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DTN Early Word Grains 05/23 06:04
Grains Mostly Higher Early Thursday
Corn futures are lower, soybeans higher, and wheat higher at 6 a.m. CDT.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: Corn 1 cent lower, soybeans 2 cents higher, and wheat 5
cents higher.
CME Globex Recap: Soybeans led the initial rally in grains overnight with the
July contract poking its head above the $15 mark. Wheat made a run at
double-digit gains before easing off session highs, while corn spent the
evening under light pressure. Dow Jones Industrial Average futures were under
heavy pressure from continued reaction to Federal Reserve comments Wednesday,
while a much stronger Japanese yen pushed the U.S. dollar index sharply lower.
Gold and copper were higher and crude oil lower on weak manufacturing data out
of China. The latter was also pointed at as a reason the rally cooled in the
bean complex.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 80.41 points lower
Wednesday at 15,307.17. The overnight session saw the Dow Jones futures trade
141 points lower, indicating U.S. stocks could see heavy selling interest
Thursday. Asian markets were lower with the Nikkei down 1,062.96 points at
14,564.30. European markets were also lower. The overnight crude oil market was
$0.93 lower at $93.35 while Brent crude was $0.74 lower at $101.86. The June
gold contract was $20.70 lower at $1,388.10 while the U.S. dollar index is
0.437 lower at 83.915. Soybeans at the Dalian Exchange were mostly higher while
Malaysian palm oil contracts were higher.
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