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DTN Early Word Grains 07/10 05:50
Wheat Markets Showing Life, Corn and Soybeans Inch Lower Early Thursday
September corn is down 1/4 cents and August soybeans are down 1 3/4 cents.
December corn is unchanged and November soybeans are up 2 cents. September KC
wheat is up 9 1/4 cents, September Chicago wheat is up 6 cents, and September
MIAX Minneapolis wheat is up 4 1/2 cents.
Rhett Montgomery
DTN Lead Analyst
EARLY MORNING GLOBEX NET CHANGES: September corn is down 1/4 cents and
August soybeans are down 1 3/4 cents. December corn is unchanged and November
soybeans are up 2 cents. September KC wheat is up 9 1/4 cents, September
Chicago wheat is up 6 cents, and September MIAX Minneapolis wheat is up 4 1/2
cents.
CME GLOBEX RECAP: Wheat markets are building momentum from Wednesday's
reversal after trading within a penny of contract lows on Kansas City futures
Wednesday. Meanwhile, corn and soybean markets appear to be feeling for at
least a short-term bottom after mixed trade Wednesday which saw corn markets
halt their two-day loss streak but soybeans remain under selling pressure.
Traders are preparing to at least briefly turn their attention to USDA's
estimates on Friday morning, where WASDE figures do have the potential to be
bullish in their changes at least for this report, but it remains to be seen if
traders will choose to quickly look past this report and back to the bearish
implications of friendly growing season weather and an uncertain world trade
outlook.
OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial
Average up 217.54 at 44,458.30 and the S&P 500 Index up 37.74 at 6,263.26. The
10-Year Treasury yield ended at 4.34%. Early Thursday, September Dow Jones
futures are down 76 points. European markets are higher with the spot futures
of the London FTSE 100 trading up 1.00%, spot futures of Germany's DAX trading
up 0.26% and spot futures of France's CAC Index trading up 1.43%. Asian markets
are mixed with Japan's Nikkei 225 index down 0.44% and China's Shanghai
Composite Index up 0.48%.
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