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DTN Early Word Grains 09/02 05:53
Traders Sense Overbought Row-Crop Markets in Early September
December corn is down 7 3/4 cents per bushel, November soybeans are down 12
3/4 cents, December KC wheat is down 14 cents, December Chicago wheat is down
11 cents, and MIAX December Minneapolis wheat is down 0.1000 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is down 7 3/4 cents per
bushel, November soybeans are down 12 3/4 cents, December KC wheat is down 14
cents, December Chicago wheat is down 11 cents, and MIAX December Minneapolis
wheat is down 0.1000 cents.
CME GLOBEX RECAP: On Tuesday, December corn rose 8 1/4 cents, November
soybeans were 29 3/4 cents higher, and December KC wheat rose 7 1/4 cents.
Soybean basis was weaker and corn basis was steady Tuesday, while hard red
winter wheat, soft red winter wheat, and hard red spring wheat basis was
stronger. On Tuesday, the soybean market led, with November futures soaring
beyond $13.00, marking a sixth straight higher close. Soybean oil surged to a
six-week high after the EPA announced that despite 1.76 billion RINs being
exempted from 2025 mandated volumes, the added exemptions will be offset with
higher blending requirements for the 2026 and 2027 years. Corn and wheat used
the price momentum to move higher, with more uncertainty building as war
activity intensifies in the Black Sea and the Middle East. Wednesday looks to
be a quiet day for reports, with the weekly Petroleum Status report due out
from the Energy Information Administration at 9:30 a.m. CDT. Otherwise, traders
will monitor the morning export wire for further sales while keeping tabs on
the ongoing situations in the Middle East and the Black Sea.
OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average down 419.02 points to 52,766.88 and the S&P 500 down 54.67
points to 7,631.47. The 10-Year Treasury yield ended at 4.796%. Early
Wednesday, the September Dow Jones Futures are down 84 points. European markets
are lower, with the spot futures of London's FTSE 100 trading down 0.49%, spot
futures of Germany's DAX trading down 0.69%, and the spot futures of France's
CAC 40 Index down 0.67%. Asian markets are lower, with Japan's Nikkei 225 Index
down 2.85% and China's Shanghai Composite Index down 0.97%.
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