DTN Early Word Grains 03/30 05:56
Wheat, Soybeans Continue Rally Efforts
May corn is down 3/4 cent per bushel, May soybeans are up 8 1/2 cents, and
May KC wheat is up 7 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is down 3/4 cent per bushel, May soybeans are
up 8 1/2 cents, and May KC wheat is up 7 1/4 cents.
CME Globex Recap: Equity markets are mostly lower around the globe while U.S.
futures point to a mostly steady open. Energy prices are being hit hard
overnight with spot crude oil prices in the U.S. dipping below $20.00 per
barrel once again. Energy prices seemed to find renewed selling pressure after
President Trump extended social distancing guidelines until April 30 with an
advisor warning coronavirus-related deaths could climb as high as 200,000 in
the United States. As of last count, there were 142,746 cases in the U.S. with
2,489 reported deaths and 4,562 recoveries. Grain markets are mixed overnight
with wheat and the soy complex stronger while corn prices remain weak amid the
energy selloff. Both wheat and soybeans stand to benefit on the export front as
global importers reach for coverage. Corn export demand has improved sharply
but not enough to offset the losses seen in the ethanol sector. Monday's
session could feature some volatile trade as positions are evened ahead of
Tuesday's USDA reports.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 915.39 at 21,636.78 and the S&P 500 down 88.60 at 2,630.07 while
the 10-Year Treasury yield ended at 0.749%. Early Monday, the June DJIA futures
are up 2 points. Asian markets are lower with Japan's Nikkei 225 down 304.46
(-1.57%) and China's Shanghai Composite down 24.99 points (-0.9%). European
markets are lower with London's FTSE 100 down 52.42 points (-0.95%), Germany's
DAX down 29.45 points (-0.31%) and France's CAC 40 down 38.11 points (-0.88%).
The June Euro is down 0.005 at 1.110 and the June U.S. dollar index is up 0.518
at 99.055. The June 30-Year T-Bond is up 63/32nds, while April gold is up $3.40
at $1,628.40 and May crude oil is down $1.09 at $20.42. Soybeans on China's
Dalian Exchange were up 2.87% while soybean meal was up 2.28%.
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