DTN Early Word Grains 03/27 05:59
Grains Mixed to Stronger to Finish Week
May corn is down 1 3/4 cents per bushel, May soybeans are up 7 cents, and
May KC wheat is up 5 1/2 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is down 1 3/4 cents per bushel, May soybeans
are up 7 cents, and May KC wheat is up 5 1/2 cents.
CME Globex Recap: Stock markets are weaker overnight, looking to end the
three-day winning streak in the United States despite expectations the $2
trillion rescue bill will be signed in the House of Representatives later
Friday and signed by President Trump. The market could be a bit nervous about
the prospect of the bill needing to be passed by a unanimous voice consent
since the chamber is on recess. If a single House member objects to a unanimous
voice consent, then Speaker Pelosi will have to call all members back to
Washington for a vote which could delay a vote by 1-2 days. In other news,
President Trump and President Xi of China spoke by telephone early Friday
morning with the call described as "very good" by President Trump. Grains are
mixed overnight with stronger soy and wheat prices while corn trades weaker.
Price action in wheat and beans remains encouraging while corn traders feel as
though they are waiting for the other shoe to drop with regard to ethanol
production. All markets are gearing up for the March 31 USDA reports taking the
focus off financial markets and coronavirus for at least the day.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average up 1,351.62 at 22,552.17 and the S&P 500 up 154.51 at 2,475.56 while
the 10-Year Treasury yield ended at 0.811%. Early Friday, the June DJIA futures
are down 455 points. Asian markets are higher with Japan's Nikkei 225 up 724.83
(3.88%) and China's Shanghai Composite up 7.29 points (0.26%). European markets
are lower with London's FTSE 100 down 227.77 points (-3.79%), Germany's DAX
down 174.51 points (-1.74%) and France's CAC 40 down 131.25 points (-2.89%).
The June Euro is down 0.004 at 1.100 and the June U.S. dollar index is up 0.202
at 99.655. The June 30-Year T-Bond is up 25/32nds, while April gold is down
$25.70 at $1,625.50 and May crude oil is up $0.07 at $22.67. Soybeans on
China's Dalian Exchange were up 2.8% while soybean meal was up 0.93%.
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