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DTN Grain Open: Moderate Early Weakness

Ernst Undesser
By Darin Newsom DTN Senior Analyst July 17, 2017

DTN Grain Open: Moderate Early Weakness

6:00 a.m. CME Globex: December corn was 3 cents lower, November soybeans were 1 cent lower, and September Kansas City (HRW) wheat was 5 cents lower.

CME Globex Recap: On a day when most will be focusing on crop condition ratings that don’t come out until after the close, it seems fitting to start the day by rating markets based on level of doneness. World grain and oilseed markets are more pink than red, or medium rare as they say in the steak world, early Monday morning.

Lower overnight trade looked to be more technical than fundamental given weather maps that showed little to no rain for most of the U.S. growing areas over the weekend, the exception being the Delta and Southeast, and an equally vacant morning map. Some of the pressure could also have been tied to last Friday’s CFTC Commitment of Traders report.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 84.65 points (0.4%) higher at 21,637.74, the NASDAQ Composite gained 38.03 points (0.6%) to 6,312.47, and the S&P 500 added 11.44 points (0.5%) to 2,459.27 Friday. DJIA futures were 11 points higher early Monday morning.

Asian markets closed mostly higher with Japan’s Nikkei closed, Hong Kong’s Hang Seng gaining 81.35 points (0.3%), and China’s Shanghai Composite off 45.95 points (1.4%). European markets were trading mixed with London’s FTSE 100 up 25.33 points (0.3%), Germany’s DAX down 49.31 points (0.4%), and France’s CAC 40 off 0.09 point.

The euro was down 0.0012 at 1.1457 while the U.S. dollar index gained 0.11 to 95.22. September 30-year T-Bonds were 7/32 higher at 152’27 while August gold added $2.00 to $1,229.50. Crude oil was $0.16 higher at $46.70 while Brent crude rallied $0.21 to $49.12. China’s Dalian soybean futures and Malaysian palm oil futures were both lower overnight.

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Ernst Undesser
By Darin Newsom DTN Senior Analyst July 17, 2017