DTN Before The Bell Grain Comments

Grains Stay Green Early Wednesday

(DTN photo by Greg Horstmeier)

Morning CME Globex Update:

July corn was 1 1/4 cents higher, July soybeans were 2 1/2 cents higher, and Kansas City July wheat gained 6 1/2 cents. Grains maintained higher overnight trade through the end of trading early Wednesday morning. Support continues to come from the collapsing U.S. dollar index as the whirlwind of turmoil continues to swirl around Washington, D.C. DJIA futures were sharply lower, in line with overseas stock markets.

Other Markets:

DJIA futures Lower
U.S. Dollar Index: Lower
Gold: Higher
Crude Oil: Higher

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Corn:

Corn didn't do much from Early Word Grains commentary, adding nothing to its overnight trading range before finishing trade about 1 cent higher. As stated before, corn could find support from light noncommercial buying interest tied to the weakening U.S. dollar. It will be interesting to see if commercial traders decide to join in as well Wednesday.

Soybeans:

Soybeans held on to a rally of just over 2 cents Wednesday morning, though futures spreads eased from the gains seen earlier. Some of this could be due to low volume trade, with Wednesday's session likely to see increased commercial buying once again tied to the weaker U.S. dollar/stronger Brazilian real combination.

Wheat:

Kansas City HRW wheat futures rallied over the course of the morning, extending overnight gains to 6 1/2 cents and finishing near session highs. Support came from the weaker U.S. dollar index and an overnight storm that potentially brought more damage to the Southern Plains crop.

Darin Newsomcan be reached at darin.newsom@dtn.com

FollowDarin on Twitter @DarinNewsom

(BAS)

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