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DTN Early Word Grains 10/30 05:59
Row-Crop Markets Set to Leave a 'Red' October Behind
December corn is down 2 cents per bushel, January soybeans are down 1 cent,
December KC wheat is down 1/4 cent, December Chicago wheat is up 2 cents, and
MIAX December Minneapolis wheat is up 0.0150 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 2 cents per bushel,
January soybeans are down 1 cent, December KC wheat is down 1/4 cent, December
Chicago wheat is up 2 cents, and MIAX December Minneapolis wheat is up 0.0150
cents.
CME GLOBEX RECAP: On Thursday, December corn dropped 1/2 cent, January
soybeans dropped 3 1/4 cents, and December KC wheat rose 2 1/4 cents. Corn,
hard red winter wheat, and soybean basis were steady Thursday, while spring
wheat basis was stronger, and soft red winter wheat basis was weaker. Another
quiet day of trading on Thursday, another day of mostly lower trading. Selling
has been heavy in these markets, and sellers don't seem likely to lighten up
anytime soon. As already said this week, traders aren't willing to step in and
try to catch a falling knife. That said, the wheat market finished higher
Thursday, ending a ten-session losing streak. China has hinted at looking at
buying U.S. wheat. Globally, price pressure is coming from Brazil's fast
planting pace. For now, U.S. soybeans are priced at a discount to Brazil beans.
Seasonally, traders will watch how long that window stays open. On Friday, the
CFTC will release its weekly Commitments of Traders Report at 2:30 p.m. CDT.
OUTSIDE MARKETS: Thursday's close showed the Dow Jones Industrial Average
down 132.54 to 52,342.56 and the S&P 500 down 23.59 to 7,720.39. The 10-Year
Treasury yield ended at 4.989%. Early Friday, the December Dow Jones Futures
are up 8 points. European markets are mixed, with London's FTSE 100 spot
futures up 0.04%, Germany's DAX spot futures down 0.57%, and France's CAC 40
Index spot futures up 0.01%. Asian markets are lower, with Japan's Nikkei 225
Index down 2.12% and China's Shanghai Composite Index down 1.44%.
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