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DTN Early Word Grains 06/02 05:49
It's a Weather Market, and It's Bearish for Row-Crops
July corn is down 2 cents per bushel, July soybeans are down 3 1/2 cents,
July KC wheat is down 7 1/4 cents, July Chicago wheat is down 4 1/2 cents, and
MIAX July Minneapolis wheat is down 0.0175 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is down 2 cents per bushel, July
soybeans are down 3 1/2 cents, July KC wheat is down 7 1/4 cents, July Chicago
wheat is down 4 1/2 cents, and MIAX July Minneapolis wheat is down 0.0175 cents.
CME GLOBEX RECAP: On Monday, July corn dropped 2 3/4 cents, July soybeans
dropped 6 cents, and July KC wheat was down 2 3/4 cents. Soybean, hard red
winter wheat, spring wheat, mild red winter, and corn basis were stronger on
Monday. USDA's corn and soybean condition ratings, as of May 31, are below
trade expectations, while planting is nearly finished. On Monday, USDA's Weekly
Export Inspection Report showed corn bookings at a four-week high, while
soybean inspections hit a marketing-year low. U.S. crop-growing weather is
reportedly favorable through mid-June. Traders are still unsure whether the
U.S. and Iran will remain at the peace table or resume fighting. Meanwhile,
President Trump attempts to end the fighting between Israel and Hezbollah in
Lebanon with hopes of leveraging it to unlock a deal with Iran.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 46.42 points to 51,078.88 and the S&P 500 up 19.90 points
to 7,599.96. The 10-Year Treasury yield ended at 4.475%. Early Tuesday, the
June Dow Jones Futures are down 225 points. European markets are higher, with
the spot futures of London's FTSE 100 trading up 0.52%, spot futures of
Germany's DAX are trading up 1.01%, and the spot futures of France's CAC 40
Index are up 0.68%. Asian markets are mixed, with Japan's Nikkei 225 Index down
0.3% and China's Shanghai Composite Index up 0.43%.
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