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DTN Early Word Grains 11/21 05:45
Despite Bullish News, Corn, Soybean, and Wheat Face Weekly Drop
December corn is down 1 cent per bushel, January soybeans are down 3 1/2
cents, March KC wheat is down 3 1/2 cents, March Chicago wheat is down 3 3/4
cents, and MIAX March Minneapolis wheat is down 0.0075 cents.
Mike McGinnis
DTN Contributing Analyst
MORNING GLOBEX NET CHANGES: December corn is down 1 cent per bushel, January
soybeans are down 3 1/2 cents, March KC wheat is down 3 1/2 cents, March
Chicago wheat is down 3 3/4 cents, and MIAX March Minneapolis wheat is down
0.0075 cents.
CME GLOBEX RECAP: Overnight, corn, soybeans, and wheat continued their
downward trend from Thursday's close. The overall trend is the main concern.
Corn has closed lower in three of the past five trading sessions, while
soybeans are nearly 50 below Monday's high. Profit-taking by speculators has
been evident all week in the soybean market, despite strong daily soybean sales
to China. The corn market has benefited from robust export inspections,
increased ethanol production, and export sales. However, the market remains
cautious, knowing that large supplies still weigh on both commodities. Corn,
soybean, and hard red winter wheat basis were steady on Thursday, while spring
wheat and soft red winter wheat basis strengthened. Friday morning appears
quiet for news and reports, but later in the afternoon, after the close, USDA
will release its first Cattle on Feed Report in two months at 2 p.m. CST, along
with monthly Chicken and Eggs and Milk Production reports at the same time. The
CFTC Report will follow at 2:30 pm CST, including data as of October 7.
OUTSIDE MARKETS: The previous closes on Thursday showed the Dow Jones
Industrial Average down 386.51 at 45,752.26 and the S&P 500 down 103.40 at
6,538.76. The 10-Year Treasury yield ended at 4.106%. Early Friday, the
December Dow Jones Futures are up 178 points. European markets are lower with
the spot futures of London's FTSE 100 trading down 0.58%, spot futures of
Germany's DAX are trading down 0.84% and the spot futures of France's CAC 40
Index are down 0.22%. Asian markets are lower with Japan's Nikkei 225 Index
down 2.4% and China's Shanghai Composite Index down 2.45%.
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