DTN Early Word Grains 06/24 05:57
Grain Prices Find Early Support Friday After Bearish Week
December corn was up 8 cents, November soybeans were up 1 cent and September
KC wheat was up 11 cents.
DTN Lead Analyst
PRE-6 a.m. GLOBEX PRICES: December corn was up 8 cents, November soybeans
were up 1 cent and September KC wheat was up 11 cents.
CME GLOBEX RECAP: Early Friday, U.S. stocks on the Dow Jones Industrials are
trading higher, in line with higher trade in both Asia and Europe. According to
the Wall Street Journal, signs of economic slowing are leading to expectations
for smaller rate hikes ahead. Several sources, including the Journal, are
reporting Ukrainian forces are ceding control of Severodonetsk to the Russian
military after constant shelling destroyed 80% of vital infrastructure. Friday
morning, USDA will provide weekly export sales data and Friday afternoon,
USDA's cattle on-feed report for June 1 is expected to show 11.9 million head
of cattle on feed, up 1.5% from a year ago.
OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average up 194.23 at 30,677.36 and the S&P 500 up 35.84 at 3,795.73 as the
10-Year Treasury yield ended at 3.07%, down from the highest level in three and
a half years. Early Friday, June Dow Jones futures are trading up 217 points.
Asian markets are higher with Japan's Nikkei 225 index up 1.23% and China's
Shanghai Composite Index up 0.89%. European markets are higher with the spot
futures of the London FTSE 100 trading up 1.16%, spot futures of Germany's DAX
trading up 0.26% and spot futures of France's CAC Index trading up 1.39%. The
September euro is up $0.0022 at $1.0606. The September U.S. Dollar Index is
down 0.18 at 104.01. The September 30-year T-bond is down 9/32nds, while August
gold is down $2.00 at $1,827.80 and August crude oil is up $0.73 at $105.00. On
China's Dalian exchange, September corn was down 1.4%, July soybeans were down
2.3%, September soybean meal was down 2.7% and September soybean oil was down
1.0%. September Malaysian palm oil is trading down 2.9%.