DTN Grain Open: Lower Amid Expanding Harvest, Outside Markets

Pre-6 a.m. CDT prices, CME Globex: December corn is down 8 1/4 cents per bushel, November soybeans are down 13 3/4 cents, and December KC wheat is down 7 1/4 cents.

CME Globex Recap: Grain futures are solidly lower overnight, following the influence of outside markets and feeling the pressure from expanding harvest. Weather looks wide open the next two weeks which should allow grain to come off the field quickly.

Sharply lower equity trade around the globe overnight as the fallout from the China Evergrande Group continues. Investors globally are worried the indebted property market in China is on the verge of collapse which could spread contagion around the world. Adding to jitters are skyrocketing natural gas prices in Europe which is causing economic slowdown fears. All the cheap money in the world doesn’t seem like it can offset a flight to safety.

Energy markets are sharply lower with spot crude oil down 1.8% although this is off the lows of the evening. The U.S. Dollar Index is moving back toward 11-month highs. Metals are mixed with gold and silver higher while copper trades sharply lower.

OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 166.44 at 34,584.88 and the S&P 500 down 40.76 at 4,473.75 while the 10-Year Treasury yield ended at 1.37%. Early Monday, the December DJIA futures are down 552 points.

Asian markets are higher with Japan’s Nikkei 225 up 176.71 (0.58%) and China’s Shanghai Composite up 6.87 points (0.19%). European markets are lower with London’s FTSE 100 down 106.99 points (-1.54%), Germany’s DAX down 335.13 points (-2.16%) and France’s CAC 40 down 133.62 points (-2.03%).

The December Euro is down 0.003 at 1.170 and the December U.S. dollar index is up 0.194 at 93.370. The December 30-Year T-Bond is up 24/32nds, while December gold is up $6.30 at $1,757.70 and October crude oil is down $1.47 at $70.50.

Dalian commodity markets are closed.

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