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DTN Early Word Grains 11/04 05:55
U.S. Harvest, Brazil Planting Weather Drive Row-Crop Markets
December corn is down 1 3/4 cents per bushel, January soybeans are down 10
1/2 cents, December KC wheat is up 4 cents, December Chicago wheat is up 1 1/4
cents, and MIAX December Minneapolis wheat is up 0.0175 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 1 3/4 cents per
bushel, January soybeans are down 10 1/2 cents, December KC wheat is up 4
cents, December Chicago wheat is up 1 1/4 cents, and MIAX December Minneapolis
wheat is up 0.0175 cents.
CME GLOBEX RECAP: On Tuesday, December corn dropped 5 3/4 cents, January
soybeans dropped 2 3/4 cents, and December KC wheat dropped 9 3/4 cents. Corn
and soybean basis was stronger Tuesday, while hard red winter wheat, spring
wheat, soft red winter wheat basis were steady. For a second straight session,
strong demand meant little to traders. World buyers are stepping into the corn
and soybean markets while prices drop. That action hasn't impressed the market
enough to spark a price turnaround. The U.S. harvest, which has pressured the
market for two months, is nearing an end. However, Brazil's planting season is
ramping up, with some private firms expecting a record 2026/2027 soybean crop.
The wheat market is digesting news that U.S., Ukrainian, and Russian officials
will meet next week to attempt to negotiate a ceasefire. The U.S. wakes up to a
change of power, after the Democrats sweep both houses of Congress in Tuesday's
elections. The stock market is reportedly expected to jump 700 points when it
opens on Wednesday. Will the farm markets follow?
OUTSIDE MARKETS: Tuesday's close showed the Dow Jones Industrial Average
down 197.26 at 51,786.72 and the S&P 500 up 27.52 at 7,568.92. The 10-Year
Treasury yield ended at 4.952%. Early Wednesday, the December Dow Jones Futures
are up 792 points. European markets are higher, with spot futures for London's
FTSE 100 up 0.93%, spot futures for Germany's DAX up 1.33%, and spot futures
for France's CAC 40 Index up 1.47%. Asian markets are mixed, with Japan's
Nikkei 225 Index down 1.42% and China's Shanghai Composite Index up 2.16%.
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