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DTN Early Word Grains 11/13 05:49
Soybeans, Corn Markets Look to Finish Off a Strong Week
December corn is up 5 cents per bushel, January soybeans are up 16 cents,
December KC wheat is up 10 1/4 cents, December Chicago wheat is up 11 cents,
and MIAX December Minneapolis wheat is up 0.0800 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 5 cents per bushel,
January soybeans are up 16 cents, December KC wheat is up 10 1/4 cents,
December Chicago wheat is up 11 cents, and MIAX December Minneapolis wheat is
up 0.0800 cents.
CME GLOBEX RECAP: On Thursday, December corn dropped 5 1/2 cents, January
soybeans dropped 11 3/4 cents, and December KC wheat dropped 17 1/4 cents.
Heavy selling pressure pushed the row-crop markets lower on Thursday. In fact,
the corn market gave back gains from Tuesday's bullish USDA report. The soybean
market is feeling pressure from both the fundamental and technical sides. For
instance, a strong U.S. dollar and weak Brazilian Real makes Brazil's soybeans
more competitive on the export market. Technically, the soybean market is
struggling to move above chart resistance. Wheat futures fell sharply on
Thursday, quickly undoing the gains from three straight higher sessions this
week. There's outside pressure too. The U.S. dollar strengthened on Thursday
amid elevated bets that the Federal Reserve increases interest rates further at
its upcoming meetings. Meanwhile, the crude oil market fell amid diplomatic
possibilities for the Middle East war. On Friday, the USDA releases its delayed
Weekly Export Sales Report. The CFTC's Commitments of Traders Report will be
delayed until Monday because of Veterans Day.
OUTSIDE MARKETS: Thursday's close showed the Dow Jones Industrial Average
down 189.40 at 52,297.09 and the S&P 500 down 26.98 at 7,592.40. The 10-Year
Treasury yield ended at 5.103%. Early Friday, the December Dow Jones Futures
are up 84 points. European markets are mixed, with spot futures for London's
FTSE 100 up 0.2%, spot futures for Germany's DAX down 0.01%, and spot futures
for France's CAC 40 Index up 0.13%. Asian markets are mixed, with Japan's
Nikkei 225 Index up 0.53% and China's Shanghai Composite Index down 0.59%.
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