DTN Early Word Grains 06/28 05:55
Grains Post Relief Rally Led by Chicago
July corn is up 10 3/4 cents per bushel, July soybeans are up 17 1/2 cents,
and September KC wheat is up 14 1/2 cents.
DTN Contributing Analyst
PRE-6 a.m. GLOBEX PRICES: July corn is up 10 3/4 cents per bushel, July
soybeans are up 17 1/2 cents, and September KC wheat is up 14 1/2 cents.
CME GLOBEX RECAP: Global equity markets are stronger overnight with U.S.
futures also poised for a higher open later Tuesday morning. Chinese markets
were especially strong, buoyed by ideas the government was planning to ease
Covid-19 restrictions, some of which have been in place for months. Energy
markets have staged a nice recovery this week with spot crude oil futures
holding the 100-day moving average last week and climbing above its 50-day
moving average this week. The U.S. Dollar Index is slightly weaker overnight
but still mainly in a consolidation phase. Metals are higher overnight with
copper leading gains, up 1.54%. Grain markets are all stronger overnight with
gains led by Chicago wheat which has suffered one of the worst beat downs of
all ag commodities. High risk events this week and next include the June 30
USDA reports and the multiple rounds of weather models over the long Fourth of
July weekend. Plenty of volatility upcoming in the ag space.
OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial
Average down 62.42 at 31,438.26 and the S&P 500 down 11.63 at 3,911.74 while
the 10-Year Treasury yield ended at 3.194%. Early Tuesday, the September DJIA
futures are up 163 points. Asian markets are higher with Japan's Nikkei 225 up
178.2 (0.66%) and China's Shanghai Composite up 30.03 points (0.89%). European
markets are higher with London's FTSE 100 up 83.06 points (1.14%), Germany's
DAX up 78.31 points (0.59%) and France's CAC 40 up 70.86 points (1.17%). The
September Euro is up 0.000 at 1.070 and the September U.S. Dollar Index is down
0.008 at 103.670. The September 30-Year T-Bond is down 24/32nds, while August
gold is up $0.70 at $1,825.50 and August crude oil is up $2.04 at $111.61. Corn
on China's Dalian Exchange was up 0.21% while soybeans were up 1.58% and
soybean meal was up 1.59%.
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