DTN Grain Open: Wheat Soars, Corn Up on Higher Ethanol Use Plan

    Pre-6 a.m. Globex Prices: May corn is up 9 cents, May soybeans are up 17 1/2 cents, and July KC May wheat is up 27 3/4 cents.

    CME Globex Recap: Early Tuesday, Dow Jones futures are slightly higher with European markets lower and Asian markets mixed. The bond market is higher. The equites market has stabilized following the Dow Jones plunge of 413 points Monday. A new inflation report will be released Tuesday and is likely to encourage the Federal Reserve to hike rates in May. Crude oil has recovered a bit from Monday’s weakness and is now up $3.70. Ukraine accuses Russia of a chemical attack.

    OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average down 413.04 at 34,308.08 and the S&P 500 down 75.75 at 4,412.53 while the 10-Year Treasury yield ended higher at 2.78%. Early Tuesday, the June DJIA futures are up 2 points.

    Asian markets are mixed with Japan’s Nikkei down 486.54 (- 1.81%) and China’s Shanghai Composite up 44.36 points (+1.41%). European markets are lower, with London’s FTSE 100 down 27.99 points (-0.40%), Germany’s DAX down 169.41 points (-1.20%) and France’s CAC 40 down 61.90 points (-0.94%).

    The June Euro is at 1.09, and the June U.S. Dollar Index is up 0.221 at 100.145. The June 30-Year T-Bond is down 8/32nds, while June gold is up 7.30 at $1955.52 and May crude oil is up 3.71 cents at $98.00.

    Soybeans on China’s Dalian Exchange are higher and soybean meal is higher as well.

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