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DTN Early Word Grains 06/25 05:46
Corn Prices Near a $3 Handle Amid Bearish Weather
July corn is down 1/2 cent per bushel, November soybeans are up 3 1/4 cents,
September KC wheat is up 1 3/4 cents, September Chicago wheat is up 1 1/2
cents, and MIAX September Minneapolis wheat is steady.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is down 1/2 cent per bushel,
November soybeans are up 3 1/4 cents, September KC wheat is up 1 3/4 cents,
September Chicago wheat is up 1 1/2 cents, and MIAX September Minneapolis wheat
is steady.
CME GLOBEX RECAP: On Wednesday, July corn dropped 2 3/4 cents, July soybeans
dropped 8 1/4 cents, and July KC wheat dropped 1 cent. Corn, hard red winter,
and spring wheat basis were stronger on Wednesday, while soybean and soft red
winter basis were steady. On Wednesday, a lack of support from soybean oil and
the absence of Chinese demand pressured the soybean market. Meanwhile,
favorable crop-growing weather kept corn and soybeans from higher trading
territory. In general, the seasonal weather market has a lot to say about where
row-crop prices will trade at the end of the month. Additionally, outside
markets tied to the grain and oilseed markets are bearish. Crude oil continues
to fall, while the dollar rises. On Thursday, the USDA releases its weekly
Export Sales data at 7:30 a.m. CDT. After the close at 2 p.m. CDT, USDA will
release the quarterly Hogs and Pigs inventory report as well as the monthly
Slaughter and Cold Storage reports.
OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average up 182.06 points to 51,848.90 and the S&P 500 down 7.24
points to 7,358.22. The 10-Year Treasury yield ended at 4.402%. Early Thursday,
the September Dow Jones Futures are up 121 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.38%, spot futures of
Germany's DAX are trading up 0.8%, and the spot futures of France's CAC 40
Index are up 0.48%. Asian markets are higher, with Japan's Nikkei 225 Index up
4.61% and China's Shanghai Composite Index up 0.23%.
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