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DTN Early Word Grains 02/11 05:52
Soybean Market Looks to Extend Rally on Brazil's Crop Damage
March corn is up 1/4 cent per bushel, March soybeans are down 3 3/4 cents,
March KC wheat is up 6 cents, March Chicago wheat is up 5 1/2 cents, and MIAX
March Minneapolis wheat is up 0.0450 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: March corn is up 1/4 cent per bushel,
March soybeans are down 3 3/4 cents, March KC wheat is up 6 cents, March
Chicago wheat is up 5 1/2 cents, and MIAX March Minneapolis wheat is up 0.0450
cents.
CME GLOBEX RECAP: On Tuesday, March corn closed down unchanged, March
soybeans closed up 11 3/4 cents, and March KC wheat closed up 1 3/4 cents. The
soybean market, ignoring Tuesday's USDA data with little change, rallied on
reports of mold found in Brazil's wet soybean crop. Heavy rainfall this growing
season in Mato Grosso, the largest soybean-producing state, has damaged the
crop. Soybean, corn, hard red winter wheat, spring wheat, and soft red winter
wheat basis were steady on Tuesday. Tuesday's USDA WASDE Report estimates for
U.S. ending stocks were neutral to bullish for corn, neutral for soybeans, and
neutral to slightly bearish for wheat. Tuesday's world-ending stocks estimates
from the USDA were mostly neutral for corn, soybeans, and wheat.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 52.27 at 50,188.14 and the S&P 500 down 23.01 at 6,941.81. The
10-Year Treasury yield ended at 4.147%. Early Wednesday, the March Dow Jones
Futures are up 61 points. European markets are mixed, with the spot futures of
London's FTSE 100 trading up 0.45%, spot futures of Germany's DAX are trading
down 0.31%, and the spot futures of France's CAC 40 Index are down 0.31%. Asian
markets are mixed, with Japan's Nikkei 225 Index steady and China's Shanghai
Composite Index up 0.09%.
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