DTN Grain Open: Mixed on Demand, Harvest Approaching

©Debra L Ferguson Stock Photography

Pre-6 a.m. Globex Prices: December corn is down 1 1/4 cents per bushel, November soybeans are up 5 3/4 cents, and December KC wheat is up 1 1/2 cents.

CME Globex Recap: Grain markets are mixed with corn and Chicago wheat lower while the soy complex and hard wheats are higher. Soybeans continue to impress all market participants, especially now that the $10.00 level has been conquered. Harvest will begin soon across the Midwest which should bring with it more selling of soybeans than corn according to producer reports.

Global equity markets are mostly higher around the globe with Wall Street pointed toward a higher day for the second session in a row. Financial media are pointing out China’s currency traded to the highest level since May 2019 overnight as trade data showed retrial spending and other economic indicators besting analyst estimates.

Energy markets are stronger overnight with crude up over 1.7%. The U.S. Dollar Index is weaker, looking for its third lower close in a row. Precious metals are higher but still in consolidation mode.

OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 327.69 at 27,993.33 and the S&P 500 up 42.57 at 3,340.97 while the 10-Year Treasury yield ended at 0.671%. Early Tuesday, the September DJIA futures are up 180 points.

Asian markets are mixed with Japan’s Nikkei 225 down 104.41 (-0.44%) and China’s Shanghai Composite up 16.87 points (0.51%). European markets are higher with London’s FTSE 100 up 55.65 points (0.92%), Germany’s DAX up 52.97 points (0.4%) and France’s CAC 40 up 27.15 points (0.54%).

The December Euro is up 0.002 at 1.190 and the December U.S. dollar index is down 0.135 at 92.925. The December 30-Year T-Bond is down 12/32nds, while December gold is up $10.60 at $1,974.30 and October crude oil is up $0.61 at $37.87. Soybeans on China’s Dalian Exchange were up 1.56% while soybean meal was up 0.23%.

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