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DTN Early Word Grains 11/05 05:46
November's Flowing Demand News Props up Row-Crop Markets
December corn is up 3/4 cent per bushel, January soybeans are up 9 1/2
cents, December KC wheat is down 1/2 cent, December Chicago wheat is down 1/4
cent and MIAX December Minneapolis wheat is down 0.0175 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 3/4 cent per bushel,
January soybeans are up 9 1/2 cents, December KC wheat is down 1/2 cent,
December Chicago wheat is down 1/4 cent and MIAX December Minneapolis wheat is
down 0.0175 cents.
CME GLOBEX RECAP: A sharp sell-off in the soybean market pushed prices down
12 cents, corn followed, while wheat found a way higher Tuesday. Soybean basis
was stronger, while spring wheat, corn, and SRW wheat basis were steady on
Tuesday, and HRW wheat basis was weaker. Considered to be overbought, the
soybean market was ripe for a correction. Speculators and producers likely took
part in the profit-taking. Traders are starting to position ahead of next
week's USDA Crop Production and WASDE Reports, with early estimates pegging
corn and soybean yield and production below USDA's September estimates. For
wheat, the market driver remained the news of China considering buying U.S.
wheat for the first time in a year.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average down 251.44 at 47,085.24 and the S&P 500 down 80.42 at 6,771.55. The
10-Year Treasury yield ended at 4.089%. Early Wednesday, the December Dow Jones
Futures are down 21 points. European markets are lower with the spot futures of
London's FTSE 100 trading down 0.04%, spot futures of Germany's DAX are trading
down 0.79% and the spot futures of France's CAC 40 Index are down 0.37%. Asian
markets are mixed with Japan's Nikkei 225 Index down 2.5% and China's Shanghai
Composite Index up 0.23%.
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