DTN Early Word Grains 05/23 05:52
Trouble in Little China
July corn was 1 cent lower, July soybeans were 1 cent lower, and July Kansas
City (HRW) wheat was 3 cents lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: July corn was 1 cent lower, July soybeans were 1 cent
lower, and July Kansas City (HRW) wheat was 3 cents lower.
CME Globex Recap: Tuesday afternoon's news that the U.S./North Korea (Little
China) summit planned for later this summer was likely not going to happen,
something that should've surprised no one, seems to have sent a ripple of
uncertainty through global stock markets. First the Dow closed almost 180
points lower Tuesday, followed by a 200 point sell-off by DJIA futures
overnight. Pressure spilled over into grains, a bit, aided by better weather
over parts of the U.S. growing areas.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 178.88 points (0.7%)
lower at 24,834.41, the NASDAQ Composite lost 15.58 points (0.2%) to 7,378.46,
and the S&P 500 fell 8.57 points (0.3%) to 2,734.44 Tuesday. DJIA futures were
208 points lower early Wednesday morning. Asian markets closed lower with
Japan's Nikkei 225 down 270.60 points (1.2%), Hong Kong's Hang Seng falling
568.71 points (1.8%), and China's Shanghai Composite losing 45.39 points
(1.4%). European markets were trading lower with London's FTSE 100 down 57.32
points (0.7%), Germany's DAX down 209.12 points (1.6%), and France's CAC 40
down 67.85 points (1.2%). The euro was 0.0052 lower at 1.1728 as the U.S.
dollar index gained 0.25 to 93.84. The 10-year Treasury yield was 3.065% with
June 30-year T-Bonds 27/32 higher at 142'03. June gold gained $4.40 to
$1,296.40 while crude oil dropped $0.45 to $71.75. China's Dalian soybean and
Malaysian palm oil futures were both lower overnight.
For more free DTN information sent right to your email each morning - click here
to sign up for DTN Snapshot.