DTN Grain Open: Corn, Wheat Prices Push Higher Early

    Pre-plant herbicide application. ©Debra L Ferguson Stock Images

    Pre-6 a.m. Globex Prices: July corn was up 7 1/4 cents, July soybeans were up 5 1/4 cents and July KC wheat was up 18 3/4 cents.

    CME Globex Recap: Early Monday, Dow Jones futures are trading lower with ongoing pressure from a rise in interest rates and the anticipation the Federal Reserve will announce several rate hikes in 2022.

    The Wall Street Journal reported China’s GDP was up 4.8% in the first quarter from a year ago, more than was expected. Many are expecting slower growth in the second quarter due to Covid-19 restrictions in China. June crude oil is quietly lower, near $106 a barrel.

    OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average down 113.36 at 34,451.23 and the S&P 500 down 54.00 at 4,392.59 as the 10-Year Treasury yield ended at 2.83%, its highest in three years. Early Monday, June Dow Jones futures are trading down 94 points.

    Asian markets are lower with Japan’s Nikkei 225 index down 1.08% and China’s Shanghai Composite Index down 0.49%. European markets are higher with the spot futures of the London FTSE 100 trading up 0.47%, spot futures of Germany’s DAX trading up 0.80% and spot futures of France’s CAC Index trading up 0.71%.

    The June euro is down $0.0036 at $1.0819. The June U.S. Dollar Index is up 0.36 at 100.69. The June 30-year T-bond is down 17/32nds, while June gold is up $21.60 at $1,996.50 and June crude oil is down $0.36 at $106.02.

    On China’s Dalian exchange, May corn was down 0.1%, May soybeans were up 0.2%, May soybean meal was down 0.1% and May soybean oil was up 0.9%. June Malaysian palm oil is trading up 2.2%.

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