DTN Early Word Grains 07/09 05:53
9 Jul 2019
DTN Early Word Grains 07/09 05:53 Grains Weaker as Division Remains Over Yield, WASDE On-Tap December corn is down 7 3/4 cents per bushel, November soybeans are down 4 3/4 cents, and September K.C. wheat is down 5 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is down 7 3/4 cents per bushel, November soybeans are down 4 3/4 cents, and September K.C. wheat is down 5 1/2 cents. CME Globex Recap: Equities are lower Tuesday morning, led by Europe after a dire profit warning from German chemicals maker BASF stoked fresh fears about global growth. In addition, investors are also waiting for fresh insight toward Federal Reserve interest rate policy when Chairman Powell testifies before Congress later Tuesday. Grains are showing decent weakness Tuesday morning with heat forecast to move into the Midwest, bringing badly needed growing degree units before pollination begins. The strength this forecast garnered with the Sunday open seems to have faded with bulls as the realization that pollination will last six weeks sets in. In addition, cash basis remains strong on corn from one end of the Corn Belt to the other, but weekly demand indicators are a mixed bag, which could prompt cuts on this week's WASDE. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average down 115.98 at 26,806.14 and the S&P 500 down 14.46 at 2,990.41 while the 10-Year Treasury yield ended at 2.034%. Early Tuesday, the September DJIA futures are down 127 points. Asian markets are mixed with Japan's Nikkei 225 up 30.8 (0.14%) and China's Shanghai Composite down 5.13 points (-0.18%). European markets are lower with London's FTSE 100 down 24.53 points (-0.32%), Germany's DAX down 164.91 points (-1.31%) and France's CAC 40 down 39.93 points (-0.71%). The September Euro is down 0.001 at 1.130 and the September U.S. dollar index is up 0.186 at 97.170. The September 30-Year T-Bond is down 18/32nds, while August gold is down $10.00 at $1,390.00 and August crude oil is up $0.14 at $57.80. Soybeans on China's Dalian Exchange were -0.67% while soybean meal was -0.91%.