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DTN Early Word Grains 12/10 05:46
USDA's 'Close to the Vest' Report Keeps Thumb on Soybean Prices
March corn is steady, January soybeans are down 3 cents, March KC wheat is
down 1/2 cent, March Chicago wheat is down 2 cents, and MIAX March Minneapolis
wheat is down 0.0125 cents.
Mike McGinnis
DTN Contributing Analyst
MORNING GLOBEX NET CHANGES: March corn is steady, January soybeans are down
3 cents, March KC wheat is down 1/2 cent, March Chicago wheat is down 2 cents,
and MIAX March Minneapolis wheat is down 0.0125 cents.
CME GLOBEX RECAP: On Tuesday, March corn closed up 4 1/4 cents, January
soybeans closed down 6 1/2 cents, and wheat contracts were mixed. Corn and
spring wheat basis were steady, while soybean, soft red, and hard red winter
wheat basis were stronger on Tuesday. Tuesday's WASDE Report showed U.S. ending
stocks estimates that were slightly bullish for corn, neutral for soybeans, and
neutral for wheat. Tuesday's World ending stocks estimates from USDA were
somewhat bullish for corn, neutral for soybeans, and slightly bearish for
wheat. Traders will now most likely turn their attention to soybean demand from
China, South America's new year crop weather, and updated data from outside
investors. Reports for Wednesday include the weekly Petroleum Status report
from the Energy Information Administration at 9:30 a.m. CST, which will include
last week's average ethanol production. Later in the afternoon, the Federal
Reserve will announce its interest rate decision.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average down 179.03 at 47,560.29 and the S&P 500 down 6.00 at 6,840.51. The
10-Year Treasury yield ended at 4.186%. Early Wednesday, the December Dow Jones
Futures are down 30 points. European markets are mixed, with the spot futures
of London's FTSE 100 trading up 0.07%, spot futures of Germany's DAX are
trading down 0.55% and the spot futures of France's CAC 40 Index are down
0.43%. Asian markets are lower with Japan's Nikkei 225 Index down 0.1% and
China's Shanghai Composite Index down 0.23%.
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