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DTN Early Word Grains 11/03 06:16
Traders Position Ahead of the U.S. Election Day Results
December corn is down 2 cents per bushel, January soybeans are up 2 cents,
December KC wheat is down 2 1/4 cents, December Chicago wheat is down 1 cent,
and MIAX December Minneapolis wheat is down 0.0125 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 2 cents per bushel,
January soybeans are up 2 cents, December KC wheat is down 2 1/4 cents,
December Chicago wheat is down 1 cent, and MIAX December Minneapolis wheat is
down 0.0125 cents.
CME GLOBEX RECAP: On Monday, December corn rose 1/2 cent, January soybeans
dropped 17 1/2 cents, and December KC wheat rose 1 3/4 cents. Corn, hard red
winter wheat, spring wheat, soybean, and soft red winter wheat basis were
stronger Monday. Despite strong demand and weekly export inspections at the
high end of expectations, the soybean market couldn't shake off last month's
downtrend. Corn traders spent little time building in a large flash sale on
Monday to Mexico. Corn inspections were within trade expectations.
Harvest-season realities still grip the markets. The wheat market reacted
negatively to lower weekly export inspections on Monday. Wheat is trying to
avoid a tenth week of trading lower. It's Election Day. All markets will be on
high alert for sweeping changes of power in Congress.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 213.67 at 51,983.98 and the S&P 500 down 38.67 at
7,541.40. The 10-Year Treasury yield ended at 4.894%. Early Tuesday, the
December Dow Jones Futures are down 305 points. European markets are lower,
with spot futures for London's FTSE 100 down 0.58%, spot futures for Germany's
DAX down 0.67%, and spot futures for France's CAC 40 Index down 0.19%. Asian
markets are mixed, with Japan's Nikkei 225 Index steady and China's Shanghai
Composite Index down 0.82%.
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