DTN Grain Open: Trade, Flooding Remain Drivers

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

CME Globex Recap: The equity markets are mixed Tuesday as the U.S. dollar index slips back to two-week lows ahead of the FOMC announcement Wednesday. While U.S.-China trade talks remain at the forefront, financial media outlets are discussing U.S.-Japan trade relations once again as U.S. agriculture continues to feel the brunt of Washington’s decision to pull out of the Trans-Pacific-Partnership.

Additional tariff cuts on Australian and Canadian ag products will take place on April 1, which U.S. products will not enjoy. The major concern is even if U.S. products eventually receive the same tariff treatment as competitor origins, some demand damage could be permanent. Crude oil has quietly worked its way back to four-month highs, supporting the entire energy complex.

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 Tuesday, the June DJIA futures are up 83 points.

Asian markets are lower with Japan’s Nikkei 225 down 17.65 (0.08%) and China’s Shanghai Composite down 5.44 points (0.18%). European markets are higher with London’s FTSE 100 up 26.69 points (0.37%), Germany’s DAX up 65.26 points (0.56%) and France’s CAC 40 up 12.73 points (0.24%).

The March euro is up 0.002 at 1.130 and the March U.S. dollar index is down 0.074 at 96.516. The June 30-year T-Bond is up 2/32nds, while April gold is up $4.30 at $1,305.80 and April crude oil is up $0.25 at $59.34. Soybeans on China’s Dalian Exchange were down 1.11% while soybean meal was down 0.27%.

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