DTN Early Word Grains 06/25 05:58
Grains Under Pressure, Trade Hostilities Increase
December corn was down 3 1/2 cents, November soybeans were down 11 1/2
cents, and September Kansas City (HRW) wheat was down 10 3/4 cents.
By Todd Hultman
6:00 a.m. CME Globex: December corn was down 3 1/2 cents, November soybeans
were down 11 1/2 cents, and September Kansas City (HRW) wheat was down 10 3/4
CME Globex Recap: Global stock markets are lower overnight after President
Trump threatened U.S. trade partners with retaliation if they don't remove
tariffs and trade barriers. The Wall Street Journal reported President Trump is
also planning to restrict Chinese companies from investing in the U.S.
August crude oil is a slightly lower after non-OPEC producers also agreed to
increase oil production on Saturday, but again, OPEC's statement avoided
committing to a specific amount. Dow Jones reported the People's Bank of China
is cutting the reserve requirement for banks by 0.5% in an effort to protect
the economy from increased trade war pressures.
OUTSIDE MARKETS: Friday's trading saw the Dow Jones Industrial Average gain
119.19 points to 24,580.89 while the S&P 500 was up 5.12 points to 2,754.88 and
the 10-year Treasury yield ended at 2.90%. Early Monday, DJIA futures were down
209 points. Asian markets were lower with Japan's Nikkei 225 down 178.68 points
(-0.8%) and China's Shanghai Composite down 30.42 (-1.0%). European markets
were also lower with London's FTSE 100 down 69.41 points (-0.9%), Germany's DAX
down 160.04 points (-1.3%), and France's CAC 40 down 45.98 points (-0.9%). The
euro was down 0.0016 and the U.S. dollar index was up 0.06 to 94.58. September
30-year T-Bonds were up 9/32nds while August gold was up $0.50 at $1,271.20 and
August crude oil was down $0.06 at $68.52. Soybeans on China's Dalian Exchange
were steady to higher and Malaysian palm oil futures were up 0.2%.
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