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DTN Early Word Grains 12/29 05:46
Window Dressing is Part of End-of-Year Row-Crop Trading
March corn is down 2 1/2 cents per bushel, March soybeans are down 4 cents,
March KC wheat is down 3 3/4 cents, March Chicago wheat is down 2 cents, and
MIAX March Minneapolis wheat is steady.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: March corn is down 2 1/2 cents per bushel,
March soybeans are down 4 cents, March KC wheat is down 3 3/4 cents, March
Chicago wheat is down 2 cents, and MIAX March Minneapolis wheat is steady.
CME GLOBEX RECAP: On Friday, corn, soybeans, and wheat futures closed lower.
Corn and soybean basis were steady, while spring wheat and hard red winter
wheat basis weakened, and soft red winter wheat basis strengthened. The week
begins with traders looking to carry over last week's upside in futures, after
soybeans rallied 13 cents, corn 6 cents, and wheat finished the week up 18
cents. Trade volume, while seen as larger than last week, may still be muted
with the markets closed on Thursday for the New Year holiday. Monday reports
will include grain export inspections at 10 a.m. CST. Traders will also watch
for flash export sale announcements on Monday morning, following the USDA's
closure from Wednesday through Friday of last week. The EIA's Weekly Petroleum
Status Report will be released on Monday, delayed from last Wednesday due to
the Christmas holiday. The CFTC will release Commitments of Traders data on
Monday, as of Dec. 23, its final catch-up report. The Commitments of Traders
report will then return to its normal Friday schedule.
OUTSIDE MARKETS: The previous close on Friday showed the Dow Jones
Industrial Average down 20.19 at 48,710.97 and the S&P 500 down 2.11 at
6,929.94. The 10-Year Treasury yield ended at 4.136%. Early Monday, the March
Dow Jones Futures are up 3 points. European markets are mixed, with the spot
futures of London's FTSE 100 trading up 0.16%, spot futures of Germany's DAX
are trading down 0.07% and the spot futures of France's CAC 40 Index are up
0.03%. Asian markets are mixed, with Japan's Nikkei 225 Index down 0.44% and
China's Shanghai Composite Index up 0.04%. The March Euro is down 0.001 at
1.181, and the March U.S. Dollar Index is up 0.102 at 97.800. The March 30-Year
T-Bond is up 14/32nds, while February gold is down $70.20 at $4,482.50, and
February crude oil is up $1.20 at $57.94. On China's Dalian Exchange, March
corn was up 1.31% while May soybeans were up 0.82%, May soybean meal was up
0.22% and March Malaysian Palm Oil was trading down 1.03%.
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