DTN Early Word Grains 04/07 05:55
Corn, Soybeans Rally While Wheat Fades
May corn is up 2 cents per bushel, May soybeans are up 4 cents, and May KC
wheat is down 4 1/2 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: May corn is up 2 cents per bushel, May soybeans are up
4 cents, and May KC wheat is down 4 1/2 cents.
CME Globex Recap: Equities are rallying around the globe overnight with
strong gains expected in the United States as investors appear the most
optimistic about the coronavirus since the saga began. Sweeping restrictions
across the U.S. and Europe appear to be having an effect on slowing the
disease's spread, giving hope to the idea some sense of normalcy could be
restored to the global economy this summer. There was also talk Monday that
Washington could be moving closer to a fourth stimulus bill worth at least $1
trillion which would be focused on replenishing the programs in the last
stimulus bill. Grain markets are mixed overnight with row crops firmer as wheat
gives back Monday's rally. Traders are gearing up for Thursday's WASDE on which
the USDA will incorporate the March 31 reports. Spring planting weather and
each forecast will take on greater importance moving forward with ideas of a
normal spring still possible across much of the Midwest.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 1,627.46 at 22,679.99 and the S&P 500 up 175.03 at 2,488.65 while
the 10-Year Treasury yield ended at 0.676%. Early Tuesday, the June DJIA
futures are up 842 points. Asian markets are higher with Japan's Nikkei 225 up
373.88 (2.01%) and China's Shanghai Composite up 56.78 points (2.05%). European
markets are higher with London's FTSE 100 up 157.75 points (2.83%), Germany's
DAX up 414.7 points (4.12%) and France's CAC 40 up 152.28 points (3.5%). The
June Euro is up 0.009 at 1.090 and the June U.S. dollar index is down 0.765 at
99.990. The June 30-Year T-Bond is down 56/32nds, while June gold is up $8.80
at $1,702.70 and May crude oil is up $0.89 at $26.97. Soybeans on China's
Dalian Exchange were down 0.37% while soybean meal was down 0.5%.
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