| |
DTN Early Word Grains 07/01 05:50
Row-Crop Trading Starts July With a Weather Market
December corn is up 3/4 cent per bushel, November soybeans are steady,
September KC wheat is up 2 3/4 cents, September Chicago wheat is up 2 cents,
and MIAX September Minneapolis wheat is up 0.0375 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 3/4 cent per bushel,
November soybeans are steady, September KC wheat is up 2 3/4 cents, September
Chicago wheat is up 2 cents, and MIAX September Minneapolis wheat is up 0.0375
cents.
CME GLOBEX RECAP: On Tuesday, September corn rose 6 1/2 cents, August
soybeans rose 5 cents, and September KC wheat rose 10 cents. Corn, soybean,
hard red winter, mild red winter, and spring wheat basis were stronger.
Tuesday's USDA data didn't surprise anyone. The estimates, acreage, and stocks
came in about as expected for corn and soybeans. As it turned out, fertilizer
prices didn't stop farmers from planting the desired amount of corn. The U.S.
wheat acreage dropped below the trade's expectations, providing the bulls to
push the market up double-digits. The bullish nugget for the corn market was
the tighter stocks as of June 1. That will be something for the markets to
watch, going forward. As the calendar flips to July, it immediately becomes a
weather market. Traders will quickly turn their attention to daily weather
updates. Once the current Midwestern heat dome passes, rain is expected to
follow. Outside markets are muted.
OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average up 136.46 at 52,319.20 and the S&P 500 up 58.93 at 7,499.36.
The 10-Year Treasury yield ended at 4.418%. Early Wednesday, the September Dow
Jones Futures are down 138 points. European markets are mixed, with the spot
futures of London's FTSE 100 trading down 0.43%, spot futures of Germany's DAX
trading up 0.23%, and the spot futures of France's CAC 40 Index down 0.48%.
Asian markets are higher, with Japan's Nikkei 225 Index up 0.59% and China's
Shanghai Composite Index up 0.44%.
For more free DTN information sent right to your email each morning - click here to sign up for DTN Snapshot.
|
|
