DTN Grain Open: Wheat Prices Start Lower With Rain in the Forecast

Heading wheat. Photo: Andrew Sawyer, University of Georgia

Pre-6 a.m. Globex Prices: July corn is up 1/4 cent, July soybeans are up 3 1/4 cents and July KC wheat is down 10 cents.

CME Globex Recap: Early Monday, Dow Jones futures are trading lower with European stocks mixed. Reuters reported thousands of gasoline stations in the eastern U.S. received more fuel over the weekend and a company spokesman said Colonial Pipeline is currently shipping at normal rates.

Rocket attacks and air strikes increased the death toll in Israel and Gaza over the weekend, while the United Nations tries to negotiate a ceasefire. According to RTTNews.com industrial production in China increased 9.8% in April from a year ago, roughly as expected.

OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average up 360.68 at 34,382.13 and the S&P 500 up 61.35 at 4,173.85 while the 10-Year Treasury yield eased back to 1.63%. Early Monday, June Dow Jones futures are trading down 113 points.

Asian markets are x with Japan’s Nikkei 225 index down 0.92% and China’s Shanghai Composite Index up 0.78%. European markets are mixed with the spot futures of the London FTSE 100 trading down 0.44%, spot futures of Germany’s DAX trading up 0.08% and spot futures of France’s CAC Index trading down 0.09%.

The June euro is up $0.0005 at $1.2155. The June U.S. Dollar Index is down 0.03 at 90.29. The June 30-year T-bond is up 1/4nds, while June gold is up $13.70 at $1,851.80 and June crude oil is up $0.20 at $65.57.

On China’s Dalian exchange, September corn was up 0.04%, July soybeans were down 0.3%, September soybean meal was down 0.5% and September soybean oil was up 0.3%. July common wheat on China’s Zhengzhou exchange was unchanged. Back from holiday, July Malaysian palm oil is trading down 0.8%.

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