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DTN Early Word Grains 10/16 05:49
Corn, Soybean Prices Avoid Bearish Levels, Eye Blue Sky
December corn is up 1/2 cent per bushel, November soybeans are up 3 cents,
December KC wheat is down 2 1/2 cents, December Chicago wheat is down 2 1/2
cents, and MIAX December Minneapolis wheat is down 0.0050 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 1/2 cent per bushel,
November soybeans are up 3 cents, December KC wheat is down 2 1/2 cents,
December Chicago wheat is down 2 1/2 cents, and MIAX December Minneapolis wheat
is down 0.0050 cents.
CME GLOBEX RECAP: Corn closed 3 cents higher on Wednesday, while soybeans
ended unchanged and wheat was slightly lower. Corn basis weakened, SRW wheat
basis strengthened, and soybean, spring wheat basis, and HRW wheat basis
remained steady on Wednesday. Disappointing corn yield reports for this year's
harvest supported the corn market. For example, a farmer in Iowa reported a
55-bushel difference in yields due to Southern Rust, compared to unaffected
fields. Demand for corn continues to support prices. The soybean complex saw
limited losses amid trade tension talk about threats from the U.S. of an
embargo on used cooking oil from China, which would boost domestic soybean oil
demand for biofuel production. Wheat traders overlook the strong demand for
U.S. wheat, focusing instead on ample global supplies.
OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial
Average down 17.15 at 46,253.31 and the S&P 500 up 26.75 at 6,671.06. The
10-Year Treasury yield ended at 4.046%. Early Thursday, the December Dow Jones
Futures are up 171 points. European markets are mixed, with the spot futures of
London's FTSE 100 trading down 0.1%, spot futures of Germany's DAX are trading
up 0.02% and the spot futures of France's CAC 40 Index are up 0.79%. Asian
markets are higher, with Japan's Nikkei 225 Index up 1.27% and China's Shanghai
Composite Index up 0.1%.
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