DTN Early Word Grains 05/13 05:58
13 May 2020
DTN Early Word Grains 05/13 05:58 Grains Weak Post-WASDE July corn is down 1 1/2 cents per bushel, July soybeans are down 1 1/4 cents, and July KC wheat is down 4 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is down 1 1/2 cents per bushel, July soybeans are down 1 1/4 cents, and July KC wheat is down 4 1/2 cents. CME Globex Recap Equity markets are mixed overnight with decent losses in Europe while U.S. futures are pointing toward a higher open. The trade war with China grabbed the spotlight once again Tuesday as President Trump sent a letter to the head of the Federal Retirement Thrift Investment Board telling him not to invest in index funds that buy Chinese shares according to the Financial Times. The move doesn't carry the consequences of tariffs or sanctions, but it is still a clear slight toward the growing rift with the world's second largest economy. Energy markets are mixed while precious metals are quietly higher. Grain markets are weaker across the board following the release of the May WASDE on Tuesday. The focus of trade moving forward will be either confirming or denying the bountiful supplies in the corn market, acreage chances in soybeans and how competitive U.S. wheat can be in the 2020/21 marketing year. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 457.21 at 23,764.78 and the S&P 500 down 60.20 at 2,930.32 while the 10-Year Treasury yield ended at 0.678%. Early Wednesday, the June DJIA futures are up 148 points. Asian markets are mixed with Japan's Nikkei 225 down 99.43 (-0.49%) and China's Shanghai Composite up 6.49 points (0.22%). European markets are lower with London's FTSE 100 down 52.89 points (-0.88%), Germany's DAX down 135.93 points (-1.26%) and France's CAC 40 down 64.16 points (-1.43%). The June Euro is up 0.000 at 1.090 and the June U.S. dollar index is down 0.006 at 99.950. The June 30-Year T-Bond is up 11/32nds, while June gold is up $0.20 at $1,707.00 and July crude oil is up $0.11 at $26.44. Soybeans on China's Dalian Exchange were up 1.27% while soybean meal was down 2.91%.