DTN Grain Open: Soybean Rally Presses Higher, More Aid Announced

Pre-6 a.m. Globex Prices: December corn is up 1 3/4 cents, November soybeans are up 11 cents and December KC wheat is up 4 cents.

CME Globex Recap: Early Friday, Dow Jones futures are trading modestly lower and the December U.S. Dollar Index is also a little lower with stock markets mixed overseas. According to several news sources, U.S. President Donald Trump announced $13 billion of aid to farmers at a political rally in Wisconsin with further details expected to be released later Friday.

Crude oil is slightly higher after the world’s major oil producers met and agreed Thursday to comply with the production cuts started in August and designed to run into December, acknowledging that coronavirus concerns continue to weaken oil demand.

OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 130.40 at 27,901.98 and the S&P 500 down 28.48 at 3,357.01 while the 10-Year Treasury yield ended at 0.68%. Early Friday, December Dow Jones futures are down 42 points.

Asian markets are higher with Japan’s Nikkei 225 up 40.93 points (0.2%) and China’s Shanghai Composite up 67.65 points (2.1%). European markets are mixed with London’s FTSE 100 down 21.38 points (-0.4%), Germany’s DAX up 19.80 points (0.1%) and France’s CAC 40 down 17.74 points (-0.4%).

The December euro is up $.0019 at $1.1880. The December U.S. Dollar Index is down 0.12 at 92.85. The December 30-year T-bond is down 1/32nd, while December gold is up $12.70 at $1,962.60 and October crude oil is up $0.09 at $41.06. On China’s Dalian Exchange, soybeans, corn and soybean meal are all trading higher. November palm oil is trading up 3.0% Friday near its highest spot prices in 2020.

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