DTN Early Word Grains 05/22 05:55
A Much Quieter Morning
July corn was 2 cents higher, July soybeans were 1 cent higher, and July
Kansas City (HRW) wheat was 6 cents higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: July corn was 2 cents higher, July soybeans were 1 cent
higher, and July Kansas City (HRW) wheat was 6 cents higher.
CME Globex Recap: Not surprisingly, markets in general were much quieter
overnight into Tuesday morning than 24 hours ago. Most notably, DJIA futures
were only up 60 points rather than 200 points-plus. On the other hand, the U.S.
dollar index was weaker providing new support to gold and sparking continued
buying in crude oil. The grain and oilseed complex was quietly higher across
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 298.20 points (1.2%)
higher at 25,013.29, the NASDAQ Composite gained 39.70 points (0.5%) to
7,394.04, and the S&P 500 rallied 20.04 points (0.7%) to 2,733.01 Monday. DJIA
futures were 62 points higher early Tuesday morning. Asian markets closed mixed
with Japan's Nikkei 225 down 42.03 points (0.2%), Hong Kong's Hang Seng closed,
and China's Shanghai Composite up 0.51 point. European markets were trading
mostly higher with London's FTSE 100 up 3.85 points, Germany's DAX up 2.87
points, and France's CAC 40 down 4.90 points. The 10-year Treasury yield was
3.065% with June 30-year T-Bonds 3/32 lower at 141'05. The euro was 0.0034
higher at 1.1825 as the U.S. dollar index lost 0.21 to 93.33. June gold gained
$3.50 to $1,294.40 while crude oil added $0.31 to $72.55. China's Dalian
soybean and Malaysian palm oil futures were both higher overnight.
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