DTN Early Word Grains 05/21 06:01
Grain Rally Extends on Dismal Forecast, Planting Delays
July corn is up 6 cents per bushel, July soybeans are up 5 1/2 cents, and
July K.C. wheat is up 6 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: July corn is up 6 cents per bushel, July soybeans are
up 5 1/2 cents, and July K.C. wheat is up 6 1/4 cents.
CME Globex Recap: Mostly higher equity markets overnight while the U.S.
Dollar Index has quietly rallied back to one-month highs. The move has not been
lost on several major currencies as the U.S. Dollar Index rallied to new highs
for the move against the Brazilian Real, the Australian dollar and the British
pound. Sharply higher Ag markets again overnight as the next round of heavy
rain gets set to dump on the Plains and western Corn Belt. The delays posted on
Monday's crop progress report are likely to grow on next week's report as
little to no progress is expected in the coming week. Final plant dates begin
ticking off around the Corn Belt by the end of the week and it is common
knowledge in the trade that a corn crop planted on or after Memorial Day is not
set up for success.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 84.10 at 25,679.90 and the S&P 500 down 19.30 at 2,859.53 while
the 10-Year Treasury yield ended at 2.416%. Early Tuesday, the June DJIA
futures are up 90 points. Asian markets are mixed with Japan's Nikkei 225 down
29.28 (-0.14%) and China's Shanghai Composite up 35.36 points (1.23%). European
markets are higher with London's FTSE 100 up 42.39 points (0.57%), Germany's
DAX up 85.13 points (0.71%) and France's CAC 40 up 19.87 points (0.37%). The
June Euro is down 0.002 at 1.120 and the June U.S. dollar index is up 0.126 at
97.890. The June 30-Year T-Bond is up 2/32nds, while June gold is down $1.90 at
$1,275.40 and June crude oil is up $0.10 at $63.20. Soybeans on China's Dalian
Exchange were up 0.59% while soybean meal was up 2.36%.
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