DTN Grain Open: Lower as Hot, Dry Conditions Persist

Photo: University of Minnesota

Pre-6 a.m. Globex Prices: July corn is down 7 cents, July soybeans are down 2 cents and July KC wheat is down 3 3/4 cents.

CME Globex Recap: Early Friday, Dow Jones futures are starting a little higher with encouragement from higher trade in Europe. Thursday’s data showed consumer prices up 5.0% in May from a year ago, adding to concerns about inflation, while the yield on the 10-year T-note dropped below 1.50% to a new three-month low. July crude oil is holding above $70 early Friday.

OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average up 19.10 at 34,466.24 and the S&P 500 up 19.63 at 4,239.18 as the 10-Year Treasury yield dropped to 1.46%. Early Friday, June Dow Jones futures are trading up 76 points.

Asian markets are lower with Japan’s Nikkei 225 index down 0.03% and China’s Shanghai Composite Index down 0.58%. European markets are higher with the spot futures of the London FTSE 100 trading up 0.59%, spot futures of Germany’s DAX trading up 0.06% and spot futures of France’s CAC Index trading up 0.45%.

The September euro is down $0.0008 at $1.2164. The September U.S. Dollar Index is up 0.07 at 90.15. The September 30-year T-bond is up 18/32nds, while August gold is up $0.90 at $1,897.30 and July crude oil is up $0.15 at $70.44.

On China’s Dalian exchange, September corn was up 0.9%, July soybeans were up 0.5%, September soybean meal was up 0.6% and September soybean oil was down 0.2%. July common wheat on China’s Zhengzhou exchange was unchanged. August Malaysian palm oil is trading down 4.1%.

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