DTN Closing Grain Comments 05/16 13:50
Wheat Leaps to Limit Gains as World Supplies Continue to Tighten
The wheat markets, both in the U.S. and in Europe, gapped sharply higher on
the weekend news that India would ban wheat exports, and ongoing issues of
weather problems in the EU and U.S. hard wheat areas. Hot and dry weather again
dominated both the EU and U.S. hard winter growing areas. Al three wheat market
spot months finished up the daily limit. Corn and soybeans joined in on the
rally, with new crop corn vaulting to another new contract high.
Senior Market Analyst
July corn closed up 28 1/4 cents per bushel and December corn was up 16 3/4
cents. July soybeans closed up 10 cents and November soybeans were up 13 3/4
cents. July KC wheat closed up 70 cents, July Chicago wheat was up 70 cents and
July Minneapolis wheat was up 60 cents. The June U.S. Dollar Index is trading
down 0.276 at 104.345. The Dow Jones Industrial Average is up 289.47 points at
32,486.13. June gold is up $5.60 at $1,813.80, July silver is up $0.55 at
$21.56 and July copper is up $0.0380 at $4.2130. June crude oil is up $3.55 at
$114.04, June heating oil is down $0.0159, June RBOB is up $0.0627 and June
natural gas is up $0.275.
Get your local Cash Bids emailed to you each morning from DTN – click here
to sign up for DTN Snapshot.