DTN Early Word Grains 05/16 05:52
Wheat Prices Charge Higher as Indian Ban Confirmed
July corn was up 16 cents, July soybeans were up 11 3/4 cents and July KC
wheat was up 48 1/2 cents.
DTN Lead Analyst
Pre-6 a.m. Globex Prices: July corn was up 16 cents, July soybeans were up
11 3/4 cents and July KC wheat was up 48 1/2 cents.
CME GLOBEX RECAP: Early Monday, U.S. stocks on the Dow Jones Industrials are
trading slightly lower, similar to a neutral start in both Europe and Asia.
Investors remained concerned about rising interest rates and rising prices.
According to the Wall Street Journal retail sales in China dropped 11% in April
from a year ago, another sign of the impact of Covid lockdowns. After a week of
rumors circulating, India's government agreed over the weekend to ban exports
of wheat, except to nations in need.
OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial
Average up 466.36 at 32,196.66 and the S&P 500 up 93.81 at 4,023.88 as the
10-Year Treasury yield ended at 2.94%, down from the highest level in three and
a half years. Early Monday, June Dow Jones futures are trading down 40 points.
Asian markets are mixed with Japan's Nikkei 225 index up 0.45% and China's
Shanghai Composite Index down 0.34%. European markets are also mixed with the
spot futures of the London FTSE 100 trading up 0.20%, spot futures of Germany's
DAX trading down 0.08% and spot futures of France's CAC Index trading up 0.04%.
The June euro is up $0.0018 at $1.0435. The June U.S. Dollar Index is down 0.09
at 104.53. The June 30-year T-bond is up 3/32nds, while June gold is down
$11.30 at $1,796.90 and June crude oil is down $0.47 at $110.02. On China's
Dalian exchange, September corn was up 0.1%, July soybeans were up 2.6%,
September soybean meal was up 2.2% and September soybean oil was up 1.2%. Due
to a Malaysian holiday, palm oil futures were not trading Monday.