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DTN Early Word Grains 02/09 05:49
Row-Crop Markets Position Ahead of USDA WASDE Report
March corn is down 1 3/4 cents per bushel, March soybeans are down 5 1/4
cents, March KC wheat is down 4 1/2 cents, March Chicago wheat is down 1 3/4
cents, and MIAX March Minneapolis wheat is down 0.0175 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: March corn is down 1 3/4 cents per bushel,
March soybeans are down 5 1/4 cents, March KC wheat is down 4 1/2 cents, March
Chicago wheat is down 1 3/4 cents, and MIAX March Minneapolis wheat is down
0.0175 cents.
CME GLOBEX RECAP: On Friday, March corn closed down 4 3/4 cents, March
soybeans closed up 3 cents, and March KC wheat closed down 7 1/4 cents. Traders
booked profits on Friday, eager to see whether additional soybean export sales
would follow President Trump's bullish trade comments that China is poised to
push up purchases for the 2025/2026 marketing year. Soybean, corn, and soft red
winter wheat basis were weaker on Friday, while hard red winter wheat and
spring wheat basis were steady. The USDA's Supply/Demand and WASDE Reports are
due on Tuesday, February 10. Overall, the data is expected to be bearish for
corn, with a large carryout estimate. For soybeans, export forecasts could be
raised, a bullish slant. For wheat, the USDA's inventory estimates could be
robust. For Monday, the USDA will release its routine Export Inspections report
at 10 a.m. CST.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average up 1,206.95 at 50,115.67 and the S&P 500 up 133.90 at 6,932.30. The
10-Year Treasury yield ended at 4.206%. Early Monday, the March Dow Jones
Futures are down 32 points. European markets are mixed, with spot futures of
London's FTSE 100 trading down 0.09%, spot futures of Germany's DAX are trading
up 0.2%, and spot futures of France's CAC 40 Index are down 0.05%. Asian
markets are higher, with Japan's Nikkei 225 Index up 3.89% and China's Shanghai
Composite Index up 1.41%.
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