DTN Grain Open: Higher as Weather Looks Problematic

Pre-6 a.m. Globex Prices: September corn is up 4 1/4 cents per bushel, November soybeans are up 10 cents, and September KC wheat is up 3 1/2 cents.

CME Globex Recap: Grain markets are higher across the board, supported by concern over current weather models for the Midwest the next two weeks. We’ve officially entered the season of reacting to each and every weather model produced, throwing a healthy dose of volatility into the mix. Traders will want to see fresh highs made early this week to keep this run going.

Sharply higher global equities overnight, led by China which saw the largest one-day rally in over a year as state-run media talk up the economy recovery. Financial media were citing a front-page editorial in state-run publications talking about the prospect of a “healthy” bull market, which caused retail investors to pile in, knowing government support was present.

U.S. stock futures joined in overnight with gains of 1.3% expected when cash opens Monday morning. Energy markets are higher, fixed income is slightly lower while precious metals are mixed.

OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 92.39 at 25,827.36 and the S&P 500 up 14.15 at 3,115.86 while the 10-year Treasury yield ended at 0.669%. Early Monday, the September DJIA futures are up 336 points.

Asian markets are higher with Japan’s Nikkei 225 up 407.96 (1.83%) and China’s Shanghai Composite up 180.07 points (5.71%). European markets are higher with London’s FTSE 100 up 108.31 points (1.76%), Germany’s DAX up 185.24 points (1.48%) and France’s CAC 40 up 72.45 points (1.45%).

The September euro is up 0.006 at 1.130 and the September U.S. Dollar Index is down 0.376 at 96.925. The September 30-year T-Bond is down 13/32nds, while August gold is down $4.80 at $1,785.20 and August crude oil is up $0.12 at $40.77. Soybeans on China’s Dalian Exchange were down 1.3% while soybean meal was up 0.69%.

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