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DTN Early Word Grains 03/27 05:48
Traders Position Ahead of Next Week's USDA Planting Data
EARLY MORNING GLOBEX NET CHANGES: May corn is up 2 1/4 cents per bushel, May
soybeans are up 3 1/4 cents, May KC wheat is up 4 1/4 cents, May Chicago wheat
is up 2 cents, and MIAX May Minneapolis wheat is up 0.0275 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is up 2 1/4 cents per bushel, May
soybeans are up 3 1/4 cents, May KC wheat is up 4 1/4 cents, May Chicago wheat
is up 2 cents, and MIAX May Minneapolis wheat is up 0.0275 cents.
CME GLOBEX RECAP: On Thursday, May corn fell 1/4 of a cent, May soybeans
gained 2 cents, and May KC wheat increased by 9 cents. Corn, soybean, and
spring wheat basis were steady on Thursday, while hard red winter wheat and
soft red winter wheat basis were stronger. Higher energy markets boosted the
soybean and wheat markets. President Trump's deadline for Iran to reopen the
Strait of Hormuz approached with little sign of the conflict ending. After the
close Thursday, Trump announced an extension of the deadline. Friendly biofuel
policy news expected this week or next underpinned the soybean trade. Corn was
pressured by higher stock expectations in next week's USDA Grain Stocks Report.
On Friday, the CFTC will release updated investor positions in its Commitments
of Traders Report.
OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average down 469.38 at 45,960.11 and the S&P 500 down 114.74 at
6,477.16. The 10-Year Treasury yield ended at 4.416%. Early Friday, the June
Dow Jones Futures are down 85 points. European markets are lower, with the spot
futures of London's FTSE 100 trading down 0.48%, spot futures of Germany's DAX
are trading down 1.16%, and the spot futures of France's CAC 40 Index are down
0.82%. Asian markets are mixed, with Japan's Nikkei 225 Index down 0.43% and
China's Shanghai Composite Index up 0.63%. The June Euro is down 0.001 at
1.157, and the June U.S. Dollar Index is up 0.097 at 99.805. The June 30-Year
T-Bond is down 17/32nds, while April gold is up $49.00 at $4,425.30 and May
crude oil is up $1.69 at $96.17. On China's Dalian Exchange, May corn was down
0.38% while May soybeans were down 0.78%, May soybean meal was down 0.61%, and
June Malaysian Palm Oil was trading up 1.03%.
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