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DTN Early Word Grains 11/06 05:43
Row Crop Markets Feel Harvest Pressure to the Bitter End
December corn is up 3/4 cent per bushel, January soybeans are up 2 1/4
cents, December KC wheat is down 7 3/4 cents, December Chicago wheat is down 7
1/2 cents, and MIAX December Minneapolis wheat is down 0.0450 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 3/4 cent per bushel,
January soybeans are up 2 1/4 cents, December KC wheat is down 7 3/4 cents,
December Chicago wheat is down 7 1/2 cents, and MIAX December Minneapolis wheat
is down 0.0450 cents.
CME GLOBEX RECAP: On Thursday, December corn dropped 4 1/4 cents, January
soybeans dropped 14 cents, and December KC wheat rose 3 cents. Corn, soybean,
and spring wheat basis was stronger Thursday, while hard red winter wheat and
soft red winter wheat basis was steady. For the week, soybean futures prices
are down 3.5%, soybean oil 5.7%, and soybean meal 1.8%. On Thursday, soybeans
fell below $12.00, pulling corn down and limiting wheat's gains. Outside
markets are of little help, with the Dow Jones Industrial Average down 1,600
points. Crude oil regained some of its losses from earlier this week, but still
seeks to rise amid more attacks on ships in the Strait of Hormuz. On Friday,
the Bureau of Labor Statistics will release the monthly Employment report for
October at 7:30 a.m. CST. No agricultural reports are due during the session,
but after the close, the CFTC will release the weekly Commitments of Traders
report at 2:30 p.m. CST, updating positions as of Tuesday, Nov. 3.
OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average down 1,833.06 at 51,523.06 and the S&P 500 down 334.89 at
7,353.73. The 10-Year Treasury yield ended at 4.837%. Early Friday, the
December Dow Jones Futures are down 480 points. European markets are lower,
with spot futures for London's FTSE 100 down 2%, spot futures for Germany's DAX
down 2.33%, and spot futures for France's CAC 40 Index down 1.81%. Asian
markets are lower, with Japan's Nikkei 225 Index down 5.96% and China's
Shanghai Composite Index down 1.1%.
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