DTN Grain Open: Lower as Traders Debate More USDA Surprises

Photo: Kansas State University

6:00 a.m. CME Globex: December corn is down 2 1/2 cents per bushel, November soybeans are down 2 1/4 cents, and September K.C. wheat is down 1 3/4 cents.

CME Globex Recap: Global equities are higher around the globe Thursday morning after U.S. stocks hit new record highs Wednesday following dovish testimony from Fed Chair Jay Powell. It would appear the easy-money environment is set to be with us through 2019 and into 2020, which should keep investors searching for return as rates provide little. Crude oil moved back above $60.00 per barrel after a huge draw in weekly inventories with the spot contract at the highest level since May 23.

Grain futures are mostly weaker in the hours ahead of the July WASDE report. Traders are apprehensive about the data to be released, fearing another wild card following the June acreage curveball. Whether the USDA alters corn and soybean yields could be the largest point of surprise, although we doubt they adjust given pollination timing is still 2-3 weeks away.

OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 76.71 at 26,860.20 and the S&P 500 up 13.44 at 2,979.63 while the 10-Year Treasury yield ended at 2.061%. Early Thursday, the September DJIA futures are up 70 points.

Asian markets are higher with Japan’s Nikkei 225 up 110.05 (0.51%) and China’s Shanghai Composite up 2.46 points (0.08%). European markets are lower with London’s FTSE 100 up 20.68 points (0.27%), Germany’s DAX up 22.25 points (0.18%) and France’s CAC 40 up 20.3 points (0.36%).

The September Euro is up 0.001 at 1.130 and the September U.S. dollar index is down 0.173 at 96.530. The September 30-Year T-Bond is up 2/32nds, while August gold is up $12.80 at $1,425.30 and August crude oil is up $0.37 at $60.80. Soybeans on China’s Dalian Exchange were -0.21% while soybean meal was up 0.76%.

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