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DTN Early Word Grains 04/29 05:49
Wheat's Rally Grows Legs, Pulls Up Corn
July corn is up 1 1/4 cents per bushel, July soybeans are up 4 cents, July
KC wheat is up 8 1/4 cents, July Chicago wheat is up 5 cents, and MIAX July
Minneapolis wheat is up 0.0625 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is up 1 1/4 cents per bushel,
July soybeans are up 4 cents, July KC wheat is up 8 1/4 cents, July Chicago
wheat is up 5 cents, and MIAX July Minneapolis wheat is up 0.0625 cents.
CME Globex Recap: On Tuesday, July corn rose 6 1/4 cents, July soybeans
declined 2 3/4 cents, and July KC wheat rose 27 cents. Corn, spring wheat, and
hard red winter wheat basis levels were stronger on Tuesday, while soybean and
soft red winter wheat basis levels were steady. The wheat market rally is
cemented in deteriorating crop conditions in the HRW wheat region. Corn is
riding the coattails of wheat. The July contract has moved higher in six of the
past seven sessions. Soybean prices remain stuck in a channel. The fastest
planting pace since the 1980s is keeping a cap on soybean rallies. Trade will
see fresh export data Wednesday. Updated weather forecasts through the end of
April and into the start of May will grip traders' attention on price
direction. Meanwhile, gas prices hit a four-year high on Tuesday amid stalled
peace talks between the U.S. and Iran. Also on Tuesday, crude oil reached $110
per barrel for the first time in three weeks. Wednesday, the EIA will release
the weekly Petroleum Status report at 9:30 a.m. CDT, including last week's
ethanol production. In the afternoon, the FOMC will announce its interest rate
decision and Fed Chair Jerome Powell will speak afterward, at 1:30 p.m. CDT.
OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average down 25.86 points at 49,141.93, and the S&P 500 down 35.11
points at 7,138.80. The 10-Year Treasury yield ended at 4.354%. Early
Wednesday, the June Dow Jones Futures are down 40 points. European markets are
lower, with spot futures of London's FTSE 100 down 0.76%, spot futures of
Germany's DAX down 0.43%, and spot futures of France's CAC 40 Index down 0.69%.
Asian markets are mixed, with Japan's Nikkei 225 Index steady and China's
Shanghai Composite Index up 0.71%.
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