DTN Before The Bell Grain Comments

By Darin Newsom
DTN Senior Analyst

Morning CME Globex Update:

December corn was 1 1/2 cents higher, November soybeans were 1/4 cent higher, and July Kansas City wheat was 6 cents lower. Maybe it was a case of conserving energy to last the length of one of the longest days of the year, but grains markets did little over the course of Wednesday morning. Corn and soybeans were still showing small gains while all three wheat markets were under pressure. Crude oil did move from lower to higher while the U.S. dollar index quietly extended its overnight loss.

Other Markets:

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

Corn:

From 6 am (CT) through the close of the overnight trade at 7:45 am, December corn posted a quiet 2-cent trading range. Those watching, or trying to stay awake enough to watch, would've sworn the range wasn't that wide. Heading into Wednesday's session the focus will continue to be on weather as traders watch a storm move out of South Dakota into the far northern corner of Iowa. The potential path of precipitation associated with Tropical Storm Cindy will also be monitored.

Soybeans:

Soybeans ended the overnight session above unchanged - barely. Other than the 1 cent gain seen in July, the remaining contracts all finished fractionally higher. It will be interesting to see how Wednesday's session progresses following the solid sell-off seen Tuesday. The recently established uptrend on weekly charts seems to be at risk of rolling over already, depending on what happens the rest of this week.

Wheat:

The last 24 hours brought rains across parts of South Dakota and sparked a light round of overnight selling in Minneapolis spring wheat. Futures spreads indicate most of the activity came from noncommercial traders, but will be monitored over the course or Wednesday's session for signs commercial interests are joining in. As for winter wheat markets, harvest of both SRW and HRW continues to make progress despite some spotty storms across both the U.S. Midwest and Southern Plains.

Darin Newsom can be reached at darin.newsom@dtn.com

Follow Darin on Twitter @DarinNewsom

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