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DTN Early Word Grains 05/11 05:49
Row-Crop Traders Face a Week of Packed Market-Moving Information
July corn is up 3 1/2 cents per bushel, July soybeans are up 12 3/4 cents,
July KC wheat is up 9 cents, July Chicago wheat is up 6 1/2 cents, and MIAX
July Minneapolis wheat is up 0.0775 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 12 3/4 cents, July KC wheat is up 9 cents, July Chicago
wheat is up 6 1/2 cents, and MIAX July Minneapolis wheat is up 0.0775 cents.
CME Globex Recap: On Friday, July corn rose 3 3/4 cents, July soybeans rose
15 3/4 cents, and July KC wheat rose 8 1/2 cents. Soybean, soft red winter
wheat, hard red winter wheat, corn, and hard red spring wheat basis held steady
on Friday. Soybeans led the way higher in the row-crop markets amid optimism
ahead of the upcoming trade meeting between the U.S. and China. Crude oil
prices surged on Sunday after President Trump deemed the Iranian response to a
U.S. proposal to end the war was "totally unacceptable". This week is packed
with market-impacting events. In addition to war watch, traders will see USDA
Crop Progress and Export Inspection Reports on Monday, followed by fresh data
in Tuesday's WASDE Reports. Plus, all eyes now turn toward this week's trade
summit between the U.S. and China. Media reports indicate that the discussions
will center on Chinese purchases of U.S. agricultural, energy, and aerospace
products. Additionally, the House will vote on nationwide, year-round E-15
gasoline sales. Throw in weather updates for a struggling winter wheat crop,
along with corn and soybean planting, and this week will have a lot to say
about row-crop price direction.
OUTSIDE MARKETS: The previous close on Friday showed the Dow Jones
Industrial Average up 12.19 points at 49,609.16, and the S&P 500 up 61.82
points at 7,398.93. The 10-Year Treasury yield ended at 4.364%. Early Monday,
the June Dow Jones Futures are down 21 points. European markets are lower: spot
futures of London's FTSE 100 are up 0.33%, spot futures of Germany's DAX are
down 0.02%, and spot futures of France's CAC 40 Index are down 0.59%. Asian
markets are mixed, with Japan's Nikkei 225 Index down 0.47% and China's
Shanghai Composite Index up 1.08%.
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