DTN Grain Open: Higher as Outsides Support

    Mature soybean pods ready for harvest. ©Debra L Ferguson

    December corn is up 1 cent per bushel, November soybeans are up 5 1/2 cents, and December KC wheat is up 7 cents.

    CME Globex Recap: Grains are higher across the board with gains being led by spring wheat as it gets back to its winning ways. Outside markets are especially supportive Tuesday.

    Stock markets were mostly higher around the globe Tuesday with U.S. futures, suggesting a stronger start later Tuesday morning. Investors are awaiting earnings reports from major companies later Tuesday like Johnson & Johnson, Philip Morris and Netflix as third quarter earnings season rolls on.

    On Monday, 10-year breakeven inflation expectations rose to a new five-month high of 2.57% before backing off by the close. Inflation remains the hot button issue for markets and policy makers. Energy markets are higher overnight with crude oil just below Monday’s new high for the move.

    Natural gas continues to struggle and is closing in on its 50-day moving average. The U.S. Dollar Index is solidly lower overnight and seems to be breaking down below its recent trading range. Metals are all higher overnight.

    OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 36.15 at 35,258.61 and the S&P 500 up 15.09 at 4,471.37 while the 10-year Treasury yield ended at 1.584%. Early Tuesday, the December DJIA futures are up 129 points.

    Asian markets are higher with Japan’s Nikkei 225 up 124.47 (0.84%) and China’s Shanghai Composite up 15.09 points (0.34%). European markets are higher with London’s FTSE 100 up 5.91 points (0.08%), Germany’s DAX up 9.4 points (0.06%) and France’s CAC 40 down 4.11 points (0.06%).

    The December euro is up 0.005 at 1.170 and the December U.S. Dollar Index is down 0.435 at 93.510. The December 30-year T-Bond is down 11/32nds, while December gold is up $13.60 at $1,779.30 and December crude oil is up $0.89 at $82.58.

    Soybeans on China’s Dalian Exchange were up 0.51% while soybean meal was down 0.76% and corn was up 0.20%.

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