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DTN Early Word Grains 01/07 05:41
Row-Crop Traders Eye USDA's January Data Dump
March corn is up 1 1/4 cents per bushel, March soybeans are up 9 cents,
March KC wheat is up 3 1/4 cents, March Chicago wheat is up 2 1/2 cents, and
MIAX March Minneapolis wheat is up 0.0175 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: March corn is up 1 1/4 cents per bushel,
March soybeans are up 9 cents, March KC wheat is up 3 1/4 cents, March Chicago
wheat is up 2 1/2 cents, and MIAX March Minneapolis wheat is up 0.0175 cents.
CME GLOBEX RECAP: On Tuesday, buyers propped up the farm markets in the
morning session, while sellers dominated the afternoon, sending corn, soybeans,
and wheat prices to a lower close. Soybean traders shook off the bullish
fundamentals of China buying more U.S. soybeans, instead focusing more on
favorable South American crop-weather. Corn and soybean basis were stronger,
while hard red winter wheat and soft red winter wheat basis were stronger on
Tuesday, and spring wheat basis was weaker. Reports for Wednesday include the
weekly Petroleum Status release from the Energy Information Administration,
which will include last week's ethanol production at 9:30 a.m. CST. Otherwise,
it looks to be another thin day for reports as traders will continue to
position ahead of next Monday's packed USDA schedule.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 484.90 at 49,462.08 and the S&P 500 up 42.77 at 6,944.82. The
10-Year Treasury yield ended at 4.179%. Early Wednesday, the March Dow Jones
Futures are up 17 points. European markets are mixed, with the spot futures of
London's FTSE 100 trading down 0.73%, spot futures of Germany's DAX are trading
up 0.61% and the spot futures of France's CAC 40 Index are down 0.02%. Asian
markets are mixed, with Japan's Nikkei 225 Index down 1.06% and China's
Shanghai Composite Index up 0.05%.
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