DTN Grain Open: U.S. Wheat Takes Cue From Europe, Starts Lower

6:00 a.m. CME Globex: December corn was up 3/4 cent, November soybeans were down 3 1/2 cents, and September Chicago wheat was down 4 cents.

CME Globex Recap: China’s stock market is higher again early Thursday, but most others are steady to lower. Crude oil is steady after dropping over two dollars Wednesday as traders anticipate new tariffs from China. Most other commodities are mixed early with Chicago wheat prices staying below last year’s high ahead of Friday’s WASDE report.

OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 45.16 points at 25,583.75 and the S&P 500 down 0.75 points at 2,857.70 while the 10-year Treasury yield ended at 2.97%. Early Thursday, DJIA futures were up 11 points.

Asian markets are mixed with Japan’s Nikkei 225 down 45.92 (-0.2%) and China’s Shanghai Composite up 50.31 (1.8%). European markets are mostly lower with London’s FTSE 100 down 46.30 points (-0.6%), Germany’s DAX up 5.16 points (0.04%), and France’s CAC 40 down 14.39 points (-0.3%).

The euro was down .0026 and the U.S. dollar index was up 0.12 at 95.20. September 30-year T-Bonds were up 2/32nds while December gold was up $0.80 at $1,221.80 and September crude oil was down $0.07 at $66.87. Soybeans on China’s Dalian Exchange were higher and Malaysian palm oil futures were down 0.7%.

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