DTN Grain Open: Higher on Trade, Flooding

Flooded grain bins in Louisiana.

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

CME Globex Recap: Equity markets are mostly weaker Friday morning, especially in Europe after soft economic data in the way of purchasing managers indices in Germany and France disappointed. In the U.S., investors are busy recalculating what another year to year-and-a-half of easy money means for equity valuations after the Federal Reserve indicated it would not be raising interest rates the rest of 2019 and only once in 2020.

Grains are mostly firmer as we get set to close another week of trading. Next week will be dominated by average trade guesses in the run-up to the March 29 USDA reports, but we contend the March 1 stocks data will be of most importance while the acreage guesses will have limited value due to the recent flooding.

From a demand standpoint, the flooding across the Midwest is a bearish feature as water roils logistics and extinguishes demand which can’t be made up.

OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 216.84 at 25,962.51 and the S&P 500 up 30.65 at 2,824.23 while the 10-Year Treasury yield ended at 2.537%. Early Friday, the June DJIA futures are down 108 points.

Asian markets are higher with Japan’s Nikkei 225 up 18.42 (0.09%) and China’s Shanghai Composite up 2.69 points (0.09%). European markets are lower with London’s FTSE 100 down 68.14 points (-0.93%), Germany’s DAX down 37.68 points (-0.33%) and France’s CAC 40 down 46.61 points (-0.87%).

The June Euro is down 0.004 at 1.140 and the June U.S. dollar index is up 0.133 at 96.120. The June 30-Year T-Bond is up 22/32nds, while April gold is up $5.00 at $1,312.30 and May crude oil is down $0.54 at $59.44. Soybeans on China’s Dalian Exchange were up 0.06% while soybean meal was up 0.43%.

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