driven by
disruptions in global oil flow due to the Iranian conflict, supported farm
markets. Media reports early Wednesday suggest Iran is nearing a decision on a
new leader. A strengthening U.S. dollar capped rallies on Tuesday. Soybean,
soft red winter wheat, and spring wheat basis weakened on Tuesday, while corn
basis strengthened, and hard red winter wheat basis remained steady. At 9:30
a.m. CST on Wednesday, the EIA is expected to report steady ethanol production
figures in its weekly Petroleum Status Report. At 11 a.m. CST, USDA will
release its March State Stories report, which will include updates on winter
wheat conditions across the U.S.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average down 403.51 at 48,501.27 and the S&P 500 down 64.99 at 6,816.63. The
10-Year Treasury yield ended at 4.056%. Early Wednesday, the March Dow Jones
Futures are up 77 points. European markets are higher, with the spot futures of
London's FTSE 100 trading up 0.74%, spot futures of Germany's DAX are trading
up 1.78%, and the spot futures of France's CAC 40 Index are up 1.1%. Asian
markets are lower, with Japan's Nikkei 225 Index down 3.61% and China's
Shanghai Composite Index down 0.98%.
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