DTN Grain Open: Higher Following Money Losses

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

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

CME Globex Recap: European equities are higher overnight with U.S. futures pointing toward a positive day on Wall Street as well. Markets seemed to react favorably to the meeting between President Trump and Fed Chair Powell on Monday during which interest rate policy was discussed.

On the trade front, investors are still optimistic “phase one” of the deal can be signed before the December 15 deadline when additional tariffs are set to be enacted by the United States. Good faith gestures are being made, but we’ve seen good intentions be cast aside in the past.

Markets are mainly higher overnight with a focus still on harvest in the U.S. which will extend well into December for many producers. Typically, a reasonably high level of confidence is attained on national yield ideas on the January production report. That may not be the case this year considering a good portion of the crop may be unharvested by the time the survey for the January WASDE will be conducted.

In addition, reports of light test weight are prevalent which will add to survey complications and probably only be sorted out once bushels have moved through commercial hands and been weighed-up properly.

OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 31.33 at 28,036.22 and the S&P 500 up 1.57 at 3,120.46 while the 10-Year Treasury yield ended at 1.808%. Early Tuesday, the December DJIA futures are up 113 points.

Asian markets are mixed with Japan’s Nikkei 225 down 124.11 (-0.53%) and China’s Shanghai Composite up 24.79 points (0.85%). European markets are higher with London’s FTSE 100 up 81.39 points (1.11%), Germany’s DAX up 158.69 points (1.2%) and France’s CAC 40 down 32.68 points (0.55%).

The December Euro is down 0.001 at 1.110 and the December U.S. dollar index is up 0.072 at 97.735. The December 30-Year T-Bond is down 8/32nds, while December gold is down $6.30 at $1,465.60 and December crude oil is down $0.54 at $56.51. Soybeans on China’s Dalian Exchange were down 0.06% while soybean meal was up 1.08%.

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