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DTN Early Word Grains 06/30 05:48
Bearish USDA Data May Lower June Row-Crop Prices Further
September corn is up 1/2 cent per bushel, November soybeans are down 1/2
cent, September KC wheat is up 2 cents, September Chicago wheat is up 1 1/4
cents, and MIAX September Minneapolis wheat is up 0.0450 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: September corn is up 1/2 cent per bushel,
November soybeans are down 1/2 cent, September KC wheat is up 2 cents,
September Chicago wheat is up 1 1/4 cents, and MIAX September Minneapolis wheat
is up 0.0450 cents.
CME GLOBEX RECAP: On Monday, July corn dropped 10 3/4 cents, August soybeans
dropped 17 1/4 cents, and September KC wheat dropped 4 3/4 cents. Corn and
soybean basis were stronger, and hard red winter and spring wheat basis were
weaker on Monday, while soft red winter basis was steady. Corn and soybeans
suffered double-digit losses as traders remained unconcerned about crop
progress in June. That said, the USDA dropped its weekly corn and soybean
ratings on Monday compared to a week ago and a year ago. July's crop weather is
less threatening. Additionally, product markets were weaker for the soybean
complex. Traders will be focused on Tuesday's release of the USDA Acreage
Report and Quarterly Stocks Report. The reports have the potential to be market
movers, with average price reactions of 20 and 34 cents over the past five
years for corn and soybeans, respectively. The crude oil market is trading back
and forth amid headlines about uncertainty surrounding U.S.-Iran peace talks.
Reportedly, peace talks will resume today.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 306.63 points to 52,182.74 and the S&P 500 up 86.41
points to 7,440.43. The 10-Year Treasury yield ended at 4.374%. Early Tuesday,
the September Dow Jones Futures are up 86 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.65%, spot futures of
Germany's DAX are trading up 1.11%, and the spot futures of France's CAC 40
Index are up 0.55%. Asian markets are higher, with Japan's Nikkei 225 Index up
0.86% and China's Shanghai Composite Index up 0.5%.
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