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DTN Early Word Grains 09/01 05:52
September Row-Crop Markets Start with "Beans in the Teens"
December corn is up 1/2 cent per bushel, November soybeans are up 12 cents,
December KC wheat is up 8 cents, December Chicago wheat is up 10 1/4 cents, and
MIAX December Minneapolis wheat is up 0.0775 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 1/2 cent per bushel,
November soybeans are up 12 cents, December KC wheat is up 8 cents, December
Chicago wheat is up 10 1/4 cents, and MIAX December Minneapolis wheat is up
0.0775 cents.
CME GLOBEX RECAP: On Monday, December corn rose 1 1/4 cents, November
soybeans were unchanged, and September KC wheat dropped 6 1/4 cents. Soybean
and hard red winter wheat basis was steady Monday, while corn, soft red winter
wheat, and hard red spring wheat basis was stronger. On Monday, the sellers
tried to control the soybean market but ultimately lost their grip. Traders
were eyeing the hot, dry weather this week and fresh demand for soybeans as
supportive factors. Corn followed soybean price movement, while wheat witnessed
end-of-month profit-taking. With no end in sight between the wars in the Black
Sea and the Middle East, the grain markets remain underpinned in the short
term. On Monday, the EPA granted 29 small refineries exemptions from meeting
federal blending requirements for the 2025 compliance year. However, the EPA
plans to reallocate those renewable identification numbers in 2026 and 2027.
The biofuels feedstock market may remain unsettled until those reallocations
are announced. To begin September, the USDA will release its monthly Grain and
Oilseed Crush reports (with July data) after the close at 2 p.m. CDT.
OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average down 374.09 points to 53,185.90 and the S&P 500 down 25.62
points to 7,686.14. The 10-Year Treasury yield ended at 4.758%. Early Tuesday,
the September Dow Jones Futures are down 338 points. European markets are
lower, with the spot futures of London's FTSE 100 trading down 1.04%, spot
futures of Germany's DAX trading down 1.2%, and the spot futures of France's
CAC 40 Index down 0.41%. Asian markets are lower, with Japan's Nikkei 225 Index
down 0.15% and China's Shanghai Composite Index down 0.16%.
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