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DTN Grain Open: Markets Supported by Dollar Weakness

Ernst Undesser
By Darin Newsom DTN Senior Analyst September 22, 2017

DTN Grain Open: Markets Supported by Dollar Weakness

6:00 a.m. CME Globex: December corn was 1 cent higher, November soybeans were 8 cents higher, and December Chicago (SRW) wheat was 1 cent higher.

CME Globex Recap: The grain and oilseed complex was showing green across the board early Friday morning, supported in part by renewed weakness of the U.S. dollar.

Energies were mixed, with natural gas stabilizing following Thursday’s sharp sell-off, and metals were mostly higher led by a rejuvenated gold market. DJIA futures were lower, pressured by Asian equities after North Korea threatened a test of another hydrogen bomb over the Pacific Ocean.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 53.36 points (0.2%) lower at 22,359.23, the NASDAQ Composite lost 33.35 points (0.5%) to 6,422.69, and the S&P 500 fell 7.64 points (0.3%) to 2,500.60 Thursday. DJIA futures were 25 points lower early Friday morning.

Asian markets closed lower with Japan’s Nikkei down 51.03 points (0.2%), Hong Kong’s Hang Seng off 229.80 points (0.8%), and China’s Shanghai Composite down 5.28 points (0.1%). European markets were trading mostly higher with London’s FTSE 100 up 6.49 points (0.1%), Germany’s DAX gaining 32.33 points (0.3%), and France’s CAC 40 rallying 27.12 points (0.5%).

The euro was 0.0043 higher at 1.1984 while the U.S. dollar index lost 0.23 to 91.95. December 30-year T-Bonds were 16/32 higher at 154’12 while December gold gained $5.00 to $1,299.80. Crude oil was $0.02 lower at $50.53 while Brent crude added $0.03 to $56.46. China’s Dalian soybean futures were higher and Malaysian palm oil futures were lower overnight.

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Ernst Undesser
By Darin Newsom DTN Senior Analyst September 22, 2017