DTN Grain Open: Modest Strength in Soybeans, Wheat

6:00 a.m. CME Globex: December corn was fractionally lower, November soybeans were 4 cents higher, and December Chicago (SRW) wheat was 2 cents higher.

CME Globex Recap: Despite generally bearish estimates from USDA in its September round of monthly Crop Production reports Tuesday, soybeans have climbed back to near pre-report price levels while corn has stabilized. Wheat closed higher Tuesday and saw light follow-through buying during the overnight session.

Outside commodities were mostly higher, though cotton continued to see pressure from commercial selling. DJIA futures and the U.S. dollar index were both showing small losses early Wednesday morning.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 61.49 points (0.2%) higher at 22,118.86, the NASDAQ Composite gained 22.02 points (0.3%) to 6,454.28, and the S&P 500 rallied 8.37 points (0.3%) to 2,496.48 Tuesday. DJIA futures were 20 points lower early Wednesday morning.

Asian markets closed mixed with Japan’s Nikkei up 89.20 points (0.4%), Hong Kong’s Hang Seng down 78.16 points (0.3%), and China’s Shanghai Composite up 4.66 points (0.1%). European markets were trading mixed with London’s FTSE 100 off 38.90 points (0.5%), Germany’s DAX gaining 1.83 points, and France’s CAC 40 adding 4.13 points.

The euro gained 0.0003 to 1.1968 while the U.S. dollar index dipped 0.05 to 91.85. December 30-year T-Bonds were 7/32 higher at 155’15 while December gold rallied $4.00 to $1,336.70. Crude oil was $0.46 higher at $48.69 while Brent crude gained $0.33 to $54.60. China’s Dalian soybean and Malaysian palm oil futures were both higher overnight.

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