DTN Grain Open: Mixed Trade on Forecasts, Slow Exports

Tasseling corn.

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

CME Globex Recap: Grain markets are mixed with soybeans and winter wheat firmer while corn and Minneapolis spring wheat are weaker. Wetter forecasts for next week remain threatening to bulls while bears aren’t confident about Western Corn Belt and Northern Plains yield ideas.

Mixed equity trade overnight with quiet U.S. futures at midweek. Investors are awaiting the ADP private payroll report later Wednesday morning which is expected to show 650,000 jobs added which would be just below the 692,000 added Friday. The report usually helps set the tone for Friday’s larger employment situation report which is expected to show 875,000 jobs added which would be stronger than either of the previous three months.

Energy markets are weaker overnight as crude oil slides back toward the $70.00 mark after slipping below that level Tuesday before recovering. The U.S. Dollar Index remains in recent ranges while metals are mixed.

OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 278.24 at 35,116.40 and the S&P 500 up 35.99 at 4,387.16 while the 10-Year Treasury yield ended at 1.176%. Early Wednesday, the September DJIA futures are down 29 points.

Asian markets are mixed with Japan’s Nikkei 225 down 57.75 (-0.21%) and China’s Shanghai Composite up 29.23 points (0.85%). European markets are higher with London’s FTSE 100 up 23.31 points (0.33%), Germany’s DAX up 124.79 points (0.8%) and France’s CAC 40 up 35.15 points (0.52%).

The September Euro is down 0.000 at 1.190 and the September U.S. dollar index is up 0.002 at 92.090. The September 30-Year T-Bond is down 1/32nds, while December gold is up $2.50 at $1,816.60 and September crude oil is down $0.40 at $70.16.

Soybeans on China’s Dalian Exchange were down 0.49% while soybean meal was down 0.88% and corn was down 0.08%.

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