DTN Grain Open: Weaker on Fund Positions, Hedge Pressure

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

    CME Globex Recap: Grain markets are mostly weaker overnight with corn and wheat leading losses. Corn and soybeans are feeling the effects of increased harvest pressure across the Midwest as well as larger than expected fund long positions following the recent rally.

    Equity markets are firmer out of the gate this week with U.S. futures pointed at a higher open later Monday morning. Intermediate term trends are still down on U.S. stock futures but E-mini S&P’s were able to hold their 100-day moving average last week heading into what should be a volatile October.

    Energy markets are weaker overnight with spot crude oil futures right back to $40.00 per barrel. Natural gas is down over 2.0% overnight. The U.S. Dollar Index is weaker overnight after it rallied to two-month highs last week. Precious metals are softer overnight.

    OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 358.52 at 27,173.96 and the S&P 500 up 51.87 at 3,246.59 while the 10-Year Treasury yield ended at 0.659%. Early Monday, the December DJIA futures are up 344 points.

    Asian markets are mixed with Japan’s Nikkei 225 up 307 (1.32%) and China’s Shanghai Composite down 1.88 points (-0.06%). European markets are higher with London’s FTSE 100 up 75 points (1.28%), Germany’s DAX up 304.95 points (2.45%) and France’s CAC 40 up 81.51 points (1.72%).

    The December Euro is up 0.004 at 1.170 and the December U.S. dollar index is down 0.307 at 94.375. The December 30-Year T-Bond is down 11/32nds, while December gold is down $5.60 at $1,860.70 and November crude oil is down $0.18 at $40.07. Soybeans on China’s Dalian Exchange were down 0.16% while soybean meal was up 1.02%.

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