DTN Early Word Grains 06/19 05:56
U.S. President Says More Tariffs, Market Says Risk-Off
July corn was down 7 cents, July soybeans were down 20 1/2 cents, and July
Kansas City (HRW) wheat was down 9 3/4 cents.
By Todd Hultman
6:00 a.m. CME Globex: July corn was down 7 cents, July soybeans were down 20
1/2 cents, and July Kansas City (HRW) wheat was down 9 3/4 cents.
CME Globex Recap: Late Monday, CNN.com reported President Trump directed
another $200 billion of tariffs to be levied against China, if China goes
through with it's retaliation, planned for July 6. The news put investors in a
defensive mode. Global stock markets and most commodities are trading lower as
are U.S. soybean prices, one of China's intended targets.
OUTSIDE MARKETS: Monday's trading saw the Dow Jones Industrial Average drop
103.01 points to 24,987.47 while the S&P 500 was down 5.91 points to 2,773.75,
while the 10-year Treasury yield ended at 2.93%. Early Tuesday, DJIA futures
were down 327 points. Asian markets were lower with Japan's Nikkei 225 down
401.85 points -1.8%) and China's Shanghai Composite down 114.08 (-3.8%).
European markets were also lower with London's FTSE 100 down 35.43 points
(-0.5%), Germany's DAX down 172.71 points (-1.3%), and France's CAC 40 down
60.58 points (-1.1%). The euro was down 0.0067 and the U.S. dollar index was up
0.42 to 95.18. June 30-year T-Bonds were up one full point while August gold
was up $1.50 to $1,281.60 and August crude oil was down $0.88 at $64.81.
Soybeans on China's Dalian Exchange were higher and Malaysian palm oil futures
were down 1.9%.
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