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DTN Early Word Grains 11/04 05:49
Demand-Driven Markets Underpin Corn, Soybeans, and Wheat
December corn is down 2 cents per bushel, January soybeans are down 6 3/4
cents, December KC wheat is up 1/2 cent, December Chicago wheat is up 2 1/2
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 6 3/4 cents, December KC wheat is up 1/2 cent,
December Chicago wheat is up 2 1/2 cents, and MIAX December Minneapolis wheat
is up 0.0150 cents.
CME GLOBEX RECAP: A sharp rally in the soybean market pushed prices to a
19-cent close, while corn and wheat followed beans higher on Monday. Soybean,
spring wheat, SRW wheat, and HRW wheat basis were stronger on Monday, while
corn basis remained steady. As more details emerge on the U.S.-China trade
agreement, the outlook becomes more bullish for the soybean market. Traders are
liking what they hear, thus, the march toward higher prices continues. The corn
market remains well supported by demand, with Monday's export inspections up
64% compared to a year ago. Traders are hesitant to push the market too hard,
too fast, knowing the U.S. harvest still has the potential to be record-large.
For wheat, traders reacted positively to the news that China is showing
interest in purchasing U.S. wheat.
OUTSIDE MARKETS: The previous closes on Monday showed the Dow Jones
Industrial Average down 226.19 at 47,336.68 and the S&P 500 up 11.77 at
6,851.97. The 10-Year Treasury yield ended at 4.106%. Early Tuesday, the
December Dow Jones Futures are down 339 points. European markets are lower with
the spot futures of London's FTSE 100 trading down 0.78%, spot futures of
Germany's DAX are trading down 1.32% and the spot futures of France's CAC 40
Index are down 1.24%. Asian markets are lower, with Japan's Nikkei 225 Index
down 1.49% and China's Shanghai Composite Index down 0.41%.
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