| |
DTN Early Word Grains 08/19 05:58
Midweek Row-Crop Markets Eye U.S. Yield Speculation
December corn is up 1 3/4 cents per bushel, November soybeans are up 10 1/4
cents, December KC wheat is down 2 cents, December Chicago wheat is up 1 3/4
cents, and MIAX December Minneapolis wheat is down 0.0100 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 1 3/4 cents per
bushel, November soybeans are up 10 1/4 cents, December KC wheat is down 2
cents, December Chicago wheat is up 1 3/4 cents, and MIAX December Minneapolis
wheat is down 0.0100 cents.
CME GLOBEX RECAP: On Tuesday, December corn dropped 1 1/2 cents, November
soybeans rose 3/4 of a cent, and September KC wheat dropped 15 cents. Corn,
soybean, hard red winter wheat, and soft red winter wheat basis was steady on
Tuesday, while hard red spring wheat basis was stronger. The grains and oilseed
markets were mixed to weaker on Tuesday, with profit-taking in corn and wheat.
Soybean prices were generally supported by continued purchases from China and
lower yield prospects. Crop scouts touring the Midwest found weaker corn yield
prospects and lower soybean pod counts than last year in Ohio, South Dakota,
Indiana, and Nebraska. This kind of reporting would reaffirm some analysts'
expectations that yield monitors will read yields below the USDA's estimates.
That said, until the combines roll, traders will trade weather, demand, global
crop damage, and geopolitical risks until the USDA updates its crop estimates
in September. On Wednesday, the EIA will release the weekly Petroleum Status
report at 9:30 a.m. CDT.
OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average down 116.38 points to 53,343.40 and the S&P 500 down 53.30
points to 7,691.76. The 10-Year Treasury yield ended at 4.706%. Early
Wednesday, the September Dow Jones Futures are up 7 points. European markets
are mixed, with the spot futures of London's FTSE 100 trading down 0.28%, spot
futures of Germany's DAX trading down 0.19%, and the spot futures of France's
CAC 40 Index up 0.34%. Asian markets are lower, with Japan's Nikkei 225 Index
down 4.93% and China's Shanghai Composite Index down 0.83%.
Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot.
|
|
