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DTN Early Word Grains 09/16 05:48
Corn, Soybean, and Wheat Markets Face Harvest Headwinds
December corn is up 1 3/4 cents per bushel, November soybeans are up 3 1/2
cents, December KC wheat is up 1 3/4 cents, December Chicago wheat is up 1 3/4
cents, and MIAX December Minneapolis wheat is down 0.0125 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 3 1/2 cents, December KC wheat is up 1 3/4
cents, December Chicago wheat is up 1 3/4 cents, and MIAX December Minneapolis
wheat is down 0.0125 cents.
CME GLOBEX RECAP: Corn, soybean, and wheat futures on Monday gave back some
of their gains from Friday. Corn, spring wheat, and HRW wheat basis were
steady, while soybean basis was weaker, and soft red winter wheat basis was
stronger on Monday. There was some cleanup from Friday's data that surprised
traders, regarding the large increase in the corn planted acreage estimate to
98.7 million. Traders who couldn't get out of a position on Friday most likely
executed it on Monday. For soybeans, U.S.-China trade talks settled a dispute
regarding the social media platform TikTok. However, after two days of
meetings, the two sides have nothing to say about China's purchases of U.S.
soybeans. That's negative in every sense of the word.
OUTSIDE MARKETS: The previous closes on Monday showed the Dow Jones
Industrial Average up 49.23 at 45,883.45 and the S&P 500 up 30.99 at 6,615.28.
The 10-Year Treasury yield ended at 4.034%. Early Tuesday, the September Dow
Jones Futures are down 13 points. European markets are lower with the spot
futures of London's FTSE 100 trading down 0.24%, spot futures of Germany's DAX
are trading down 0.51% and the spot futures of France's CAC 40 Index are down
0.18%. Asian markets are mixed, with Japan's Nikkei 225 Index down 0.18% and
China's Shanghai Composite Index up 0.04%.
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