DTN Grain Open: Markets Higher as Soy Oil Leads

    December corn is up 2 1/2 cents per bushel, November soybeans are up 8 1/4 cents, and December KC wheat is up 1/4 cent.

    CME Globex Recap: Grain markets were higher across the board after shaking early losses at the Tuesday evening open. Soybean oil continues to lead and is posting 1.0% gains overnight. Malaysian palm oil shot to new record highs overnight, driving global vegetable oils higher.

    Equity indices were slightly mixed around the globe overnight with U.S. markets quiet ahead of earnings from a handful of big tech companies. Later Wednesday, earnings will be reported from Verizon, Tesla and IBM. In Washington, lawmakers continue to work on a pared down spending bill that all legislators can agree on, or at the very least, all democrats can stand behind.

    Energy markets were weaker overnight with crude oil and products off nearly 1.0%. The U.S. Dollar Index is slightly firmer after trading to multi-week lows Tuesday. Metals are mixed with copper off 1.0% following its surge the previous session while gold and silver are slightly firmer.

    OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 198.70 at 35,457.31 and the S&P 500 up 33.17 at 4,486.46 while the 10-year Treasury yield ended at 1.635%. Early Wednesday, the December DJIA futures are up 23 points.

    Asian markets are mixed with Japan’s Nikkei 225 up 40.03 (0.14%) and China’s Shanghai Composite is down 6.15 points (0.17%). European markets are mixed with London’s FTSE 100 down 11.81 points (0.16%), Germany’s DAX up 25.87 points (0.17%) and France’s CAC 40 down 6.12 points (0.09%).

    The December euro is down 0.002 at 1.160 and the December U.S. Dollar Index is up 0.102 at 93.830. The December 30-year T-Bond is down 9/32nds, while December gold is up $8.00 at $1,778.50 and December crude oil is down $0.83 at $81.61.

    Soybeans on China’s Dalian Exchange were down 0.59% while soybean meal was up 0.51% and corn was up 0.27%.

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