DTN Grain Open: Trade Anticipates WASDE Report this Week

Photo: Kansas State University

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

CME Globex Recap: Global equity markets are mostly higher to begin the week, bouncing on the news China plans to unveil a fresh $350 billion worth of stimulus to keep their economy moving amid the trade war. Energy markets are higher as crude oil continues its rangebound-recovery with spot crude prices just below its 100-day moving average.

Grain markets are easier across the board with little enthusiasm from bulls with another WASDE report later in the week. In general, the trade expects supply estimates to decline for both corn and soybeans but demand estimates are also expected to be cut which should mitigate the bullishness of the reports.

Most weather experts are still calling for frost-free conditions in the Midwest through the month of September and possibly through the first week of October. The delayed crops across the Midwest need every additional minute of late-season growth they can spare to come close to reaching full yield potential.

OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average up 69.31 at 26,797.46 and the S&P 500 up 2.71 at 2,976.00 while the 10-Year Treasury yield ended at 1.55%. Early Monday, the September DJIA futures are up 45 points. Asian markets are higher with Japan’s Nikkei 225 up 118.85 (0.56%) and China’s Shanghai Composite up 25.14 points (0.84%). European markets are mixed with London’s FTSE 100 down 19.37 points (-0.27%), Germany’s DAX up 24.24 points (0.2%) and France’s CAC 40 down 4.67 points (-0.08%). The September Euro is up 0.001 at 1.100 and the September U.S. dollar index is down 0.042 at 98.320. The December 30-Year T-Bond is down 1 2/32nds, while December gold is up $1.90 at $1,517.40 and October crude oil is up $0.50 at $57.02. Soybeans on China’s Dalian Exchange were down 0.32% while soybean meal was down 0.54%.

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