DTN Grain Open: Futures Begin Quietly Mixed
Corn futures are higher at 6 a.m. CST; soybeans higher; wheat lower.
6:00 a.m. CME Globex: July Corn 1 cent higher, July Soybeans 6 cents higher, and July Chicago Wheat 1/2 cent lower.
CME Globex Recap: Grain markets were mixed early Tuesday with soybeans posting a solid rally, corn near unchanged, and wheat contracts lower. Activity in the July to August soybean spread remains the highlight, with July posting another strong gain, though results could be skewed by low trade volume. Outside commodities were mostly lower, though crude oil was able to rally. The U.S. dollar index was showing strength again Tuesday morning.
The Dow Jones Industrial Average closed 18.82 points higher Monday at 16,943.10. Dow Jones Industrial Average futures were 17 points lower overnight, indicating selling could be seen early Tuesday. Asian markets were mostly higher though the Nikkei was down 129.20 points at 14,994.80. European markets were also mostly higher. The overnight crude oil market was $0.33 higher at $104.74 while Brent crude was $0.04 lower at $109.95. The August gold contract was $1.00 lower at $1,252.90 while the U.S. dollar index was 0.180 higher at 80.833. Soybeans at the Dalian Exchange were lower while Malaysian palm oil contracts were also lower.
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Cotton prices slid all week with the exception of 2 minor higher days at midweek. The important 68 cent level was breached in Friday trading opening the way for another