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DTN Early Word Grains 10/15 05:49
Harvest Pressure Kicks in for Bears, China Demand Feeds Soybean Bulls
December corn is down 3/4 cent per bushel, November soybeans are down 4 1/2
cents, December KC wheat is down 1 cent, December Chicago wheat is down 3/4
cent, and MIAX December Minneapolis wheat is up 0.0125 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 3/4 cent per bushel,
November soybeans are down 4 1/2 cents, December KC wheat is down 1 cent,
December Chicago wheat is down 3/4 cent, and MIAX December Minneapolis wheat is
up 0.0125 cents.
CME GLOBEX RECAP: On Wednesday, December corn dropped 2 cents, November
soybeans dropped 6 1/2 cents, and December KC wheat rose 2 3/4 cents. Corn and
spring wheat basis was stronger Wednesday, while hard red winter wheat,
soybean, and soft red winter wheat basis were steady. Row-crop markets traded
in narrow ranges and in light volume on Wednesday. The U.S. corn and soybean
harvest progress is weighing on prices. A pause in that progress may occur in
parts of the Midwest between Thursday and Sunday due to rain and freezing
temperatures. However, harvest weather is forecast to return to favorable in
the 6-10-day outlook. Wheat prices reversed their lower direction amid ongoing
turmoil in the Black Sea region. The slower U.S. wheat planting pace helped
limit losses. Because of the Columbus Day holiday, the USDA will release its
Weekly Export Sales Report on Friday. The EIA will release its Weekly Petroleum
Status Report on Thursday, which updates ethanol production from the week ended
October 9. On Thursday at 7 a.m. CDT, Brazil's National Supply Company (CONAB)
will release the first survey of the 2026-27 Brazilian soybean and corn crops.
OUTSIDE MARKETS: Wednesday's close showed the Dow Jones Industrial Average
down 48.62 to 51,621.48 and the S&P 500 down 86.51 to 7,718.94. The 10-Year
Treasury yield ended at 5.19%. Early Thursday, the December Dow Jones Futures
are up 130 points. European markets are mixed, with London's FTSE 100 spot
futures up 0.52%, Germany's DAX spot futures down 0.62%, and France's CAC 40
spot futures up 0.1%. Asian markets are lower, with Japan's Nikkei 225 Index
down 4.9% and China's Shanghai Composite Index down 1.59%.
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