DTN Early Word Grains 07/02 06:08
Grains Stage Solid Rally to Start July
Corn futures are higher on the electronic session at 6 a.m. CDT; soybeans
futures higher; wheat higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: Corn 19 1/2 higher (Dec), Soybeans 14 1/2 higher (Nov),
Wheat 8 1/2 higher (Chi Sep).
CME Globex Recap: Grain contracts broke from the opening gate strong Sunday
evening with December corn moving almost 30-cents higher while November
soybeans jumped 28-cents higher. However, within a couple of hours both
contracts had given back about half of the opening rally. Support came from
weekend rains over parts of the Midwest that were less than needed and
forecasts for continued hot and dry conditions. Tight supplies are reflected in
no deliveries reported for corn, soybeans, or Chicago wheat.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 277.83 points higher
Friday at 12,880.09. The overnight session saw the Dow Jones futures trade 5
points higher, indicating the market could see continued buying interest
Monday. Asian markets were mostly higher though the Nikkei was down 3.30 points
at 9,003.48. European markets were higher. The overnight crude oil market was
$1.67 lower at $83.29 while Brent crude was $2.28 lower at $95.52. The August
gold contract was $13.20 lower at $1,591.00 while the U.S. dollar index is
0.133 higher at 81.760. Soybeans at the Dalian exchange were higher while
Malaysian palm oil futures were also higher.