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DTN Early Word Grains 05/21 05:54
Row-Crop Markets Weighed Down by Rapid Planting Pace, Weather
July corn is down 5 1/2 cents per bushel, July soybeans are down 8 1/2
cents, July KC wheat is down 14 3/4 cents, July Chicago wheat is down 11 3/4
cents, and MIAX July Minneapolis wheat is down 0.0875 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is down 5 1/2 cents per bushel,
July soybeans are down 8 1/2 cents, July KC wheat is down 14 3/4 cents, July
Chicago wheat is down 11 3/4 cents, and MIAX July Minneapolis wheat is down
0.0875 cents.
CME Globex Recap: On Wednesday, July corn dropped 9 1/2 cents, July soybeans
fell 9 3/4 cents, and July KC wheat was down 5 cents. Corn basis was weaker on
Wednesday, while soybean and hard red winter wheat basis were steady, and
spring wheat and soft red winter wheat basis were stronger. The futures markets
were pressured by a favorable forecast for the next few weeks and by renewed
optimism that negotiators could be making progress on an Iran peace deal. The
USDA will lead off Thursday with the weekly Export Sales report at 7:30 a.m.
CDT. The weekly and monthly livestock slaughter summaries will be released at 2
p.m. CDT. Traders will stay in tune for updates on the latest round of peace
negotiations between the U.S. and Iran.
OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average up 645.47 points at 50,009.35, and the S&P 500 up 79.36
points at 7,432.97. The 10-Year Treasury yield ended at 4.572%. Early Thursday,
the June Dow Jones Futures are up 80 points. European markets are higher, with
the spot futures of London's FTSE 100 trading up 0.09%, spot futures of
Germany's DAX are trading up 0.44%, and the spot futures of France's CAC 40
Index are up 0.35%. Asian markets are mixed, with Japan's Nikkei 225 Index up
3.14% and China's Shanghai Composite Index down 2.04%.
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