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DTN Early Word Grains 05/18 05:52
U.S., China Trade Details Spark a Rally to Start the Week
July corn is up 14 1/2 cents per bushel, July soybeans are up 24 3/4 cents,
July KC wheat is up 12 cents, July Chicago wheat is up 19 3/4 cents, and MIAX
July Minneapolis wheat is up 0.1625 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is up 14 1/2 cents per bushel,
July soybeans are up 24 3/4 cents, July KC wheat is up 12 cents, July Chicago
wheat is up 19 3/4 cents, and MIAX July Minneapolis wheat is up 0.1625 cents.
CME Globex Recap: On Friday, July corn dropped 11 3/4 cents, July soybeans
dropped 15 1/2 cents, and July KC wheat dropped 17 1/4 cents. Corn and spring
wheat basis were steady on Friday, while soybean and soft red winter wheat
basis were stronger, and hard red winter wheat basis was weaker. Farm markets
saw profit-taking on Friday following the U.S.-China trade summit. Few details
at the time moved traders to begin the sell-off. It wasn't until over the
weekend that the White House released the fact sheet from last week's trade
summit in Beijing, stating that China will purchase $17 billion worth of U.S.
agricultural goods in each of the next three years, in addition to the 25
million metric tons (mmt) of soybeans agreed upon last October. On Sunday,
traders reacted positively to the dollar figure or volume, signaling that the
meetings were productive. To begin the week, USDA will release weekly export
inspections at 10 a.m. CDT on Monday. At 3 p.m. CDT, USDA will release the
weekly Crop Progress report.
OUTSIDE MARKETS: The previous close on Friday showed the Dow Jones
Industrial Average down 537.29 points at 49,526.17, and the S&P 500 down 92.74
points at 7,408.50. The 10-Year Treasury yield ended at 4.595%. Early Monday,
the June Dow Jones Futures are down 367 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.5%, spot futures of
Germany's DAX are trading up 0.09%, and the spot futures of France's CAC 40
Index are down 0.56%. Asian markets are lower, with Japan's Nikkei 225 Index
down 0.97% and China's Shanghai Composite Index down 0.09%.
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