DTN Grain Open: Modest Overnight Bounce

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6:00 a.m. CME Globex: December corn is up 3/4 cent per bushel, January soybeans are up 3/4 cent, and December KC wheat is up 3 cents.

CME Globex Recap: Global stocks are higher in the overnight session with investors looking forward to President Donald Trump’s speech at the Economic Club of New York, which is focused on trade and economic policy. Any comments from the president about the trade war could provide additional market-moving headlines. Financial markets are also looking forward to Fed Chair Powell’s testimony in front of Congress on Wednesday and Thursday, which he could use as an opportunity to reiterate his stance of not needing any additional interest rate cuts.

Grain markets are higher across the board, bouncing from Monday’s weaker session as the focus shifts from the November WASDE supply changes back to U.S. demand, South American weather and U.S.-China trade talks. It would seem psychologically significant that corn futures no longer have a contract above $4.00 through December 2020, especially as we get close to the holiday doldrums between Thanksgiving and Christmas. With the early seed-buying period for next spring already upon producers, the discussion will also be shifting to acreage intentions.

OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 10.25 at 27,691.49 and the S&P 500 down 6.07 at 3,093.08 while the 10-Year Treasury yield ended at 1.943%. Early Tuesday, the December DJIA futures are up 18 points.

Asian markets are higher with Japan’s Nikkei 225 up 188.17 (0.81%) and China’s Shanghai Composite up 4.85 points (0.17%). European markets are higher with London’s FTSE 100 up 22.21 points (0.3%), Germany’s DAX up 74.29 points (0.56%) and France’s CAC 40 up 17.12 points (0.29%).

The December Euro is down 0.001 at 1.100 and the December U.S. dollar index is up 0.122 at 98.155. The December 30-Year T-Bond is steady, while December gold is down $1.30 at $1,455.80 and December crude oil is up $0.34 at $57.20. Soybeans on China’s Dalian Exchange were down -0.03%, while soybean meal was down -0.07%.

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