Grain futures basis and spreads indicate underlying

Grain futures basis and spreads indicate underlying market tightness, despite muted headline price action. Cash market signals in corn and soy show that rural elevator inventories are below seasonal norms. A proposal Dahms submitted to Clay County says the business is projected to bring in $1 million in gross revenue in its first year. As a destination, the elevator would draw visitors from the surrounding region and increase traffic to gas stations, restaurants and local businesses in surrounding towns, the proposal says. Grain markets see follow-through selling overnight… As of 6:00 a.m. CDT, December corn was down 2 1/4 cents and hit a four-week low. November soybeans were down 5 1/2 cents and scored a six-week low. December HRW and SRW wheat futures markets were around 5 cents lower and hit fresh contract lows. A mostly bearish USDA quarterly grain stocks report on Tuesday delivered a body blow to the grain futures markets, inflicting fresh technical damage that suggests more downside price pressure in the near term. The U.S. government shutdown has added some more risk aversion to the general marketplace at mid-week, to also keep speculative grain bulls in check. Corn and soybean market bulls now have an even tougher row to hoe right during harvesting of big U.S. crops. The key outside markets today see the U.S. dollar index slightly weaker. Nymex crude oil prices are lower and trading around $62.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.152 percent. Wheat grain futures are flirting with six-week highs as concerns over EU crop yields intensify. November delivery contracts show increased open interest, indicating that commercial hedgers expect elevated prices through Q