DTN Early Word Grains 05/05 05:57
Fiesta or Siesta in Grains? Too Early to Tell
July corn was 1 cent higher, July beans were 3 cents higher, and July Kansas
City wheat was near unchanged.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: July corn was 1 cent higher, July beans were 3 cents
higher, and July Kansas City wheat was near unchanged.
CME Globex Recap: Grains were higher early Thursday, with soybeans showing
some life while corn and wheat were quiet. Crude oil posted another strong
overnight rally, led by commercial buying tied to the wildfire in Canada and
renewed fighting in Libya. For now commodities seem to be writing off the
three-day rally by the U.S. dollar index as nothing more than a minor move
against the major downtrend, particularly with talk this week again emphasizing
no plans by the Federal Reserve to act on interest rates. Gold was able to post
a small gain while DJIA futures point to a modestly higher open by the big
board later in the morning.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 99.65 points lower
at 17,651.26, the NASDAQ Composite was down 37.58 points at 4,725.64, and the
S&P 500 lost 12.25 points to close at 2,051.12 Wednesday. DJIA futures were 42
points higher overnight. Asian and European stock markets were mixed. The U.S.
dollar index rallied another 0.407 to 93.586. Crude oil gained $1.00 to $44.78
while Brent crude was up $0.84 to $45.46. June gold was $3.60 higher at
$1,278.00. China's Dalian soybean futures were lower and Malaysian palm oil
futures were higher overnight.
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