DTN Grain Open: Weaker as Planters Roll, Funds Extend Shorts

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

CME Globex Recap: Global equity markets are lightly mixed Tuesday as crude oil continues its march higher. Overnight, crude oil climbed to its highest level since Oct. 31 as traders raise concerns about supply as the Trump administration demands zero imports of Iranian oil by any country. The administration said they aim to bring Iran’s crude oil exports “to zero.”

Despite the strength in the normally supportive crude oil market, grains cannot seem to lift a shoulder off the mat as planting conditions improve, and trade talks seem just out of reach. Traders are starting to realize that one of the only things that might be able to turn grains around are large-scale purchases of U.S. grains by China.

OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 3.12 at 26,449.54 and the S&P 500 down 6.61 at 2,907.06 while the 10-Year Treasury yield ended at 2.592%. Early Tuesday, the June DJIA futures are down 18 points.

Asian markets are mixed with Japan’s Nikkei 225 up 41.84 (0.19%) and China’s Shanghai Composite down 16.45 points (-0.51%). European markets are mixed with London’s FTSE 100 up 27.29 points (0.37%), Germany’s DAX down 25.72 points (-0.21%) and France’s CAC 40 down 10.32 points (-0.18%).

The June euro is down 0.000 at 1.130 and the June U.S. dollar index is up 0.045 at 97.000. The June 30-year T-Bond is up 3/32nds, while June gold is down $2.50 at $1,275.10 and May crude oil is up $1.70 at $65.70. Soybeans on China’s Dalian Exchange were up 0.27% while soybean meal was unchanged.

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