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DTN Early Word Grains 08/06 05:56
Row-Crop Market Bears Feast on Wetter August Weather Outlook
December corn is down 3/4 cent per bushel, November soybeans are down 2 1/4
cents, September KC wheat is up 3/4 cent, September Chicago wheat is up 1 1/2
cents, and MIAX September 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 2 1/4 cents, September KC wheat is up 3/4 cent,
September Chicago wheat is up 1 1/2 cents, and MIAX September Minneapolis wheat
is up 0.0350 cents.
CME GLOBEX RECAP: On Wednesday, September corn dropped 5 1/2 cents, November
soybeans dropped 3 cents, and September KC wheat rose 6 1/2 cents. Soybean and
hard red winter wheat basis was weaker Wednesday, while corn, spring wheat, and
soft red winter wheat basis was steady. In general, Wednesday's lower markets
were a result of traders building confidence in the U.S. corn and soybean crops
finishing above the trendline yield. Private analysts releasing crop estimates
are backing up the market's confidence. Favorable crop weather seen through the
middle of August is also feeding the bears. Security risks for ships in the Red
Sea edged energy markets higher on Wednesday. President Trump reiterated that a
deal to open the Strait of Hormuz was near. However, Tehran continues to signal
establishing its own mandatory transit corridor through the Strait. President
Trump warned of severe retaliation if negotiations fail. Late Wednesday, Iran
said it reached an agreement with Oman on a shipping route through Hormuz.
OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average up 263.24 at 54,349.12 and the S&P 500 down 12.97 at
7,723.55. The 10-Year Treasury yield ended at 4.617%. Early Thursday, the
September Dow Jones Futures are up 161 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.45%, spot futures of
Germany's DAX are trading up 0.17%, and the spot futures of France's CAC 40
Index up 0.67%. Asian markets are mixed, with Japan's Nikkei 225 Index down
0.93% and China's Shanghai Composite Index up 0.57%.
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