DTN Grain Open: Soy Complex Lower to Finish Week

Soybean rows. ©Debra L Ferguson Stock Photography

6:00 a.m. CME Globex: May corn is up 3 3/4 cents per bushel, May soybeans are down 1 1/4 cents, and May KC wheat is up 10 cents.

CME Globex Recap: Equity markets are mixed to lower overnight while energy markets enjoy another strong performance. Traders were encouraged by a possible agreement between Saudi Arabia and Russia to cut oil production and stabilize energy markets around the globe.

The idea was floated by President Trump on social media after he had talks with the leaders of both countries, although details about any agreement were lacking. Despite this, spot crude prices are 36% off the lows while Brent crude oil is back over $32.00 per barrel.

There is still a massive demand problem which supply cuts alone will not balance, however. The March employment situation report will be a big focus later Friday morning after record unemployment claims were filed last week.

Grain prices are mostly higher, led by a strong performance overnight in wheat markets following a difficult week of trade. Energy prices were a big part of the ag commodity selloff, and they will be a big part of any recovery. We are drawing closer to spring planting in the U.S., shifting the focus more heavily to Midwest weather, a welcome sight for all participants.

OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 469.93 at 21,413.44 and the S&P 500 up 56.40 at 2,470.50 while the 10-Year Treasury yield ended at 0.627%. Early Friday, the June DJIA futures are down 234 points.

Asian markets are mixed with Japan’s Nikkei 225 up 1.47 (0.01%) and China’s Shanghai Composite down 16.65 points (-0.6%). European markets are higher with London’s FTSE 100 down 67.53 points (-1.23%), Germany’s DAX down 49.51 points (-0.52%) and France’s CAC 40 down 45.89 points (-1.09%).

The June Euro is down 0.004 at 1.080 and the June U.S. dollar index is up 0.534 at 100.805. The June 30-Year T-Bond is up 13/32nds, while June gold is down $6.40 at $1,631.30 and May crude oil is up $1.03 at $26.35. Soybeans on China’s Dalian Exchange were down 0.35% while soybean meal was down 1.45%.

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