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DTN Early Word Grains 02/23 05:49
Row-Crop Markets Adjust to Life After Tariff Teardown
March corn is down 1 1/2 cents per bushel, May soybeans are down 8 1/4
cents, May KC wheat is down 5 1/2 cents, May Chicago wheat is down 4 3/4 cents,
and MIAX May Minneapolis wheat is down 0.0325 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: March corn is down 1 1/2 cents per bushel,
May soybeans are down 8 1/4 cents, May KC wheat is down 5 1/2 cents, May
Chicago wheat is down 4 3/4 cents, and MIAX May Minneapolis wheat is down
0.0325 cents.
CME GLOBEX RECAP: On Friday, March corn closed up 1 3/4 cents, March
soybeans closed down 3 1/2 cents, and March KC wheat closed up 6 3/4 cents.
Corn and spring wheat basis strengthened, while soft red winter wheat, hard red
winter wheat, and soybean basis were steady. The farm markets traded both sides
of zero before ending mostly higher, gyrating on news that the Supreme Court
ruled against President Trump's tariffs and use of the 1977 International
Emergency Economic Powers Act (IEEPA). Market volatility is likely, and the
ultimate impact on the grain and oilseed markets might not be known for months.
Over the weekend, the administration, invoking a 1974 statute that addresses a
balance-of-payments crisis, announced a 15% tariff for 150 days on countries
with existing tariffs, a measure to circumvent the Court's ruling.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average up 230.81 at 49,625.97 and the S&P 500 up 47.62 at 6,909.51. The
10-Year Treasury yield ended at 4.086%. Early Monday, the March Dow Jones
Futures are down 126 points. European markets are lower, with the spot futures
of London's FTSE 100 trading down 0.02%, spot futures of Germany's DAX are
trading down 0.45%, and the spot futures of France's CAC 40 Index are up 0.06%.
Asian markets are lower with Japan's Nikkei 225 Index down 1.12% and China's
Shanghai Composite Index down 1.26%.
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