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DTN Early Word Grains 07/17 05:48
Crop Prices Ease Overnight as Bulls Seek Continuation of Strong Wednesday
Trade
September corn is down 1 1/4 cents and August soybeans are down 1 cent.
December corn is down 1 1/2 cents and November soybeans are down 1 cent.
September KC wheat is down 3 1/4 cents, September Chicago wheat is down 3 1/4
cents, and September MIAX Minneapolis wheat is up 2 1/4 cents.
Rhett Montgomery
DTN Lead Analyst
EARLY MORNING GLOBEX NET CHANGES: September corn is down 1 1/4 cents and
August soybeans are down 1 cent. December corn is down 1 1/2 cents and November
soybeans are down 1 cent. September KC wheat is down 3 1/4 cents, September
Chicago wheat is down 3 1/4 cents, and September MIAX Minneapolis wheat is up 2
1/4 cents.
CME GLOBEX RECAP: Soybean futures led the crop markets in gains in a strong
reversal session on Wednesday, with corn following for a third day higher for
the week of its own. For now, traders apparently feel the bearish warning flags
of the early summer thus far have been fairly priced in and are seeing the need
to reduce short side risk exposure amid what remains respectable demand for
U.S. grains and oilseeds. Wheat markets in the meanwhile have been unable to
join in on the weekly rallies, as traders are in wait and see mode during
worldwide winter wheat harvests. In outside markets, it was a two-sided day as
investors weighed conflicting early reports as to President Trump's intentions
to remove Fed Chair Jerome Powell from his position. President Trump denied he
was planning to do so. At this point, a rate cut in the late July Fed meeting
is very unlikely, which may lead to heightened tensions between the
Administration and Powell.
OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial
Average up 231.49 at 44,254.78 and the S&P 500 Index up 19.94 at 6,263.70. The
10-Year Treasury yield ended at 4.46%. Early Thursday, September Dow Jones
futures are down 57 points. European markets are mixed with the spot futures of
the London FTSE 100 trading up 0.18%, spot futures of Germany's DAX trading up
0.48% and spot futures of France's CAC Index trading down 0.56%. Asian markets
are higher with Japan's Nikkei 225 index up 0.60% and China's Shanghai
Composite Index up 0.37%.
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