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DTN Early Word Grains 08/14 05:52
Row-Crop Markets Underpinned by War Uncertainties, Weekend Positioning
December corn is up 5 cents per bushel, November soybeans are up 5 1/4
cents, December KC wheat is up 13 1/2 cents, September Chicago wheat is up 13
cents, and MIAX December Minneapolis wheat is up 0.1000 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 5 cents per bushel,
November soybeans are up 5 1/4 cents, December KC wheat is up 13 1/2 cents,
September Chicago wheat is up 13 cents, and MIAX December Minneapolis wheat is
up 0.1000 cents.
CME GLOBEX RECAP: On Thursday, September corn dropped 9 cents, November
soybeans dropped 1 cent, and September KC wheat dropped 1/4 of a cent. Corn and
hard red winter wheat basis strengthened on Thursday, while soft red winter
wheat basis weakened, and soybean and hard red spring wheat basis held steady.
Thursday's lower trade didn't come as a surprise after USDA's August data,
which moved markets higher. It was a quiet day of trading as the markets set
back, facing bearish crop weather ahead that benefits soybean pod-filling and
corn grain weight. Crude oil is up early Friday, after a tanker was reportedly
attacked leaving the Persian Gulf. The U.S.-Iran negotiations seem to be at a
standstill. The real fireworks are between Russia and Ukraine. Russia's largest
grain port, struck by Ukrainian missiles this week, has halted grain shipments,
threatening Russia's wheat exports. On Friday, USDA's Economic Research Service
will release its monthly commodity outlooks at 2 p.m. CDT. Then, at 2:30 p.m.
CDT, the CFTC will wrap up the week with the Commitments of Traders report,
which updates positions as of Tuesday, August 11.
OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average up 69.72 points to 53,839.99 and the S&P 500 up 50.49 points
to 7,798.99. The 10-Year Treasury yield ended at 4.641%. Early Friday, the
September Dow Jones Futures are down 68 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.06%, spot futures of
Germany's DAX are trading up 0.72%, and the spot futures of France's CAC 40
Index are up 0.03%. Asian markets are higher, with Japan's Nikkei 225 Index up
0.59% and China's Shanghai Composite Index up 0.01%.
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