DTN Grain Open: Mixed on Weather, China

©Debra L Ferguson Stock Photography

Pre-6 a.m. Globex Prices: July corn is down 1/2 cent per bushel, July soybeans are up 3/4 of a cent, and July KC wheat is down 6 1/4 cents.

CME Globex Recap: Grains are mixed overnight with corn and wheat mostly lower while the soy complex is posting gains after two-sided trading in soybeans. The focus in ag markets is chiefly on weather which looks quite favorable for row crops but dry for major wheat producers in the Northern Hemisphere.

Traders were also fearful of a further deterioration in relations between the U.S. and China related to the Hong Kong security law but the focus in the U.S. is likely to be internal moving forward.

Global equity markets are mostly higher overnight although U.S. futures are pointed to a lower open. Asian and European indices are rallying as fears of major retaliation from President Trump toward Hong Kong seem to largely be dying down.

In addition, despite major protests bordering on full-blown riots across many U.S. cities this weekend, investors clearly view support from the Federal Reserve as paramount to anything else. Energy markets are weaker but maintaining a steady uptrend in crude oil with the spot contract trying to push above its 100-day moving average.

Precious metals are mixed with gold slightly lower while silver is up 1.03% and trading at the highest level overnight since September 5.

OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 17.53 at 25,383.11 and the S&P 500 up 14.58 at 3,029.73 while the 10-Year Treasury yield ended at 0.648%. Early Monday, the June DJIA futures are down 27 points.

Asian markets are higher with Japan’s Nikkei 225 up 184.5 (0.84%) and China’s Shanghai Composite up 63.08 points (2.21%). European markets are mixed with London’s FTSE 100 up 59.61 points (0.98%), Germany’s DAX down 194.28 points (-1.65%) and France’s CAC 40 up 57.05 points (1.22%).

The June Euro is up 0.002 at 1.110 and the June U.S. dollar index is down 0.321 at 98.020. The September 30-Year T-Bond is down 17/32nds, while August gold is down $2.70 at $1,749.00 and July crude oil is down $0.18 at $35.31. Soybeans on China’s Dalian Exchange were up 0.55% while soybean meal was up 0.18%.

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