DTN Grain Open: Flooding, USDA Loom Large

Rice in foreground. On-farm grain bin system. ©Debra L Ferguson

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

CME Globex Recap: Equities are mixed to weaker overnight despite the dovish tone from the Federal Reserve at their conclusion of their meeting Wednesday. The Fed indicated they will refrain from raising rates the rest of the year in the face of waning economic momentum in the U.S. and abroad.

In addition, the fed-dot plot sees only one interest rate increase in 2020. Even though this is likely to lead to easier money for longer, investors must have been more concerned about the slow growth part of the equation as equities reacted negatively on Wednesday.

Grains still have their attention on flooding and trade talks, neither of which are quantifiable today. Ranges have likely been set ahead of the March 29 USDA reports as heavy shorts held by funds go head-to-head with the farmer who is uninterested in selling these prices.

OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 141.71 at 25,745.67 and the S&P 500 down 8.34 at 2,832.57 while the 10-Year Treasury yield ended at 2.535%. Early Thursday, the June DJIA futures are down 22 points.

Asian markets are higher with Japan’s Nikkei 225 up 42.07 (0.2%) and China’s Shanghai Composite up 10.81 points (0.35%). European markets are mixed with London’s FTSE 100 up 27.6 points (0.38%), Germany’s DAX down 38.35 points (0.33%) and France’s CAC 40 down 5.24 points (0.1%).

The June Euro is down 0.004 at 1.150 and the June U.S. dollar index is up 0.324 at 95.525. The June 30-Year T-Bond is up 8/32nds, while April gold is up $15.90 at $1,317.60 and May crude oil is down $0.12 at $60.11. Soybeans on China’s Dalian Exchange were down -0.06% while soybean meal was up 0.08%.

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