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DTN Early Word Grains 07/16 05:45
Grains Green Early Wednesday as Chart Support Encourages Buyers
September corn is up 4 3/4 cents and August soybeans are up 7 cents.
September KC wheat is up 3/4 cents, September Chicago wheat is up 1/4 cents,
and September MIAX Minneapolis wheat is up 3 3/4 cents.
Rhett Montgomery
DTN Lead Analyst
EARLY MORNING GLOBEX NET CHANGES: September corn is up 4 3/4 cents and
August soybeans are up 7 cents. September KC wheat is up 3/4 cents, September
Chicago wheat is up 1/4 cents, and September MIAX Minneapolis wheat is up 3 3/4
cents.
CME GLOBEX RECAP: Despite the lower close for soybean and wheat markets on
Tuesday, and a finish off the daily highs in the corn market, Tuesday's session
offered some reasons for optimism as most markets held above key chart support
immediately below their respective closes. That has encouraged early buying on
Tuesday evening into Wednesday morning as most row crop markets are attempting
a mid-week rally to start the session. In outside markets, an uptick in
inflation in June (although within expectations) was the source of some
nervousness in equities on Tuesday. Meanwhile, it should be noted that the U.S.
Dollar has strung together nine consecutive positive sessions heading into
Wednesday as higher Treasury yields have attracted investment there.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 436.36 at 44,023.29 and the S&P 500 Index down 24.80 at 6,243.76.
The 10-Year Treasury yield ended at 4.49%. Early Wednesday, September Dow Jones
futures are up 22 points. European markets are mostly higher with the spot
futures of the London FTSE 100 trading up 0.14%, spot futures of Germany's DAX
trading up 0.17% and spot futures of France's CAC Index trading down 0.54%.
Asian markets are slightly lower with Japan's Nikkei 225 index down 0.04% and
China's Shanghai Composite Index down 0.03%.
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