| |
DTN Early Word Grains 03/18 05:46
Row-Crop Markets React to the Whims of the War in Iran
May corn is down 1/2 cent per bushel, May soybeans are down 3 cents, May KC
wheat is down 1/4 cent, May Chicago wheat is up 1 3/4 cents, and, MIAX May
Minneapolis wheat is up 0.0550 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is down 1/2 cent per bushel, May
soybeans are down 3 cents, May KC wheat is down 1/4 cent, May Chicago wheat is
up 1 3/4 cents, and, MIAX May Minneapolis wheat is up 0.0550 cents.
CME GLOBEX RECAP: On Tuesday, May corn closed unchanged, May soybeans up 1
3/4 cents, and May KC wheat down 9 3/4 cents. Corn, soybean, hard red winter
wheat, and soft red winter wheat basis were stronger on Tuesday, while spring
wheat basis weakened. The row-crop markets were mostly directionless on
Tuesday, mainly reacting to the volatile energy markets driven by the ongoing
war in Iran. Markets are focused on efforts to reopen the Strait of Hormuz. The
Bureau of Labor Statistics will release the February Producer Price Index
report on Wednesday at 7:30 a.m. CDT. Later in the morning, the EIA will
publish the weekly Petroleum Status report at 9:30 a.m. CDT, including last
week's ethanol production. At 1 p.m. CDT, the Federal Reserve will announce its
interest rate decision, which is widely expected to hold rates steady. Fed
Chair Jerome Powell will speak following the decision.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 46.85 at 46,993.26 and the S&P 500 up 16.71 at 6,716.09. The 10-Year
Treasury yield ended at 4.202%. Early Wednesday, the March Dow Jones Futures
are up 230 points. European markets are higher, with the spot futures of
London's FTSE 100 trading up 0.29%, spot futures of Germany's DAX are trading
up 0.78%, and the spot futures of France's CAC 40 Index are up 0.95%. Asian
markets are higher, with Japan's Nikkei 225 Index up 2.87% and China's Shanghai
Composite Index up 0.32%.
Get your local Cash Bids emailed to you each morning from DTN – click here to sign up for DTN Snapshot.
|
|
