DTN Early Word Grains 03/29 05:54
Rains Don't Dampen Grains
May corn was 2 cents higher, May soybeans were 3 cents higher, and July
Kansas City (HRW) wheat was 2 cents higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: May corn was 2 cents higher, May soybeans were 3 cents
higher, and July Kansas City (HRW) wheat was 2 cents higher.
CME Globex Recap: Though morning weather maps show rains stretching from
Texas to Iowa, grains were green early Tuesday. Despite struggling during day
sessions, soybeans once again led way higher overnight. Some of this was likely
due to a stronger global oilseed trade in general. The U.S. dollar index was
stronger, putting pressure on the metals sector. On the other hand, energies
were firm again early Wednesday while DJIA futures drifted lower following
Tuesday's triple-digit rally.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 150.52 points (0.7%)
higher at 20,701.50. The NASDAQ Composite gained 34.77 points (0.6%) to
5,875.14 and the S&P 500 rallied 16.96 points (0.7%) to 2,358.57 Tuesday. DJIA
futures were 9 points lower early Wednesday morning. Asian markets were mixed
with Japan's Nikkei up 14.61 points, Hong Kong's Hang Seng gained 46.16 points
(0.2%), and China's Shanghai Composite fell 11.63 points (0.4%). European
markets were mostly higher Wednesday with London's FTSE 100 off 1.41 points,
Germany's DAX up 52.20 points (0.4%), and France's CAC 40 adding 7.53 points
(0.1%). The euro was 0.0022 lower at 1.0792 while the U.S. dollar index gained
0.14 to 99.81. June 30-year T-Bonds were 1/32 lower at 150'24 while April gold
lost $3.40 to $1,252.20. Crude oil added $0.30 to $48.67 while Brent crude
rallied $0.38 to $51.71. Dalian soybean futures were mixed while Malaysian palm
oil futures were higher overnight.
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