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DTN Early Word Grains 08/04 05:49
Crop Weather, Ratings Battle it Out for Market Leader Role
December corn is up 1 cent per bushel, November soybeans are down 3 3/4
cents, September KC wheat is up 2 1/4 cents, September Chicago wheat is up 2
3/4 cents, and MIAX September Minneapolis wheat is steady.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 1 cent per bushel,
November soybeans are down 3 3/4 cents, September KC wheat is up 2 1/4 cents,
September Chicago wheat is up 2 3/4 cents, and MIAX September Minneapolis wheat
is steady.
CME GLOBEX RECAP: On Monday, September corn rose 8 1/2 cents, November
soybeans rose 4 3/4 cents, and September KC wheat rose 9 3/4 cents. Soybean and
hard red winter wheat basis was stronger Monday, while spring wheat and corn
basis was steady and soft red winter wheat basis was weaker. Monday's trade
featured weakness to start, followed by a bounce late in the session, ending
with slight gains. Going forward, wetter forecasts for the next seven days for
the Corn Belt will keep gains limited. Additionally, energy markets have eased
as the U.S. and Iran began another round of peace talks. On Tuesday, the Census
Bureau will release the June Trade Balance report at 7:30 a.m. CDT. Traders
will continue to closely monitor U.S. crop weather through August, as well as
the ongoing wars in the Middle East and the Black Sea.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 693.38 at 53,178.41 and the S&P 500 up 110.78 at
7,600.50. The 10-Year Treasury yield ended at 4.686%. Early Tuesday, the
September Dow Jones Futures are up 56 points. European markets are higher, with
the spot futures of London's FTSE 100 trading up 0.27%, spot futures of
Germany's DAX are trading up 0.23%, and the spot futures of France's CAC 40
Index are down 0.06%. Asian markets are higher, with Japan's Nikkei 225 Index
up 0.32% and China's Shanghai Composite Index up 0.33%.
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