DTN Early Word Grains 05/24 05:55
Soybeans Rolling Again
July corn was 3 cent higher, July soybeans were 10 cents higher, and July
Kansas City (HRW) wheat was 9 cents higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: July corn was 3 cent higher, July soybeans were 10
cents higher, and July Kansas City (HRW) wheat was 9 cents higher.
CME Globex Recap: Overnight trade into early Thursday morning saw soybeans
continue to roll higher, with contracts posting double-digit gains. Corn
followed along, at a distance, as it continues to build bullish momentum. Wheat
also showed a solid rally on what looked to be commercial buying interest,
holding contracts near session highs. Outside markets were quieter than 24
hours ago with the U.S. dollar index lower and DJIA futures showing little
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 52.40 points (0.2%)
higher at 24,886.81, the NASDAQ Composite gained 47.50 points (0.6%) to
7,425.96, and the S&P 500 rallied 8.85 points (0.3%) to 2,733.29 Wednesday.
DJIA futures were 1 point lower early Thursday morning. Asian markets closed
mixed with Japan's Nikkei 225 down 252.73 points (1.1%), Hong Kong's Hang Seng
up 94.77 points (0.3%), and China's Shanghai Composite down 14.31 points
(0.4%). European markets were trading mostly higher with London's FTSE 100 off
6.07 points, Germany's DAX gaining 22.80 points (0.2%), and France's CAC 40
adding 26.92 points (0.4%). The euro was 0.0027 higher at 1.1725 as the U.S.
dollar index lost 0.17 to 93.77. The 10-year Treasury yield was 3.003% with
June 30-year T-Bonds 4/32 lower at 142'03. June gold gained $5.80 to $1,295.40
while crude oil dropped $0.48 to $71.36. China's Dalian soybean and Malaysian
palm oil futures were both higher overnight.
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