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DTN Early Word Grains 08/12 05:55
War Strikes, USDA Data Mean Volatility for Row-Crop Markets
December corn is up 4 1/2 cents per bushel, November soybeans are up 6
cents, September KC wheat is up 29 cents, September Chicago wheat is up 21 3/4
cents, and MIAX December Minneapolis wheat is up 0.1625 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 4 1/2 cents per
bushel, November soybeans are up 6 cents, September KC wheat is up 29 cents,
September Chicago wheat is up 21 3/4 cents, and MIAX December Minneapolis wheat
is up 0.1625 cents.
CME GLOBEX RECAP: On Tuesday, September corn dropped 1 1/2 cents, November
soybeans dropped 10 3/4 cents, and September KC wheat dropped 14 1/2 cents.
Soybean, soft red winter wheat, corn, spring wheat, and hard red winter wheat
basis was steady Tuesday. Tuesday's farm markets were highlighted by
double-digit losses brought on by liquidation, positioning ahead of the USDA's
WASDE Report, and favorable crop weather. Wednesday's Crop Production Report is
expected to adjust EU corn production due to dryness and Ukraine's corn exports
due to grain shipping interruptions. U.S. ending stocks may lean bearish, while
soybean yield and U.S. ending stocks may lean neutral to friendly. Wheat prices
may get a boost from U.S. and global supply tightening. Separately, the EIA
will release its Weekly Petroleum Status Report with updated ethanol production
data. USDA's August World Agricultural Supply and Demand Estimates (WASDE) and
Crop Production reports will be out at 11 a.m. CDT.
OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average down 184.13 at 53,791.85 and the S&P 500 down 24.91 at
7,728.20. The 10-Year Treasury yield ended at 4.684%. Early Wednesday, the
September Dow Jones Futures are up 71 points. European markets are higher, with
the spot futures of London's FTSE 100 trading up 0.04%, spot futures of
Germany's DAX trading up 0.34%, and the spot futures of France's CAC 40 Index
down 0.13%. Asian markets are higher, with Japan's Nikkei 225 Index up 0.83%
and China's Shanghai Composite Index up 0.32%.
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