DTN Before The Bell Grain Comments

By Darin Newsom
DTN Senior Analyst

Morning CME Globex Update:

Literally nothing happened over the course of Wednesday morning, leading to the question of whether or not markets just decided to sleep in.

Other Markets:

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

Corn:

December corn outdid the previous overnight session's lethargy of a 2-cent trading range, moving only 1 1/4 cents overnight through Wednesday morning. That's all - 1 1/4 cents. Market bulls would argue that Dec corn looks strong, finishing the session only 1 cent off the high. Market bears will counter with, "Yes, but the contract finished only 1/4 cent off session lows." There's still a chance Wednesday's session could liven up, roughly 1 out of a million. So yes, I'm telling you there's a chance.

Soybeans:

November soybeans finished the overnight session unchanged from Tuesday's close after posting a miniscule 2-cent trading range. There was little fresh news, seemingly allowing traders to sleep in Wednesday morning. It's still possible announcements of new export sales could be seen, though this is unlikely to give the market much of a spark. From a technical point of view, November soybeans continue to indicate the end of the recent minor (short-term) downtrend could be near.

Wheat:

Winter wheat contracts finished overnight trade lower, with light commercial selling hinted at by a slightly stronger carry in the Chicago forward curve. This comes a day after commercial buying helped push the market higher. Look for Wednesday's session to be quiet, with little fresh news expected.

Darincan be reached at darin.newsom@dtn.com

FollowDarin on Twitter @DarinNewsom

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