DTN Grain Open: Quiet, Mixed Trade

Grain elevator and train at Canton, Kansas Photo: K-State Research and Extension - Creative Commons

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

CME Globex Recap: Global equity markets are mixed as the focus temporarily shifts from the trade war to the impeachment hearing. Crude oil prices continue to their recent uptrends with spot prices knocking on two-month highs. The strength comes even as the U.S. Energy Information Administration said oil production hit 13 million barrels per day this month and will grow more than expected in 2019 and 2020 in a report issued Wednesday. The incredible growth in U.S. oil production continues to change global market dynamics and will continue to do so in 2020.

Grains are mixed to higher overnight with corn and wheat posting gains while soybeans and meal are slightly lower. For the volatility seen this week, grains haven’t really gone anywhere, sitting inside ranges or maintaining previous trends. Harvest and South American weather remain the focus with the last third of corn harvest in the United States expected to drag out over the next several weeks, especially in the upper Midwest. No major changes to South American weather maps overnight.

OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 92.10 at 27,783.59 and the S&P 500 up 2.20 at 3,091.84 while the 10-Year Treasury yield ended at 1.87%. Early Thursday, the December DJIA futures are down 12 points.

Asian markets are mixed with Japan’s Nikkei 225 down 178.32 (-0.76%) and China’s Shanghai Composite up 4.63 points (0.16%). European markets are mixed with London’s FTSE 100 down 26.91 points (-0.37%), Germany’s DAX down 21.41 points (-0.16%) and France’s CAC 40 up 5.98 points (0.1%).

The December Euro is unchanged at 1.100 and the December U.S. dollar index is down 0.020 at 98.210. The December 30-Year T-Bond is up 10/32nds, while December gold is up $4.90 at $1,468.20 and December crude oil is up $0.57 at $57.69. Soybeans on China’s Dalian Exchange were down 0.26% while soybean meal was down 0.07%.

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