DTN Grain Open: Markets Turn Higher With Dry Forecast

Drought-damaged corn. Photo Phil Kaatz, Michigan State University

Pre-6 a.m. Globex Prices: December corn is up 4 3/4 cents, November soybeans are up 7 3/4 cents and September KC wheat is up 3 cents.

CME Globex Recap: Dow Jones futures are trading slightly lower and the September U.S. Dollar Index is lower early Thursday after efforts to reach a compromise on coronavirus relief broke down Wednesday.

September crude oil is roughly steady after the International Energy Agency lowered its estimate of global oil demand to 91.1 million barrels per day in 2020, a 9% decline from the previous year reported CNBC.com. December gold is a little lower and grains are mostly higher with a dry forecast ahead.

OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 289.93 at 27,976.84 and the S&P 500 up 46.66 at 3,380.35 while the 10-Year Treasury yield ended at 0.67%. Early Thursday, September Dow Jones futures are down 16 points.

Asian markets are mixed with Japan’s Nikkei 225 up 405.65 points (1.8%) and China’s Shanghai Composite up 1.46 points (0.04%). European markets are lower with London’s FTSE 100 down 62.73.92 points (-1.0%), Germany’s DAX down 16.25 points (-0.1%) and France’s CAC 40 down 6.85 points (-0.1%).

The September euro is up $.0045 at $1.1838. The September U.S. Dollar Index is down 0.27 at 93.14. The September 30-year T-bond is up 15/32nds, while December gold is down $8.10 at $1,940.90 and September crude oil is down $0.03 at $42.64.

Soybeans are slightly lower, corn is steady and meal is higher on China’s Dalian Exchange Thursday. October palm oil is trading up 0.6%, near its highest prices in six months.

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