News & Resources

DTN Early Word Grains 07/01 05:59

1 Jul 2019
DTN Early Word Grains 07/01 05:59 Row Crops Higher, Wheat Weaker Following USDA Report Surprise December corn is up 1 cent, November soybeans are up 4 3/4 cents, and September K.C. wheat is down 1 cent. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 1 cent, November soybeans are up 4 3/4 cents, and September K.C. wheat is down 1 cent. CME Globex Recap: Global equity markets are sharply higher as we begin the Fourth of July trading week following constructive trade talks between the U.S. and China in Japan last weekend. There is still nothing concrete being agreed to on either side, but both parties have agreed to resume negotiations, a step in the right direction. The positive sentiment is helping lift energies as well with crude oil back over $60 per barrel for the first time since May 23. Grains are mixed with row crops higher and wheat lower following the bombshell USDA report issued Friday. Fortunately, corn and wheat have stabilized as cooler heads appear to be prevailing and traders are choosing to believe their eyes regarding unplanted acreage across the Corn Belt as opposed to the USDA's June acreage survey. Most importantly, Friday's acreage survey did not have a yield component which is still very much in jeopardy given the delayed nature of this year's crop. Model-to-model changes will bring back volatility as will the uncertainty of the looming July WASDE. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average up 73.38 at 26,599.96 and the S&P 500 up 16.84 at 2,924.92 while the 10-Year Treasury yield ended at 2%. Early Monday, the September DJIA futures are up 263 points. Asian markets are higher with Japan's Nikkei 225 up 454.05 (2.13%) and China's Shanghai Composite up 66.02 points (2.22%). European markets are higher with London's FTSE 100 up 78.92 points (1.06%), Germany's DAX up 146.3 points (1.18%) and France's CAC 40 up 39.3 points (0.71%). The September Euro is down 0.005 at 1.140 and the September U.S. dollar index is up 0.439 at 96.105. The September 30-Year T-Bond is down 9/32nds, while August gold is down $20.60 at $1,393.10 and August crude oil is up $1.59 at $60.06. Soybeans on China's Dalian Exchange were down -0.15% while soybean meal was down -0.07%.