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DTN Early Word Grains 07/23 05:49
For the Week, Corn and Wheat Prices Jump 5%, Soybeans 4%
December corn is up 3 1/4 cents per bushel, November soybeans are up 3
cents, September KC wheat is down 1/4 cent, September Chicago wheat is up 1 1/4
cents, and MIAX September Minneapolis wheat is down 0.0050 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 3 1/4 cents per
bushel, November soybeans are up 3 cents, September KC wheat is down 1/4 cent,
September Chicago wheat is up 1 1/4 cents, and MIAX September Minneapolis wheat
is down 0.0050 cents.
CME GLOBEX RECAP: On Wednesday, September corn rose 9 1/4 cents, November
soybeans rose 16 1/4 cents, and September KC wheat rose 30 1/4 cents. Corn
basis was steady, while soybean basis was stronger Wednesday, and spring wheat,
hard red winter wheat, and soft red winter wheat basis was weaker. The midweek
markets exploded to the upside with wheat leading the way due to grain shipping
uncertainty in the Black Sea region. The uncertain crop weather is moving the
corn and soybean markets. Corn is nearly made, while soybeans have plenty of
weather ahead to finish strong. The U.S. strikes in Iran have crude oil prices
moving back toward $100 per barrel early Thursday and headed for a sixth
straight higher session. On Thursday, USDA will lead things off with the weekly
Export Sales report at 7:30 a.m. CDT.
OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average down 6.06 at 52,218.58 and the S&P 500 down 10.24 at
7,498.96. The 10-Year Treasury yield ended at 4.657%. Early Thursday, the
September Dow Jones Futures are down 204 points. European markets are lower,
with the spot futures of London's FTSE 100 trading down 0.27%, spot futures of
Germany's DAX are trading down 0.74%, and the spot futures of France's CAC 40
Index are down 0.67%. Asian markets are higher, with Japan's Nikkei 225 Index
up 0.46% and China's Shanghai Composite Index up 0.25%.
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