DTN Early Word Grains 05/13 05:50
Row Crop Prices Higher Friday, Not So Unlucky
July corn was up 2 cents, July soybeans were up 10 cents and July KC wheat
was down 4 cents.
DTN Lead Analyst
Pre-6 a.m. Globex Prices: July corn was up 2 cents, July soybeans were up 10
cents and July KC wheat was down 4 cents.
CME GLOBEX RECAP: Early Friday, U.S. stocks on the Dow Jones Industrials are
trading higher along with stocks in Europe and Asia, an attempted rebound from
its lowest prices in 2022. Concerns about inflation and the anticipation of
higher interest rates continues to weigh on market prices and is making
investors a bit nervous about their equity holdings. Grain prices however, are
holding near their highest prices in many years after Thursday's WASDE report
from USDA estimated tighter world supplies of wheat in 2022-23.
OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average down 103.81 at 31,730.30 and the S&P 500 down 5.10 at 3,930.08 as the
10-Year Treasury yield ended at 2.82%, down from the highest level in three and
a half years. Early Friday, June Dow Jones futures are trading up 216 points.
Asian markets are higher with Japan's Nikkei 225 index up 2.64% and China's
Shanghai Composite Index up 0.96%. European markets are higher with the spot
futures of the London FTSE 100 trading up 1.23%, spot futures of Germany's DAX
trading up 1.13% and spot futures of France's CAC Index trading up 1.41%. The
June euro is up $0.0034 at $1.0417. The June U.S. Dollar Index is down 0.26 at
104.64. The June 30-year T-bond is down 1 12/32nds, while June gold is down
$3.30 at $1,821.30 and June crude oil is up $0.59 at $106.72. On China's Dalian
exchange, September corn was up 0.5%, July soybeans were up 1.8%, September
soybean meal was up 1.9% and September soybean oil was up 0.9%. June Malaysian
palm oil is trading up 0.5%.
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