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DTN Early Word Grains 10/22 05:44
Mixed Trade Talk Creates Directionless Row-Crop Markets
December corn is up 1/4 cent per bushel, November soybeans are up 2 3/4
cents, December KC wheat is down 1/2 cent, December Chicago wheat is down 3/4
cent, and MIAX December Minneapolis wheat is up 0.0050 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 1/4 cent per bushel,
November soybeans are up 2 3/4 cents, December KC wheat is down 1/2 cent,
December Chicago wheat is down 3/4 cent, and MIAX December Minneapolis wheat is
up 0.0050 cents.
CME GLOBEX RECAP: The corn, soybean, and wheat markets all succumbed to
outside pressure on Tuesday. Corn and SRW wheat basis were steady, while
soybean, HRW wheat, and spring wheat basis were stronger on Tuesday. It was a
reversal day, after both corn and soybean markets traded higher early and then
closed lower. The stock market was little changed while the U.S. dollar hit a
one-week high. The gold market suffered its biggest one-day drop in more than a
decade, weighing on other markets. Additionally, President Trump suggested on
Tuesday that his upcoming meeting with Chinese President Xi Jinping might not
happen. With the wishy-washy talk out of Washington, combined with little trade
data, traders are keeping market positions close to their vests. This leaves
little room for the markets to gain any direction.
OUTSIDE MARKETS: The previous closes on Tuesday showed the Dow Jones
Industrial Average up 218.16 at 46,924.74 and the S&P 500 up 0.22 at 6,735.35.
The 10-Year Treasury yield ended at 3.963%. Early Wednesday, the December Dow
Jones Futures are up 6 points. European markets are mixed with the spot futures
of London's FTSE 100 trading up 0.78%, spot futures of Germany's DAX are
trading down 0.08% and the spot futures of France's CAC 40 Index are down
0.63%. Asian markets are lower with Japan's Nikkei 225 Index down 0.02% and
China's Shanghai Composite Index down 0.07%.
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