DTN Early Word Grains 04/06 05:54
Row Crops Weak as Wheat Rallies
May corn is down 2 1/4 cents per bushel, May soybeans are down 4 cents, and
May KC wheat is up 12 1/2 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is down 2 1/4 cents per bushel, May soybeans
are down 4 cents, and May KC wheat is up 12 1/2 cents.
CME Globex Recap: Global equity markets are higher overnight with sharp gains
expected in the U.S. after President Trump expressed hope that the coronavirus
health crisis was "leveling-off" in some of the nation's hot spots. Energy
markets are lower overnight after a planned meeting between OPEC+ was delayed
by several days, highlighting the difficulty the group is going to have in
agreeing on global crude oil production cuts. The U.S. economy lost 701,000
jobs during the month of March, ending the historic run of job creation and
pushing the unemployment rate to 4.4% from 3.5% the month previous. Grains are
mixed overnight with weaker row crops while wheat markets tack on double-digit
gains in Chicago and Kansas City. Dryness concerns in two of the world's
largest exporters are starting to intensify, as are concerns about export
availability if the global lockdown persists into summer. The U.S. is
well-positioned to capture swing export business with ample supplies to do so.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 360.91 at 21,052.53 and the S&P 500 down 38.25 at 2,526.90 while
the 10-Year Treasury yield ended at 0.587%. Early Monday, the June DJIA futures
are up 760 points. Asian markets are mixed with Japan's Nikkei 225 up 756.11
(4.24%) and China's Shanghai Composite down 16.65 points (-0.6%). European
markets are higher with London's FTSE 100 up 118.59 points (2.04%), Germany's
DAX up 421.85 points (4.43%) and France's CAC 40 up 145.65 points (3.51%). The
June Euro is down 0.000 at 1.080 and the June U.S. dollar index is up 0.078 at
100.755. The June 30-Year T-Bond is down 59/32nds, while June gold is up $18.30
at $1,664.00 and May crude oil is down $1.19 at $27.15. China's Dalian
Commodity Exchange was closed. Malaysian palm oil was up 0.40% overnight.
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