DTN Grain Open: Higher on USDA Report Follow-Through

    Mature soybean pods ready for harvest. ©Debra L Ferguson

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

    CME Globex Recap: Grain markets are higher overnight, adding to Wednesday’s impressive gains following the bullish slate of USDA reports. To call Wednesday’s USDA data a curve ball would be underselling the changes in a dramatic way. USDA reaching back in time to make revisions is something no one saw coming but will hold implications for months to come.

    Stronger equity markets overnight with U.S. futures painting a higher open for cash markets when they open Thursday morning. Optimism about another stimulus package in the United States before the November election seems to be growing.

    Energy markets are weaker with the exception of natural gas which is up over 2.0% and continues its erratic trade of late. The U.S. Dollar Index is weaker overnight, slipping back below the 94-handle level and closing in on the 50-day moving average at 93.32. Precious metals are firmer.

    OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 329.04 at 27,781.70 and the S&P 500 up 27.53 at 3,335.47 while the 10-Year Treasury yield ended at 0.677%. Early Thursday, the December DJIA futures are up 232 points.

    Asian markets are lower with Japan’s Nikkei 225 down 0.19 (-0.01%) and China’s Shanghai Composite down 6.31 points (-0.2%). European markets are higher with London’s FTSE 100 up 50.1 points (0.85%), Germany’s DAX up 18.84 points (0.15%) and France’s CAC 40 up 36.99 points (0.77%).

    The December Euro is up 0.003 at 1.180 and the December U.S. dollar index is down 0.107 at 93.820. The December 30-Year T-Bond is down 20/32nds, while December gold is up $7.00 at $1,902.50 and November crude oil is down $0.37 at $39.85. Soybeans on China’s Dalian Exchange were down 0.95% while soybean meal was down 0.03%.

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