DTN Early Word Grains 04/24 06:11
Grains Mixed as Bulls Continue Grasping at Straws
May corn is up 3/4 cents per bushel, May soybeans are up 3 cents, and July
K.C. wheat is down 3 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is up 3/4 cents per bushel, May soybeans are
up 3 cents, and July K.C. wheat is down 3 3/4 cents.
CME Globex Recap: Equity markets will be mixed to higher Wednesday following
all-time highs in U.S. benchmarks on Tuesday. Investors have taken solace in
the more dovish stance from the Federal Reserve in 2019 versus the one seen in
most of 2018. The performance of equities versus commodities has been nothing
short of impressive, making the latter one of the cheapest asset classes
available. Grains are mixed Wednesday with more weakness for wheat while row
crops attempt to bounce from Tuesday's poor showing. Managed funds have
momentum on their side, providing every reason to keep adding to their winning
positions. In the short-term, our markets need a change to adverse weather or a
major breakthrough in trade talks with China to turn the tide.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 145.34 at 26,656.39 and the S&P 500 up 25.71 at 2,907.97 while the
10-year Treasury yield ended at 2.57%. Early Wednesday, the June DJIA futures
are up 24 points. Asian markets are mixed with Japan's Nikkei 225 down 59.74
(0.27%) and China's Shanghai Composite up 3.02 points (0.09%). European markets
are higher with London's FTSE 100 down 19.82 points (0.26%), Germany's DAX up
111.48 points (0.91%) and France's CAC 40 up 3.84 points (0.07%). The June euro
is down 0.000 at 1.130 and the June U.S. dollar index is up 0.005 at 97.325.
The June 30-year T-Bond is up 15/32nds, while June gold is up $0.60 at
$1,273.80 and June crude oil is down $0.35 at $65.95. Soybeans on China's
Dalian Exchange were up 0.06% while soybean meal was down 0.32%.
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