DTN Grain Open: Markets Hit By Heavy Harvest Pressure

6:00 a.m. CME Globex: December corn was 2 cents lower, November soybeans were 1 cent lower, and December Chicago (SRW) wheat was 2 cents lower.

CME Globex Recap: Grain and oilseed market traders seem to have adopted the old MAD Magazine slogan as their view on continued corn and soybean harvest delays. December corn never traded higher during the session, with November soybeans mustering a 1-cent rally before selling off. Pressure did not come from the U.S. dollar, the latter’s index trading a little lower early Wednesday morning.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 69.61 points (0.3%) higher at 22,830.68, the NASDAQ Composite gained 7.52 points (0.1%) to 6,587.25, and the S&P 500 added 5.91 points (0.2%) to 2,550.64 Tuesday. DJIA futures were 8 points lower early Wednesday morning.

Asian markets closed mostly higher with Japan’s Nikkei up 57.76 points (0.3%), Hong Kong’s Hang Seng falling 101.26 points (0.3%), and China’s Shanghai Composite adding 5.30 points (0.1%). European markets were trading mixed with London’s FTSE 100 off 6.24 points, Germany’s DAX up 8.25 points and France’s CAC 40 down 6.24 points (0.1%).

The euro was 0.0004 higher at 1.1812 while the U.S. dollar index slipped 0.02 to 93.24. December 30-year T-Bonds were 2/32 lower at 152’14 while December gold slipped $1.80 to $1,292.00. Crude oil was $0.37 higher at 51.28 while Brent crude gained $0.20 to $56.81. China’s Dalian soybean market was higher and Malaysian palm oil futures were mixed overnight.

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