DTN Early Word Grains 10/23 05:59
Grain Markets Higher in Consolidating Trade
December corn is up 1/2 cent per bushel, November soybeans are up 1/2 cent,
and December K.C. wheat is up 2 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: December corn is up 1/2 cent per bushel, November
soybeans are up 1/2 cent, and December K.C. wheat is up 2 1/4 cents.
CME Globex Recap: Mixed to weaker equity markets around the globe overnight
with the same general themes driving trade. Prime Minister Boris Johnson saw
his Brexit deal approved in principle by Parliament, but not the measure which
would have expedited the process, implying the fun will continue for a while
longer. In the U.S.-China situation, U.S. Trade Representative Robert
Lighthizer said there will be high-level talks including himself, Secretary
Mnuchin and Vice Premier Liu on Friday. There are still high hopes something
could be signed at the APEC Summit in Chile on November 16-17. Grains are
mostly higher mid-week, supported by the lack of harvest in the Upper-Midwest
with enough Chinese demand rumors sprinkled in to keep bulls happy. South
American weather is mostly benign at the moment but will remain a major talker,
especially as the calendar flips to November. Weather forecasts from the
Climate Prediction Center remain less than favorable with colder than normal
temperatures the next two weeks. If precipitation continues to fall, some areas
will need a hard freeze before additional acres can be harvested.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 39.54 at 26,788.10 and the S&P 500 down 10.73 at 3,006.72 while
the 10-Year Treasury yield ended at 1.768%. Early Wednesday, the December DJIA
futures are down 29 points. Asian markets are mixed with Japan's Nikkei 225 up
76.48 (0.34%) and China's Shanghai Composite down 12.76 points (-0.43%).
European markets are mixed with London's FTSE 100 up 28.41 points (0.39%),
Germany's DAX up 2.91 points (0.02%) and France's CAC 40 down 22.08 points
(-0.39%). The December Euro is down 0.001 at 1.120 and the December U.S. dollar
index is up 0.044 at 97.300. The December 30-Year T-Bond is up 15/32nds, while
December gold is up $9.80 at $1,497.30 and December crude oil is down $0.63 at
$53.85. Soybeans on China's Dalian Exchange were down 0.7% while soybean meal
was down 0.29%.
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