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DTN Early Word Grains 03/02 05:47
Strikes on Iran Spark Broad-Based Commodities Market Volatility
May corn is up 1 cent per bushel, May soybeans are up 1/4 cent, May KC wheat
is up 6 cents, May Chicago wheat is up 2 cents, and MIAX May Minneapolis wheat
is up 0.0025 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: May corn is up 1 cent per bushel, May
soybeans are up 1/4 cent, May KC wheat is up 6 cents, May Chicago wheat is up 2
cents, and MIAX May Minneapolis wheat is up 0.0025 cents.
CME GLOBEX RECAP: On Friday, May corn closed up 5 cents, May soybeans closed
up 7 1/4 cents, and May KC wheat closed up 18 1/4 cents. Corn basis was steady,
while soybean, hard red winter wheat, soft red winter wheat, and spring wheat
basis were stronger on Friday. Wheat was the leader as the trade built in a
risk premium due to a lack of agreement on nuclear talks between the U.S. and
Iran. Now, with the Israeli and U.S. deadly strikes on Iran, the global turmoil
creates huge volatility in the commodities markets. Gold and oil surged on
Sunday after the weekend strikes. Ship traffic in the Strait of Hormuz is down
to single digits early Monday. USDA will release on Monday its weekly Export
Inspections Report and monthly Fats and Oils: Oilseed Crush Report for January,
and Grain Crushings and Co-products Production for January.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 521.28 at 48,977.92 and the S&P 500 down 29.98 at 6,878.88. The
10-Year Treasury yield ended at 3.962%. Early Monday, the March Dow Jones
Futures are down 534 points. European markets are lower, with the spot futures
of London's FTSE 100 trading down 1.13%, spot futures of Germany's DAX are
trading down 1.94%, and the spot futures of France's CAC 40 Index are down
1.69%. Asian markets are mixed, with Japan's Nikkei 225 Index down 1.35% and
China's Shanghai Composite Index up 0.47%.
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