DTN Grain Open: Just Another Weather Market Monday

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6:00 a.m. CME Globex: December corn was 4 cents lower, November soybeans were 4 cents higher, and July Kansas City (HRW) wheat was 1 cent higher.

CME Globex Recap: Sellers hit corn contracts as grain markets opened Sunday evening, with early activity driven by weather maps showing rain accumulations across the U.S. Midwest the last seven days. However, within minutes soybeans had moved back above unchanged and corn was off its lows.

The balance of the overnight session saw soybeans extend gains despite a lower Dalian market. Outside commodities were also mostly higher, though gold continued to struggle.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 24.38 points (0.1%) higher at 21,384.28, the NASDAQ Composite lost 13.74 points (0.2%) to 6,161.76, and the S&P 500 added 0.69 point to 2,433.15 Friday. DJIA futures were 64 points higher early Monday morning.

Asian markets closed higher with Japan’s Nikkei up 124.49 points (0.6%), Hong Kong’s Hang Seng gaining 298.06 points (1.2%), and China’s Shanghai Composite rallying 21.21 points (0.7%). European markets were trading higher with London’s FTSE 100 up 36.62 points (0.5%), Germany’s DAX gaining 89.22 points (0.7%), and France’s CAC 40 adding 43.84 points (0.8%).

The euro was 0.0003 lower at 1.1194 while the U.S. dollar index was 0.01 lower at 97.15. September 30-year T-Bonds were 8/32 higher at 155’28 while August gold fell $3.60 to $1,252.90. Crude oil was $0.12 higher at $44.86 while Brent crude gained $0.12 to $47.49. China’s Dalian soybean futures were lower while Malaysian palm oil futures were mixed overnight.

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