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DTN Early Word Grains 07/22 05:49
Midweek Row-Crop Prices Driven by Crop Weather Updates
December corn is up 4 cents per bushel, November soybeans are up 1 3/4
cents, September KC wheat is up 8 cents, September Chicago wheat is up 7 1/2
cents, and MIAX September Minneapolis wheat is up 0.0475 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 4 cents per bushel,
November soybeans are up 1 3/4 cents, September KC wheat is up 8 cents,
September Chicago wheat is up 7 1/2 cents, and MIAX September Minneapolis wheat
is up 0.0475 cents.
CME GLOBEX RECAP: On Tuesday, September corn rose 3 1/4 cents, November
soybeans dropped 3 1/4 cents, and September KC wheat rose 9 1/4 cents. Corn,
hard red winter and spring wheat basis was steady Tuesday, while soybean and
soft red winter wheat basis was stronger. A higher crop rating pressured the
soybean market on Tuesday, while corn's lower rating helped push up that
market. Wheat prices benefited from the uncertainty of Black Sea grain trade
due to the escalation between Russia and Ukraine. In the outside markets, crude
oil reached five-week highs while trading higher for the sixth time in the past
seven sessions. Updated weather forecasts for the Corn Belt, the uncertainty of
war activity, and demand news will most likely remain the main market factors
for the final weeks of July. On Wednesday, the Energy Information
Administration will release its weekly Petroleum Status report, which will
include last week's ethanol production and stocks.
OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average up 385.38 at 52,224.64 and the S&P 500 up 65.92 at 7,509.20.
The 10-Year Treasury yield ended at 4.628%. Early Wednesday, the September Dow
Jones Futures are down 28 points. European markets are higher, with the spot
futures of London's FTSE 100 trading up 0.92%, and spot futures of Germany's
DAX are trading up 0.78%. Asian markets are mixed, with Japan's Nikkei 225
Index down 0.18% and China's Shanghai Composite Index up 0.07%.
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