DTN Early Word Grains 07/16 06:00
Grains Mostly Lower, Weather Remains Supportive
December corn is down 3/4 cents per bushel, November soybeans are down 5 1/4
cents, and September K.C. wheat is down 1 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: December corn is down 3/4 cents per bushel, November
soybeans are down 5 1/4 cents, and September K.C. wheat is down 1 1/4 cents.
CME Globex Recap: Quiet equity markets Tuesday morning as earning season gets
set to begin. Investors are also watching to see any developments from a
telephone conference scheduled for later this week between Treasury Secretary
Mnuchin, U.S. Trade Representative Lighthizer and their Chinese counterparts.
If the call is productive, Mr. Mnuchin said he and Mr. Lighthizer may travel to
Beijing for trade negotiations. Grain markets are weaker across the board with
the exception of Minneapolis wheat, which is likely enjoying a bit of spread
unwinding. Improved weather forecasts for late July along with a bit of
improvement in crop conditions appears to be pausing buy programs at this time.
There is still a long way to go between now and successful pollination but the
searing heat does look to subside. Flagging action in December corn looks to
bring price back toward the $4.40 level, an incredibly popular auction price as
OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial
Average up 27.13 at 27,359.16 and the S&P 500 up 0.53 at 3,013.77 while the
10-Year Treasury yield ended at 2.092%. Early Tuesday, the September DJIA
futures are down 17 points. Asian markets are lower with Japan's Nikkei 225
down 150.65 (-0.69%) and China's Shanghai Composite down 4.57 points (-0.16%).
European markets are higher with London's FTSE 100 up 15.41 points (0.2%),
Germany's DAX up 6.42 points (0.05%) and France's CAC 40 up 9.8 points (0.18%).
The September Euro is down 0.002 at 1.130 and the September U.S. dollar index
is up 0.195 at 96.740. The September 30-Year T-Bond is up 4/32nds, while August
gold is up $4.30 at $1,417.80 and August crude oil is up $0.19 at $59.77.
Soybeans on China's Dalian Exchange were -0.99% while soybean meal was -0.81%.
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