DTN Grain Open: Markets Creep Higher

The Port of Rosedale - Rosedale, Mississippi - Mississippi River ©Debra L Ferguson Stock Photography

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

CME Globex Recap: Following a record setting surge in prices Sunday night, crude oil prices fell sharply Tuesday and are continuing that weakness Wednesday. After reports suggested half of Saudi Arabia’s oil production could be offline for months, Tuesday the Kingdom said full oil production would restored by the weekend, sending markets spiraling.

Fortunately, it would appear ideas of going to war in the near-term, especially including the U.S., are off the table. The Federal Reserve will announce its latest policy measure Wednesday afternoon with investors expecting the central bank to cut rates by another 25 basis points.

Grains are higher as they haven’t paid much mind to the volatile energy markets the last 48-72 hours. Warm weather should continue to blanket the Midwest into the first week of October, a major victory for delayed crops. Trade negotiations remain front and center, although nothing fresh to report from the deputy level negotiations still ongoing.

Slowly, but surely, the focus will shift to South American planting conditions which could be the best catalyst to propel soybeans higher if another year of record production isn’t a given in Brazil.

OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 33.98 at 27,110.80 and the S&P 500 up 7.74 at 2,997.96 while the 10-Year Treasury yield ended at 1.812%. Early Wednesday, the September DJIA futures are down 27 points.

Asian markets are mixed with Japan’s Nikkei 225 down 40.61 (-0.18%) and China’s Shanghai Composite up 7.54 points (0.25%). European markets are higher with London’s FTSE 100 up 10.26 points (0.14%), Germany’s DAX up 11.99 points (0.1%) and France’s CAC 40 up 8.28 points (0.15%).

The December Euro is down 0.002 at 1.110 and the December U.S. dollar index is up 0.161 at 97.980. The December 30-Year T-Bond is up 24/32nds, while December gold is down $4.20 at $1,509.20 and October crude oil is down $0.44 at $58.90. Soybeans on China’s Dalian Exchange were up 0.26% while soybean meal was up 0.59%.

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