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DTN Early Word Grains 09/24 05:55
Counterseasonal Row Crop Price Action Continues in September
December corn is up 1 cent per bushel, November soybeans are up 8 1/4 cents,
December KC wheat is up 1/2 cent, December Chicago wheat is up 2 1/4 cents, and
MIAX December Minneapolis wheat is down 0.0025 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 1 cent per bushel,
November soybeans are up 8 1/4 cents, December KC wheat is up 1/2 cent,
December Chicago wheat is up 2 1/4 cents, and MIAX December Minneapolis wheat
is down 0.0025 cents.
CME GLOBEX RECAP: On Wednesday, December corn fell 7 3/4 cents, November
soybeans fell 7 1/2 cents, and December KC wheat fell 9 1/2 cents. Corn and
soybean basis was stronger, while spring wheat and soft red winter wheat basis
was steady Wednesday, and hard red winter wheat basis was weaker. A risk-off
session ensued on Wednesday ahead of the much-anticipated trade summit between
the U.S. and China. For the second session in a row, the soybean market sold
off. Corn and wheat prices were pressured by Ukraine's President Zelensky
suggesting being open to an energy ceasefire and a trilateral meeting with
Presidents Trump and Putin. Meanwhile, grains and, more broadly, energy markets
softened after a favorable meeting between the U.S. and Iran at the UN General
Assembly on Tuesday. Iran remains defiant, as its President told global leaders
at the UN meeting that Iran 'cannot be made to surrender'. On Wednesday, the
U.S. and China agreed to extend a trade truce until January 2027. USDA will
kick off Thursday with its weekly Export Sales report at 7:30 a.m. CDT,
including data as of the week ending September 17. Later in the afternoon, USDA
will release the quarterly Hogs and Pigs inventory report at 2 p.m. CDT, along
with the monthly Livestock Slaughter report.
OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average down 352.10 at 51,511.59 and the S&P 500 down 58.61 at
7,706.03. The 10-Year Treasury yield ended at 5.114%. Early Thursday, the
December Dow Jones Futures are down 208 points. European markets are lower,
with spot futures for London's FTSE 100 down 0.21%, spot futures for Germany's
DAX down 0.6%, and spot futures for France's CAC 40 Index down 0.39%. Asian
markets are mixed, with Japan's Nikkei 225 Index up 0.76% and China's Shanghai
Composite Index down 1.22%.
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