DTN Grain Open: Higher as Demand Supports

    Soybean harvest. ©Debra L Ferguson

    Pre-6 a.m. Globex Prices: December corn is up 1 3/4 cents per bushel, November soybeans are up 9 cents, and December KC wheat is up 5 cents.

    CME Globex Recap: Grain futures are higher across the board overnight, led by gains in the soy complex. So far, sessions featuring weaker trade have been buying opportunities with bulls quick to defend current uptrends. The next major USDA reports won’t come until January, leaving the markets to focus on South American weather and demand.

    Global equity trade has been mixed overnight while U.S. futures are suggesting a strong open Tuesday morning. There seems to be only two narratives in the marketplace at the moment with one being expanding coronavirus cases across Europe and the U.S. while the other is whether another stimulus package will be passed before the November election.

    Energy markets are mostly higher overnight with natural gas rallying over 3.5%. The U.S. Dollar Index is softer overnight, refusing to move very far from its 50-day moving average at 93.3174.

    OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 410.89 at 28,195.42 and the S&P 500 down 56.89 at 3,483.81 while the 10-Year Treasury yield ended at 0.761%. Early Tuesday, the December DJIA futures are up 190 points.

    Asian markets are mixed with Japan’s Nikkei 225 down 104.09 (-0.44%) and China’s Shanghai Composite up 15.44 points (0.47%). European markets are mixed with London’s FTSE 100 up 3.43 points (0.06%), Germany’s DAX down 75.39 points (-0.59%) and France’s CAC 40 up 8.01 points (0.16%).

    The December Euro is up 0.005 at 1.180 and the December U.S. dollar index is down 0.274 at 93.155. The December 30-Year T-Bond is down 19/32nds, while December gold is down $1.50 at $1,910.20 and December crude oil is up $0.13 at $41.19. Soybeans on China’s Dalian Exchange were up 1.83% while soybean meal was up 0.59%.

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