DTN Before The Bell Grain Comments

By Darin Newsom
DTN Senior Analyst

Morning CME Globex Update:

Grains and oilseeds didn't hold all their overnight gains though corn, soybeans and spring wheat did finish the session higher. Winter wheat struggled, as usual, posting small losses. Outside markets saw little change over the early morning hours with gold erasing losses.

Other Markets:

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

Corn:

Morning weather maps remain mostly blank, continuing to support new-crop corn. With temperatures expected to soar again Wednesday it would not be surprising to see buyers back in after the day session opens. Keep an eye on daily volume for an indication if the market is growing more bullish, or just less bearish from last week at this time. While it seems minor, it's an important distinction.

Soybeans:

Soybeans finished overnight trade higher, though well off session highs. As discussed in DTN's Early Word Grains commentary, look for soybeans to follow the lead of corn. However, if buying interest starts to wane soybeans remain vulnerable to a sharper sell-off given continued bearish short-term technical signals. As with corn, daily trade volume should be viewed as an important indicator of the mood of the market.

Wheat:

Spring wheat stayed higher over the course of Wednesday morning, holding near overnight session highs. Winter wheat, on the other hand, did what winter wheat likes to do - lose ground and finish the session lower. If Chicago and Kansas City open Wednesday's session higher look for pressure to quickly develop regardless of what's going on in the rest of the grain and oilseed complex.

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

FollowDarin on Twitter @DarinNewsom

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