DTN Early Word Grains 04/16 05:56
Commercial Buying Continues to Support Soy Complex
Corn futures are lower at 6 a.m. CST; soybeans higher; wheat higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: July Corn 1 cent lower, July Soybeans 18 cents higher,
and May Chicago Wheat 1 cent higher.
CME Globex Recap: The soy complex barreled higher again overnight with
contracts trading near session highs early Wednesday. Strong commercial buying
was seen in both soybeans and bean meal, following through on activity seen
Tuesday. Chicago wheat edged just above unchanged on buying interest tied to
the worsening situation in Ukraine. Kansas City wheat was lower, taking a
breather from its recent freeze rally. Corn contracts were near unchanged.
Outside commodities were mostly higher with crude oil showing a solid rally.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 89.32 points higher
Tuesday at 16,262.56. Dow Jones Industrial Average futures were 55 points
higher overnight, indicating strong buying interest could be seen Wednesday.
Asian markets were mostly higher with the Nikkei up 420.87 points at 14,417.68.
European markets were higher. The overnight crude oil market was $1.18 higher
at $104.93 while Brent crude was $0.71 higher at $110.07. The June gold
contract was $1.60 higher at $1,301.90 while the U.S. dollar index is 0.049
lower at 79.740. Soybeans at the Dalian Exchange were higher while Malaysian
palm oil futures were also higher.
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