DTN Grain Open: Wheat Leads Strength

Image from Justin Ballew, Clemson University

6:00 a.m. CME Globex: May corn is up 1/2 cents per bushel, May soybeans are down 1 1/2 cents, and May K.C. wheat is up 5 cents.

CME Globex Recap: Equities are mixed around the globe while U.S. futures are trading cautiously ahead of the Federal Reserve announcement Wednesday afternoon and the next round of trade talks in Beijing next week. Some encouraging comments from the U.S.-Brazilian summit yesterday, but markets hardly need another trade situation to pay attention to at the moment.

The focus in the grain room continues to be Chinese trade talks and Midwest flooding, both of which are hard to quantify today. Short-term effects from the flooding are bearish as demand is lost while longer-term effects could be supportive if prevent plant acres rise.

Traders are also considering how useful the USDA’s March 29 Prospective Plantings report can be given current field conditions across the Midwest.

OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 26.72 at 25,887.38 and the S&P 500 down 0.37 at 2,832.94 while the 10-Year Treasury yield ended at 2.614%. Early Wednesday, the June DJIA futures are up 2 points.

Asian markets are mixed with Japan’s Nikkei 225 up 42.07 (0.2%) and China’s Shanghai Composite down 0.33 points (-0.01%). European markets are lower with London’s FTSE 100 down 7.4 points (-0.1%), Germany’s DAX down 136.27 points (-1.16%) and France’s CAC 40 down 9.06 points (-0.17%).

The June Euro is up 0.000 at 1.140 and the June U.S. dollar index is up 0.079 at 95.910. The June 30-Year T-Bond is up 7/32nds, while April gold is down $3.50 at $1,303.00 and May crude oil is down $0.52 at $58.77. Soybeans on China’s Dalian Exchange were down -0.38% while soybean meal was down -0.67%.

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