DTN Early Word Grains 05/20 05:56
Grains Sharply Higher as Quality Concerns, Planting Support
July corn is up 5 cents per bushel, July soybeans are up 7 cents, and July
K.C. wheat is up 12 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: July corn is up 5 cents per bushel, July soybeans are
up 7 cents, and July K.C. wheat is up 12 3/4 cents.
CME Globex Recap: Global equity markets are mixed to weaker Monday morning as
investors refocus on the trade rift between the U.S. and China after a weekend
of mostly disheartening commentary related to a trade deal. The U.S. moved
forward with plans to blacklist Chinese-telecomm giant Huawai and essentially
any country which does business with the company. This is not slowing grains
down, however, as all contracts are sharply higher overnight led by Kansas City
Wheat. The speculative sector is still heavily short our space, providing
upside momentum as more of their positions end up below spot prices. It has
been several years since a major prevent plant event took place and it would
appear that is exactly what the market has on its hands this year.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 98.68 at 25,764.00 and the S&P 500 down 16.79 at 2,876.32 while
the 10-Year Treasury yield ended at 2.393%. Early Monday, the June DJIA futures
are down 26 points. Asian markets are mixed with Japan's Nikkei 225 up 51.64
(0.24%) and China's Shanghai Composite down 11.69 points (-0.41%). European
markets are lower with London's FTSE 100 down 34.78 points (-0.47%), Germany's
DAX down 73.26 points (-0.6%) and France's CAC 40 down 41.75 points (-0.77%).
The June Euro is up 0.000 at 1.120 and the June U.S. dollar index is down 0.049
at 97.775. The June 30-Year T-Bond is down 3/32nds, while June gold is down
$1.70 at $1,274.00 and June crude oil is up $0.29 at $63.05. Soybeans on
China's Dalian Exchange were up 1.17% while soybean meal was up 1.14%.
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