DTN Early Word Grains 06/05 05:46
Grain Markets Mixed With Old Crop Corn, Soybeans Lower on Demand Worries
While New Crop Higher on Weather Concerns
July corn is down 2 1/4 cents per bushel, July soybeans are down 2 cents,
July KC wheat is up 5 cents, July Chicago wheat is up 2 1/4 cents and July
Minneapolis wheat is up 3 cents.
Kent Beadle, DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is down 2 1/4 cents per bushel,
July soybeans are down 2 cents, July KC wheat is up 5 cents, July Chicago wheat
is up 2 1/4 cents and July Minneapolis wheat is up 3 cents.
CME GLOBEX RECAP: Equity markets are mixed Monday morning after Friday's
strong rally. Despite the larger than expected gain in jobs in Friday's labor
report, the increased unemployment rate combined with a slowing of wage gains
gave traders hope that the Federal Reserve might pause interest rate hikes at
their upcoming June meeting. Interest rate futures have now priced in a 75%
likelihood of a pause. On Sunday, Saudi Arabia announced it would cut oil
production 1 million barrels per day or about 10% from their current 10 million
barrels per day. Crude oil prices are about 2% higher Monday morning as a
result, providing margin support for renewable energy production in the U.S.
OUTSIDE MARKETS: Previous close Friday showed the Dow Jones Industrial
Average up 701.19 at 33,762.76 and the S&P 500 up 61.35 at 4,282.37, The
10-Year Treasury yield ended at 3.69%. Early Monday, the June Dow Jones Futures
are up 24 points. European markets are mixed with the spot futures of London's
FTSE 100 trading up 0.39%, spot futures of Germany's DAX is trading down 0.12%
and the spot futures of France's CAC 40 Index down 0.15%. Asian markets are
higher with Japan's Nikkei 225 Index up 2.2% and China's Shanghai Composite
Index up 0.07%.
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