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DTN Early Word Grains 01/30 05:56
Corn Falters in January, Soybeans Eye Key February Crop Weather
March corn is down 2 1/2 cents per bushel, March soybeans are down 6 3/4
cents, March KC wheat is down 1/4 cent, March Chicago wheat is up 1 3/4 cents,
and MIAX March Minneapolis wheat is down 0.0300 cents.
Mike McGinnis
DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: March corn is down 2 1/2 cents per bushel,
March soybeans are down 6 3/4 cents, March KC wheat is down 1/4 cent, March
Chicago wheat is up 1 3/4 cents, and MIAX March Minneapolis wheat is down
0.0300 cents.
CME GLOBEX RECAP: On Thursday, March corn closed up slightly, March soybeans
closed down 2 3/4 cents, and March KC wheat closed up 4 3/4 cents. Overall,
bearish fundamentals limited gains for corn and wheat, as technicals pushed the
markets from their daily highs. Corn, spring wheat, soybean, and hard red
winter wheat basis were steady on Thursday, while soft red winter wheat basis
strengthened. On Friday, the USDA releases its Cattle Inventory report at 2
p.m. CST. The CFTC will release its Commitments of Traders report at 2:30 p.m.,
updating trader positions as of Tuesday, January 27. OPEC+ is expected to keep
its March output on pause when it meets on Sunday, supporting oil prices.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average up 55.96 at 49,071.56 and the S&P 500 down 9.02 at 6,969.01. The
10-Year Treasury yield ended at 4.227%. Early Friday, the March Dow Jones
Futures are down 338 points. European markets are higher, with London's FTSE
100 spot futures up 0.17%, Germany's DAX spot futures up 0.61%, and France's
CAC 40 Index spot futures up 0.34%. Asian markets are lower, with Japan's
Nikkei 225 Index down 0.1% and China's Shanghai Composite Index down 0.96%.
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