DTN Grain Open: Markets See Technical Sell-Off

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6:00 a.m. CME Globex: July corn was 1 cent lower, July soybeans were 1 cent higher, and July Kansas City (HRW) wheat was 9 cents lower.

CME Globex Recap: The overnight sell-off into Monday morning by the grain and oilseed complex looked to be technical in nature, too early to tell if actual commercial pressure has developed. Kansas City wheat led the way, with a sharp double-digit break tied to a change in weather over parts of the U.S. Southern Plains.

Corn and soybeans didn’t do much overnight. The energy complex was lower, while metals were mixed. The triple-digit rally in DJIA futures point to another volatile day ahead while the U.S. dollar index was unable to hold initial gains.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 122.91 points (0.5%) lower at 24,360.14, the NASDAQ Composite lost 33.60 points (0.5%) to 7,106.65, and the S&P 500 fell 7.69 points (0.3%) to 2,656.30 Friday. DJIA futures were 150 points higher early Monday morning.

Asian markets closed mixed with Japan’s Nikkei 225 up 56.79 points (0.3%), Hong Kong’s Hang Seng down 492.79 points and China’s Shanghai Composite losing 48.40 points (1.5%). European markets were trading mixed with London’s FTSE 100 down 28.16 points (0.4%), Germany’s DAX gaining 22.26 points (0.2%), and France’s CAC 40 up 0.10 point.

The euro was 0.0029 higher at 1.2360 while the U.S. dollar index fell 0.19 to 89.58. June 30-year T-Bonds were 21/32 lower at 144’24 while June gold slipped $0.80 to $1,347.10. Crude oil was $0.95 lower at $66.44 as Brent crude dropped $1.06 to $71.52. China’s Dalian soybean and Malaysian palm oil futures were both lower overnight.

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