DTN Grain Open: Traders Focus on Record Fund Positions

The Port of Rosedale - Rosedale, Mississippi - Mississippi River ©Debra L Ferguson Stock Photography

6:00 a.m. CME Globex: May corn is up 1/4 cents per bushel, May soybeans are down 3 cents, and May K.C. wheat is down 3 1/2 cents.

CME Globex Recap: Global equities are higher Monday morning, led by China, which saw the CSI 300 hit 10-month highs overnight. Investors will be watching this week’s Federal Reserve meeting as well as OPEC’s Monitoring Committee meeting in Azerbaijan. On the trade front, Chinese President Xi will be visiting Italy Thursday to sign a framework deal with any comments related to trade with the U.S. being scrutinized closely.

Grains are mixed to weaker Monday as bulls want to focus on market structure with a heavily short managed fund sector while bears still hold the technical advantage until there is additional price strength. There are 10 sessions until the Prospective Plantings report, which will set the price tone into spring.

OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 138.93 at 25,848.87 and the S&P 500 up 14.00 at 2,808.48 while the 10-year Treasury yield ended at 2.593%. Early Monday, the June DJIA futures are down 54 points.

Asian markets are higher with Japan’s Nikkei 225 up 133.65 (0.62%) and China’s Shanghai Composite up 74.67 points (2.47%). European markets are higher with London’s FTSE 100 up 43.82 points (0.61%), Germany’s DAX down 3.78 points (-0.03%) and France’s CAC 40 up 5.37 points (0.1%).

The March euro is up 0.002 at 1.130 and the March U.S. dollar index is down 0.090 at 96.500. The June 30-year T-Bond is up 3/32nds, while April gold is up $1.70 at $1,304.60 and April crude oil is down $0.40 at $58.12. Soybeans on China’s Dalian Exchange were up 0.12% while soybean meal was down 0.23%.

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