DTN Grain Open: Markets Take a Breather Ahead of Weekend

Heat stressed corn. Photo: Justin Ballew, Clemson University

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

CME Globex Recap: Grains are easier overnight, easing back from Thursday’s strong gains which had social media buzzing. The strength was particularly impressive following the mostly bearish data from the USDA on Wednesday, a possible sign the most bearish scenarios may be priced in until harvest pressure arrives in late September.

Global equities are weaker overnight with U.S. futures pointed toward a lower open. Soft consumption data from July in China overnight as well as concern over high-level trade talks this weekend between the U.S. and China kept investors on their back foot.

Energy markets are mixed with crude oil weaker but products firmer as the 200-day moving average remains a magnate for price action. The U.S. Dollar Index is softer overnight as it continues to consolidate near recent lows. Precious metals are weaker overnight, led by silver, which is down over 3.5%.

OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 80.12 at 27,896.72 and the S&P 500 down 6.92 at 3,380.35 while the 10-Year Treasury yield ended at 0.716%. Early Friday, the September DJIA futures are down 152 points.

Asian markets are higher with Japan’s Nikkei 225 up 39.75 (0.17%) and China’s Shanghai Composite up 39.37 points (1.19%). European markets are lower with London’s FTSE 100 down 139.2 points (-2.25%), Germany’s DAX down 171.2 points (-1.32%) and France’s CAC 40 down 106.15 points (-2.11%).

The September Euro is up 0.001 at 1.180 and the September U.S. dollar index is down 0.077 at 93.240. The September 30-Year T-Bond is up 16/32nds, while December gold is down $13.40 at $1,957.00 and September crude oil is down $0.25 at $41.99. Soybeans on China’s Dalian Exchange were up 0.11% while soybean meal was up 0.92%.

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