DTN Grain Open: Weakness Continues Amid Forecast

Tasseling corn.

Pre-6 a.m. Globex Prices: July corn is down 1 3/4 cents per bushel, July soybeans are down 15 cents, and July KC wheat is down 2 1/2 cents.

CME Globex Recap: Grain markets are mostly weaker overnight, led by the soy complex and especially soybean oil after stable to higher trade at the overnight open was ceded. Grain markets are firmly inside a weather market, making volatility a certainty the next couple weeks.

Mixed to weaker equity markets overnight with U.S. futures slightly lower Wednesday morning. The conclusion of the two-day FOMC meeting is the big event on the docket today. It was reported yesterday the White House has indicated bipartisan infrastructure talks should only take 7-10 days which could mean passage or failure in the House of Representatives by the Fourth of July.

Energy markets are mixed with crude firmer but products weaker. The U.S. Dollar Index is slightly weaker, remaining below its 50-day moving average. Precious metals are firmer overnight.

OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 94.42 at 34,299.33 and the S&P 500 down 8.56 at 4,255.15 while the 10-Year Treasury yield ended at 1.499%. Early Wednesday, the June DJIA futures are down 74 points.

Asian markets are lower with Japan’s Nikkei 225 down 150.29 (-0.51%) and China’s Shanghai Composite down 38.23 points (-1.07%). European markets are mixed with London’s FTSE 100 up 8.08 points (0.11%), Germany’s DAX down 36.08 points (-0.23%) and France’s CAC 40 up 3.1 points (0.05%).

The September Euro is down 0.000 at 1.210 and the September U.S. dollar index is down 0.037 at 90.465. The September 30-Year T-Bond is up 1/32nds, while August gold is up $3.70 at $1,860.10 and July crude oil is up $0.11 at $72.23.

Soybeans on China’s Dalian Exchange were down -0.76% while soybean meal was down -0.21% and corn was down -0.37%. Malaysian palm oil settled down -4.61%.

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