DTN Early Word Grains 04/23 05:53
Beans Continue to Sink, Pull Corn and Wheat Down
Corn futures are lower at 6 a.m. CST; soybeans lower; wheat lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: July Corn fractionally lower, July Soybeans 8 cents
lower, and July Kansas City Wheat 1 cent lower.
CME Globex Recap: Strong commercial selling continues to pressure soybeans,
hinting at export sales cancellations this week. Corn and wheat tried to rally
early in the overnight session, though both were trading lower early Wednesday
due to spillover pressure from the bean complex. Outside markets were mixed
while the U.S. dollar index continues to trend lower.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 65.12 points higher
Tuesday at 16,514.37. Dow Jones Industrial Average futures were 8 points higher
overnight, indicating light buying interest could be seen early Wednesday.
Asian markets were mixed with the Nikkei up 157.50 points at 14,546.27.
European markets were mostly lower. The overnight crude oil market was $0.42
lower at $101.33 while Brent crude was $0.11 higher at $109.38. The June gold
contract was $4.90 higher at $1,286.00 while the U.S. dollar index is 0.150
lower at 79.740. Soybeans at the Dalian Exchange were higher while Malaysian
palm oil futures were lower.
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