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DTN Early Word Grains 03/26 06:05
Grains Firmer, Soy Softer as GASC Tenders, Reports Loom
May corn is up 1/4 cent per bushel, May soybeans are down 1 1/4 cents, and
May K.C. wheat is up 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is up 1/4 cent per bushel, May soybeans are
down 1 1/4 cents, and May K.C. wheat is up 3/4 cents.
CME Globex Recap: Global equities are mostly higher around the globe Tuesday
morning but it is the Treasury market which continues to be the focus. The
10-yr T-note yield fell to a 14-month low of 2.375% on Monday as the more
dovish stance from the Federal Reserve changes the attitudes of investors. The
fed funds futures contract is actually now pricing in a 25 basis point cut to
the federal funds rate by December 2019. This is a complete 180-degree shift in
mindset from just a few months ago when multiple rate increases were seen for
2019 and 2020. Expect these market movements to be accompanied by increased
talk about recession. Grains are mostly firmer overnight, led by US-SRW as it
looks to be priced competitively into Egypt on their overnight tender. Slow
build up to the end of the week reports and the beginning of the latest round
of trade talks in Beijing.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 14.51 at 25,516.83 and the S&P 500 down 2.35 at 2,800.71 while the
10-Year Treasury yield ended at 2.42%. Early Tuesday, the June DJIA futures are
up 127 points. Asian markets are mixed with Japan's Nikkei 225 up 451.28
(2.15%) and China's Shanghai Composite down 45.94 points (-1.51%). European
markets are higher with London's FTSE 100 up 20.93 points (0.29%), Germany's
DAX up 20.33 points (0.18%) and France's CAC 40 up 32.21 points (0.61%). The
June Euro is up 0.001 at 1.140 and the June U.S. dollar index is down 0.078 at
95.990. The June 30-Year T-Bond is down 13/32nds, while April gold is down
$8.40 at $1,314.20 and May crude oil is up $0.73 at $59.55. Soybeans on China's
Dalian Exchange were down -0.12% while soybean meal was up 0.23%.
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