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DTN Early Word Grains 04/09 05:51
Row-Crop Markets Brace for Thursday's Data Overload
May corn is up 2 1/2 cents per bushel, May soybeans are up 3 1/4 cents, May
KC wheat is up 8 1/4 cents, May Chicago wheat is up 6 3/4 cents, and MIAX May
Minneapolis wheat is up 0.0450 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is up 2 1/2 cents per bushel, May
soybeans are up 3 1/4 cents, May KC wheat is up 8 1/4 cents, May Chicago wheat
is up 6 3/4 cents, and MIAX May Minneapolis wheat is up 0.0450 cents.
CME GLOBEX RECAP: On Wednesday, May corn fell by 1 cent, May soybeans rose
by 3 3/4 cents, and May KC wheat decreased by 12 1/4 cents. Corn, soybean, and
spring wheat basis were stronger on Wednesday, while hard red winter wheat and
soft red winter wheat basis were steady. Corn futures dropped on the
agreed-upon two-week ceasefire news between the U.S. and Iran. Soybean prices,
dragged down by weakness in soybean oil and a crashing crude oil market due to
the ceasefire, still managed to move higher. Wheat fell for the fourth time in
the past five sessions. Iran is reportedly limiting the number of ships to a
dozen that will be allowed to pass through the Strait of Hormuz on a daily
basis, charging ships a toll. USDA will release its weekly export sales report
on Thursday at 7:30 a.m. CDT. At 11 a.m. CDT, USDA will release the April issue
of the World Agricultural Supply and Demand Estimates (WASDE) report, typically
a quiet iteration that will focus on the old crop 2025-26 grain market
fundamentals.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 1,325.46 at 47,909.92 and the S&P 500 up 165.96 at
6,782.81. The 10-Year Treasury yield ended at 4.291%. Early Thursday, the June
Dow Jones Futures are down 173 points. European markets are lower, with the
spot futures of London's FTSE 100 trading down 0.06%, spot futures of Germany's
DAX are trading down 0.93%, and the spot futures of France's CAC 40 Index are
down 0.85%. Asian markets are lower, with Japan's Nikkei 225 Index down 0.73%
and China's Shanghai Composite Index down 0.72%.
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