DTN Grain Open: Sharp Retreats

Freshly harvest soybeans loaded in truck for transport to grain elevator. ©Debra L Ferguson

December corn is down 8 cents per bushel, January soybeans are down 6 3/4 cents, and March KC wheat is down 5 cents.

Pre-6 a.m. Globex Prices:

December corn is down 8 cents per bushel, January soybeans are down 6 3/4 cents, and March KC wheat is down 5 cents.

CME Globex Recap:

Equity markets are higher around the globe with U.S. futures following suit as investors take solace in reports President Trump hinted at a smooth transition of power to president-elect Joe Biden on Monday. Markets are understandably nervous heading into Black Friday and the holiday shopping season amid a global pandemic. Online retailers will be used more than ever, accelerating a trend seen the past few years.

Energy markets are stronger overnight with spot crude oil futures above 43.00 per barrel and trading at the highest level since March 6. Grain markets are solidly lower overnight with nominal and percentage losses being led by corn which is down over 2.0%. Corn and soybeans saw a rejection of some key resistance on Monday, although today’s weakness isn’t enough to break the uptrends in place.

OUTSIDE MARKETS:

Previous closes on Monday showed the Dow Jones Industrial Average up 327.79 at 29,591.27 and the S&P 500 up 20.05 at 3,557.54 while the 10-Year Treasury yield ended at 0.857%. Early Tuesday, the December DJIA futures are up 303 points. Asian markets are mixed with Japan’s Nikkei 225 up 638.22 (2.5%) and China’s Shanghai Composite down 11.67 points (-0.34%). European markets are higher with London’s FTSE 100 up 53.93 points (0.85%), Germany’s DAX up 108.63 points (0.93%) and France’s CAC 40 up 71.55 points (1.3%).

The December Euro is up 0.005 at 1.190 and the December U.S. dollar index is down 0.359 at 92.135. The December 30-Year T-Bond is down 3/32nds, while December gold is down $21.90 at $1,815.90 and January crude oil is up $0.50 at $43.56. Soybeans on China’s Dalian Exchange were down 1.55% while soybean meal was down 0.81%.

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