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DTN Early Word Grains 12/08 05:52
Traders Await Tuesday's USDA AWASDE Data for Price Direction
March corn is steady, January soybeans are down 6 3/4 cents, March KC wheat
is down 1 cent, March Chicago wheat is up 1 cent, and MIAX March Minneapolis
wheat is up 0.0200 cents.
Mike McGinnis
DTN Contributing Analyst
MORNING GLOBEX NET CHANGES: March corn is steady, January soybeans are down
6 3/4 cents, March KC wheat is down 1 cent, March Chicago wheat is up 1 cent,
and MIAX March Minneapolis wheat is up 0.0200 cents.
CME GLOBEX RECAP: Soybeans dropped double-digits on Friday due to a lack of
confidence in China's appetite for U.S. soybeans. China is buying, just not at
the pace the trade expects. Corn and wheat fell on Friday as well. Corn and
soft red winter wheat basis were steady on Friday, while spring wheat, hard red
winter wheat, and soybean basis were stronger. Monday looks to be a quiet day
for reports, but USDA will release its normal Monday morning export inspections
report at 10 a.m. CST. Otherwise, traders will aim to square positions ahead of
Tuesday's World Agricultural Supply and Demand Estimates (WASDE) report from
the USDA. Traders will eye the demand side of Tuesday's report. The USDA will
not update production estimates that remain at record levels for corn and wheat.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average up 104.05 at 47,954.99 and the S&P 500 up 13.28 at 6,870.40. The
10-Year Treasury yield ended at 4.139%. Early Monday, the December Dow Jones
Futures are down 10 points. European markets are mixed, with the spot futures
of London's FTSE 100 trading down 0.11%, spot futures of Germany's DAX are
trading up 0.12% and the spot futures of France's CAC 40 Index are down 0.19%.
Asian markets are higher, with Japan's Nikkei 225 Index up 0.18% and China's
Shanghai Composite Index up 0.54%.
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