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DTN Early Word Grains 05/30 05:50
Grain Markets Mixed With Weather Seen as Bearish, Demand Still Bullish
July corn is up 1 1/2 cents per bushel, July soybeans are down 1 3/4 cents,
July KC wheat is up 3 1/4 cents, July Chicago wheat is up 2 cents and July
Minneapolis wheat is up 9 cents.
Kent Beadle, DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is up 1 1/2 cents per bushel,
July soybeans are down 1 3/4 cents, July KC wheat is up 3 1/4 cents, July
Chicago wheat is up 2 cents and July Minneapolis wheat is up 9 cents.
CME GLOBEX RECAP: Equity markets are mixed on Friday morning as traders
react to news that the Trump administration appealed the trade court ruling
that the administrations tariffs were illegal, and an appeals court allowed the
tariffs to stand pending a formal appeal. Additionally, traders are trying to
sort out the impact of these legal issues and the effect this might have on the
current trade negotiations between the U.S. and its trading partners.
Thursday's economic data releases provided a mixed picture, with the first
revision of the 1st quarter GDP better than trade estimates down only 0.2%
compared to traders' expectations, which were down 0.4%. On the other hand,
pending home sales were down 6.3% compared to expectations that were for sales
to be down only 1.0%. Friday morning, this month's PCE data will be released.
The PCE inflation data is the data that the Federal Reserve sees as most
accurate for measuring inflation in the economy.
OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average up 117.03 at 42,215.73 and the S&P 500 up 23.62 at 5,912.17. The
10-Year Treasury yield ended at 4.424%. Early Friday, the June Dow Jones
Futures are down 6 points. European markets are higher with the spot futures of
London's FTSE 100 trading up 0.65%, spot futures of Germany's DAX are trading
up 0.68% and the spot futures of France's CAC 40 Index up 0.24%. Asian markets
are lower with Japan's Nikkei 225 Index down 1.22% and China's Shanghai
Composite Index down 0.47%.
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