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DTN Early Word Grains 10/27 05:57
Soybean Prices Attempt to Reverse Negative Start to The Week
December corn is down 1 cent per bushel, November soybeans are up 5 1/2
cents, December KC wheat is down 3 1/4 cents, December Chicago wheat is down 1
cent, and MIAX December Minneapolis wheat is down 0.0250 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 1 cent per bushel,
November soybeans are up 5 1/2 cents, December KC wheat is down 3 1/4 cents,
December Chicago wheat is down 1 cent, and MIAX December Minneapolis wheat is
down 0.0250 cents.
CME GLOBEX RECAP: On Monday, December corn dropped 1 cent, November soybeans
dropped 15 1/4 cents, and December KC wheat dropped 5 1/2 cents. Spring wheat
basis was stronger Monday, while corn, soybean, hard red winter wheat, and mild
red winter wheat basis were steady. The soybean market took a hit from Lula da
Silva's surprise win in Brazil's presidential election. That news weakened the
Brazilian real, making Brazil's soybeans more competitive in export markets
than U.S. product. Also, a streak of soybean flash sales to China has ended
this week. Harvest pressure is also in play, with favorable weather in the
Midwest. Corn and wheat prices followed soybeans on Monday. Though still net
long, outside investors continue to shift large amounts of contracts to the
short side of the corn and soybean markets. The CFTC announced it will begin to
report the Commitments of Traders Report on Wednesdays and Fridays beginning in
December. In the past, those positions of players in the futures and options
markets were only reported on Fridays.
OUTSIDE MARKETS: Monday's close showed the Dow Jones Industrial Average up
146.42 to 52,361.58 and the S&P 500 up 53.09 to 7,676.77. The 10-Year Treasury
yield ended at 4.986%. Early Tuesday, the December Dow Jones Futures are up 32
points. European markets are lower, with the spot futures of London's FTSE 100
trading down 0.85%, spot futures of Germany's DAX are trading down 0.21%, and
the spot futures of France's CAC 40 Index are down 0.02%. Asian markets are
mixed, with Japan's Nikkei 225 Index up 1.73% and China's Shanghai Composite
Index down 1.33%.
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