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DTN Early Word Grains 10/09 05:47
Soybean Traders Seek to Keep Market Strength Alive Without USDA Data
December corn is down 3/4 cent per bushel, November soybeans are down 3 3/4
cents, December KC wheat is up 2 1/2 cents, December Chicago wheat is up 2 1/2
cents, and MIAX December Minneapolis wheat is up 0.0350 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 3/4 cent per bushel,
November soybeans are down 3 3/4 cents, December KC wheat is up 2 1/2 cents,
December Chicago wheat is up 2 1/2 cents, and MIAX December Minneapolis wheat
is up 0.0350 cents.
CME GLOBEX RECAP: The soybean market pushed higher on Wednesday, leading
corn and wheat to stronger closes. Corn, HRW wheat, soybean, and spring wheat
basis were steady on Wednesday, while SRW wheat was stronger. Traders, in the
absence of USDA reports due to the U.S. government shutdown, are watching the
spread and basis prices closely. In the past week, there has been a move higher
with the Pacific Northwest basis values. This may mean more soybean sales
leaving that port for China. The corn market rode the coattails of the soybean
market on Wednesday. Plus, the EIA's Petroleum Status Report midweek showed
stronger ethanol production week-over-week and slightly lower stocks. Wheat
traders point to pressure from the drop in the value of the euro vs. the U.S.
dollar.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average down 1.20 at 46,601.78 and the S&P 500 up 39.13 at 6,753.72.
The 10-Year Treasury yield ended at 4.129%. Early Thursday, the December Dow
Jones Futures are up 21 points. European markets are mixed, with the spot
futures of London's FTSE 100 trading down 0.56%, spot futures of Germany's DAX
are trading up 0.18% and the spot futures of France's CAC 40 Index are up
0.16%. Asian markets are higher, with Japan's Nikkei 225 Index up 1.77% and
China's Shanghai Composite Index up 1%.
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