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DTN Early Word Grains 03/17 05:47
Soybeans Seek 'Limit Down' Recovery, U.S-China Meeting Delayed
May corn is up 3/4 cent per bushel, May soybeans are down 4 3/4 cents, May
KC wheat is down 1/4 cent, May Chicago wheat is down 3/4 cent, and MIAX May
Minneapolis wheat is down 0.0375 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is up 3/4 cent per bushel, May
soybeans are down 4 3/4 cents, May KC wheat is down 1/4 cent, May Chicago wheat
is down 3/4 cent, and MIAX May Minneapolis wheat is down 0.0375 cents.
CME GLOBEX RECAP: On Monday, May corn closed down 13 1/4 cents, May soybeans
plunged 70 cents, and May KC wheat closed down 13 1/2 cents. Corn and soft red
winter wheat basis were stronger on Monday, while soybean, spring wheat, and
hard red winter wheat basis were steady. Soybeans dropped sharply as President
Trump asked to delay his visit to China for a trade summit later this month due
to the war in Iran. Chinese officials didn't confirm a delay in the meeting,
only to say they are maintaining communications regarding issues such as the
timing of a visit. Crude oil prices moved over $100 per barrel and diesel over
$5.00 per gallon early Tuesday, as Iran stepped up attacks on energy sites in
the United Arab Emirates. Additionally, Israel's military reportedly killed a
key 'insider' commander of an Iranian paramilitary force.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 387.94 at 46,946.41 and the S&P 500 up 67.19 at 6,699.38. The
10-Year Treasury yield ended at 4.22%. Early Tuesday, the March Dow Jones
Futures are down 29 points. European markets are higher, with the spot futures
of London's FTSE 100 trading up 0.58%, spot futures of Germany's DAX are
trading up 0.19%, and the spot futures of France's CAC 40 Index are up 0.63%.
Asian markets are lower, with Japan's Nikkei 225 Index down 0.09% and China's
Shanghai Composite Index down 0.85%.
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