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DTN Early Word Grains 10/02 06:06
Corn, Soybean Markets Trade Without USDA Data
December corn is down 1/4 cent per bushel, November soybeans are down 1/4
cent, December KC wheat is steady, December Chicago wheat is up 1/4 cent and
MIAX December Minneapolis wheat is up 0.0100 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 1/4 cent per bushel,
November soybeans are down 1/4 cent, December KC wheat is steady, December
Chicago wheat is up 1/4 cent and MIAX December Minneapolis wheat is up 0.0100
cents.
CME GLOBEX RECAP: Soybean futures rallied on Wednesday carrying corn with
it. Wheat finished mixed. The fireworks happened in the soybean market
following President Trump's post on Truth Social that he will meet with Chinese
President Xi in four weeks, and that soybeans will be a "major topic of
discussion". Traders know that a 'tweet' doesn't mean a sale, but they are
looking for any movement on the topic of soybean exports to China. Corn traders
are still digesting the larger number of stocks on hand as of September 1.
Harvest activity and yield reports will likely trump most fundamentals during
this time of year. The markets paid little attention to the U.S. government
shutdown. If the closure starts to cause cancellations of USDA Reports, traders
will be forced to adjust. For wheat, Tuesday's Small Grains Summary Report
added 58 million bushels (mb) to U.S wheat production, pressuring the market.
OUTSIDE MARKETS:
Previous closes Wednesday showed the Dow Jones Industrial Average up 43.21
at 46,441.10 and the S&P 500 up 22.74 at 6,711.20. The 10-Year Treasury yield
ended at 4.106%. Early Thursday, the December Dow Jones Futures are down 35
points. European markets are mixed with the spot futures of London's FTSE 100
trading down 0.04%, spot futures of Germany's DAX are trading up 1.09% and the
spot futures of France's CAC 40 Index are up 1.15%. Asian markets are mixed,
with Japan's Nikkei 225 Index up 0.87% and China's Shanghai Composite Index is
steady.
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