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DTN Early Word Grains 10/14 05:46
Harvest Activity, Crop Quality and Demand Drive Price Direction
December corn is down 1 1/4 cents per bushel, November soybeans are up 7 1/4
cents, December KC wheat is down 4 1/2 cents, December Chicago wheat is down 3
cents, and MIAX December Minneapolis wheat is down 0.0275 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 1 1/4 cents per
bushel, November soybeans are up 7 1/4 cents, December KC wheat is down 4 1/2
cents, December Chicago wheat is down 3 cents, and MIAX December Minneapolis
wheat is down 0.0275 cents.
CME GLOBEX RECAP: On Tuesday, December corn dropped 1/4 cent, November
soybeans dropped 4 cents, and December KC wheat dropped 3 cents. Corn basis was
weaker Tuesday, while hard red winter wheat, spring wheat, soybean, and soft
red winter basis wheat were steady. Row-crop markets traded relatively quietly
again on Tuesday. The latest weekly export inspection data shows both corn and
soybean bookings running ahead of a year ago, which may have limited Tuesday's
losses. After the close, the USDA reported corn harvest progress at 30%, while
46% of the soybean crop has been cut. Harvest weather is expected to turn wet
in the Midwest beginning Thursday. A frost is expected in the Midwest this
weekend. Regarding crop quality, some train shipments of soybeans headed to the
Pacific Northwest are reportedly being rejected because of discoloration, known
as SBOC. Buyers are scrutinizing loads as soybean harvest nears its halfway
point. Crude oil is rising early Wednesday amid ongoing attacks on shipping in
the Strait of Hormuz.
OUTSIDE MARKETS: Previous close Tuesday showed the Dow Jones Industrial
Average down 180.45 at 51,670.10 and the S&P 500 down 1.79 at 7,805.45. The
10-Year Treasury yield ended at 5.217%. Early Wednesday, the December Dow Jones
Futures are up 207 points. European markets are higher, with London's FTSE 100
spot futures up 0.47%, Germany's DAX spot futures up 0.64%, and France's CAC 40
Index spot futures up 0.61%. Asian markets are lower, with Japan's Nikkei 225
Index down 0.05% and China's Shanghai Composite Index down 0.88%.
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