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DTN Early Word Grains 06/23 05:49
Soybean Prices Look to Products to Defy Bearish Crop Weather
July corn is up 2 1/2 cents per bushel, November soybeans are up 6 3/4
cents, September KC wheat is down 1 cent, September Chicago wheat is up 1 1/4
cents, and MIAX September Minneapolis wheat is down 0.0125 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: July corn is up 2 1/2 cents per bushel,
November soybeans are up 6 3/4 cents, September KC wheat is down 1 cent,
September Chicago wheat is up 1 1/4 cents, and MIAX September Minneapolis wheat
is down 0.0125 cents.
CME GLOBEX RECAP: On Monday, July corn dropped 6 cents, July soybeans
dropped 7 cents, and July KC wheat dropped 10 1/2 cents. Soybean and soft red
winter basis were stronger on Monday, while corn, hard red winter wheat, and
spring wheat basis were steady. The corn and soybean futures markets were
pressured by favorable crop weather prospects for the rest of the month. The
stronger soybean oil market helped limit soybean losses. Large wheat reserves
have sent prices down for two consecutive sessions. USDA's Export Inspections
Report showed that corn and wheat inspections fell at the low end of
expectations, while soybeans dropped below. USDA's corn and soybean good to
excellent ratings for last week were unchanged from the previous week.
Meanwhile, the delayed Commitments of Traders Report showed that money managers
continue to trim net long positions in the corn and soybean futures and options
markets.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 148.01 points to 51,712.71 and the S&P 500 down 27.79
points to 7,472.79. The 10-Year Treasury yield ended at 4.509%. Early Tuesday,
the September Dow Jones Futures are down 229 points. European markets are
lower, with the spot futures of London's FTSE 100 trading down 0.38%, the spot
futures of Germany's DAX trading down 1.06%, and the spot futures of France's
CAC 40 Index trading down 0.63%. Asian markets are lower, with Japan's Nikkei
225 Index down 3.55% and China's Shanghai Composite Index down 1.37%.
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