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DTN Early Word Grains 03/11 05:49
Crude Oil's Price Gyrations Drive Row-Crops Market Direction
May corn is up 4 1/2 cents per bushel, May soybeans are up 14 1/4 cents, May
KC wheat is up 11 cents, May Chicago wheat is up 10 cents, and MIAX May
Minneapolis wheat is up 0.0400 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is up 4 1/2 cents per bushel, May
soybeans are up 14 1/4 cents, May KC wheat is up 11 cents, May Chicago wheat is
up 10 cents, and MIAX May Minneapolis wheat is up 0.0400 cents.
CME GLOBEX RECAP: On Tuesday, May corn fell by 1 1/2 cents, May soybeans
rose by 5 1/2 cents, and May KC wheat dropped by 11 cents. The largest one-day
decline in the crude oil market in four years occurred after President Trump's
comments that the war with Iran may end soon, which put broad-based pressure on
commodities. Additionally, G7 countries agreed to release oil reserves to help
stabilize the market. Traders showed little reaction to the USDA WASDE Report,
which kept most U.S. and global estimates unchanged from February. Looking
ahead, traders expect a meeting this week between U.S. and Chinese trade
negotiators. Preparations are underway for a summit between President Trump and
China's Xi Jinping. On Wednesday, the Energy Information Administration will
release the Petroleum Status Report, including last week's ethanol production,
an intriguing report given the recent extreme volatility in crude oil futures.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average down 34.29 at 47,706.51 and the S&P 500 down 14.51 at 6,781.48. The
10-Year Treasury yield ended at 4.136%. Early Wednesday, the March Dow Jones
Futures are down 182 points. European markets are lower, with the spot futures
of London's FTSE 100 trading down 0.95%, spot futures of Germany's DAX are
trading down 1.59%, and the spot futures of France's CAC 40 Index are down
1.22%. Asian markets are higher, with Japan's Nikkei 225 Index up 1.43% and
China's Shanghai Composite Index up 0.25%.
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