DTN Early Word Grains 04/22 06:00
Grains Weaker as Planting Progress, Trade Remain Focus
May corn is down 1 1/2 cents per bushel, May soybeans are down 1 1/4 cents,
and July K.C. wheat is down 3 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is down 1 1/2 cents per bushel, May soybeans
are down 1 1/4 cents, and July K.C. wheat is down 3 3/4 cents.
CME Globex Recap: Equity markets are mixed to weaker Monday morning with
parts of the world still on holiday for Easter Monday. Lots of focus on trade
this week with U.S.-Japan trade talks resuming as well as investors awaiting
confirmation U.S.-China trade talks will take place next week as scheduled.
With spring planting progress finally taking place, there are lots of cross
currents for agriculture markets after an incredibly long winter. Grains are
weaker across the board this morning as growing managed fund shorts can only
provide so much support while planting progress is moves forward and demand
remains a concern for multiple end users. Producers will be dodging rain in
parts of the Midwest this week, but for the most part, conditions are favorable
for seeding and early germination.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average up 110.00 at 26,559.54 and the S&P 500 up 4.58 at 2,900.45 while the
10-Year Treasury yield ended at 2.56%. Early Monday, the June DJIA futures are
down 70 points. Asian markets are mixed with Japan's Nikkei 225 up 127.78
(0.58%) and China's Shanghai Composite down 35.16 points (-1.08%). European
markets are mixed with London's FTSE 100 down 11.44 points (-0.15%), Germany's
DAX up 69.32 points (0.57%) and France's CAC 40 up 17.29 points (0.31%). The
June Euro is up 0.002 at 1.130 and the June U.S. dollar index is down 0.131 at
97.020. The June 30-Year T-Bond is down 8/32nds, while June gold is up $4.70 at
$1,280.70 and May crude oil is up $1.51 at $65.51. Soybeans on China's Dalian
Exchange were down -0.48% while soybean meal was down -0.16%.
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