DTN Early Word Grains         11/12 05:36
   Corn, Soybean, Wheat Traders Begin Positioning Ahead of USDA Report

   MORNING GLOBEX NET CHANGES: December corn is up 3/4 cent per bushel, January
soybeans are up 4 3/4 cents, December KC wheat is down 5 cents, December
Chicago wheat is down 4 cents, and MIAX December Minneapolis wheat is down
0.0075 cents.

Mike McGinnis
DTN Contributing Analyst

   MORNING GLOBEX NET CHANGES: December corn is up 3/4 cent per bushel, January
soybeans are up 4 3/4 cents, December KC wheat is down 5 cents, December
Chicago wheat is down 4 cents, and MIAX December Minneapolis wheat is down
0.0075 cents.

   CME GLOBEX RECAP: Corn and soybean prices increased overnight, while wheat
declined. Corn futures ended higher Tuesday, whereas soybeans and wheat
finished lower. Soft red winter wheat basis strengthened Tuesday, while hard
red winter wheat basis weakened. Meanwhile, the basis for corn, soybeans, and
hard red spring wheat remained steady. This period feels like the calm before
the storm for early-week trading in the grain and oilseed markets. Traders have
been waiting over a month for new U.S. crop data and global estimates. The wait
ends Friday. The market expects USDA to lower its U.S. corn yield and
production estimates. The U.S. soybean yield is likely to stay the same, but
production may decrease. Attention will also be on demand figures. For wheat,
reports could be bearish, potentially increasing U.S. and global ending stocks
for the 2025-26 marketing year. It might remain quiet on the western front
until Friday.

   OUTSIDE MARKETS: Previous close Tuesday showed the Dow Jones Industrial
Average up 559.33 at 47,927.96 and the S&P 500 up 14.18 at 6,846.61. The
10-Year Treasury yield ended at 4.12%. Early Wednesday, the December Dow Jones
Futures are up 97 points. European markets are mixed, with the spot futures of
London's FTSE 100 trading down 0.25%, spot futures of Germany's DAX are trading
up 1.09% and the spot futures of France's CAC 40 Index are up 1.1%. Asian
markets are mixed, with Japan's Nikkei 225 Index up 0.43% and China's Shanghai
Composite Index down 0.07%. The December euro is down 0.002 at 1.159, and the
December U.S. Dollar Index is up 0.179 at 99.495. The December 30-Year T-Bond
is down 7/32nds, while December gold is up $18.90 at $4,135.20, and December
crude oil is down $0.42 at $60.62. On China's Dalian Exchange, January corn was
up 0.09% while January soybeans were down 0.24%, January soybean meal was down
0.16% and January Malaysian Palm Oil was trading down 0.31%.