DTN Grain Open: Mixed Overnight Trade

Trucks waiting in line at grain elevator. ©Debra L Ferguson Stock Images

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

CME Globex Recap: Mixed trade in equities as investors await the start of trade talks Thursday. Some commentators continue to express optimism toward the talks, but each day a headline seems to set the stage for likely failure.

On Tuesday, the Trump Administration decided to impose visa restrictions on Chinese government officials which followed the move on Monday that the U.S. will restrict companies from exporting American-made goods to more than 28 Chinese entities. China has continued to express it does not want to tie a deal to industrial policies or government subsidies, two points the Trump Administration wants to change badly.

Ag markets are mixed with the soy complex following through on strength while most wheat contracts and corn take a breather. Traders continue to wait on the big winter storm and the October WASDE with one more session before both. Late Wednesday morning, Chinese officials were offering to increase purchases of U.S. agriculture products by $10 billion a year as they seek an interim deal to stave off additional tariffs in mid-October.

OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 313.98 at 26,164.04 and the S&P 500 down 45.73 at 2,938.79 while the 10-Year Treasury yield ended at 1.537%. Early Wednesday, the December DJIA futures are up 183 points.

Asian markets are mixed with Japan’s Nikkei 225 down 131.4 (-0.61%) and China’s Shanghai Composite up 11.219 points (0.39%). European markets are higher with London’s FTSE 100 up 38.91 points (0.54%), Germany’s DAX up 150.26 points (1.26%) and France’s CAC 40 up 48.68 points (0.89%).

The December Euro is up 0.002 at 1.100 and the December U.S. dollar index is down 0.132 at 98.690. The December 30-Year T-Bond is down 11/32nds, while December gold is up $2.40 at $1,506.30 and November crude oil is up $0.50 at $53.13. Soybeans on China’s Dalian Exchange were up 0.3% while soybean meal was up 0.27%.

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