DTN Grain Open: Markets Bounce as Bears Take a Breather

©Debra L Ferguson Stock Photography

6:00 a.m. CME Globex: December corn is up 3 cents per bushel, November soybeans are up 1/2 cent, and September K.C. wheat is up 5 1/4 cents.

CME Globex Recap: Global equities are softer, led lower by Europe after the German economy shrank during the second quarter by 0.1% from the year before. Analysts cited the growing trade tensions between the U.S. and China as weighing on global trade, but is still a bit unnerving to see one of the EU’s heavy-hitters become one of the economic laggards.

U.S. equities did trade stronger Tuesday on the news President Trump would delay the imposition of additional tariffs until December to let trade talks continue as scheduled next month.

Grains are bouncing a bit overnight, led by Chicago and Kansas City wheat. Futures prices are getting down to levels where end user interest is expected to increase, especially as farm-gate selling slows to a crawl. There would still seem to be a fair amount of grain which needs to move off the farm before harvest, and how smoothly that transition occurs could drive price action in the next couple of weeks.

OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 372.54 at 26,279.91 and the S&P 500 up 42.57 at 2,926.32 while the 10-Year Treasury yield ended at 1.624%. Early Wednesday, the September DJIA futures are down 228 points.

Asian markets are higher with Japan’s Nikkei 225 up 199.69 (0.98%) and China’s Shanghai Composite up 11.66 points (0.42%). European markets are lower with London’s FTSE 100 down 56.32 points (-0.90%), Germany’s DAX down 165.42 points (-1.41%) and France’s CAC 40 down 68.59 points (-1.28%).

The September Euro is up 0.00080 at 1.121 and the September U.S. dollar index is up 0.132 at 97.330. The September 30-Year T-Bond is up 12/32nds, while December gold is up $22.00 at $1,539.20 and September crude oil is down $0.91 at $56.19. Soybeans on China’s Dalian Exchange were down 0.26% while soybean meal was down 1.67%.

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