DTN Early Word Grains 10/21 05:57
Grains Extend Gains at Midweek
December corn is up 3 cents per bushel, November soybeans are up 8 3/4
cents, and December KC wheat is up 3 3/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is up 3 cents per bushel, November
soybeans are up 8 3/4 cents, and December KC wheat is up 3 3/4 cents.
CME Globex Recap: Global equities are mostly weaker overnight while U.S.
futures are trading flat ahead of the cash open later Wednesday morning. In the
U.S., prospects for another round of stimulus seemed to improve with Speaker
Pelosi voicing optimism about reaching a deal with Secretary Mnuchin in coming
days. Senate Majority McConnell said if there is a Pelosi-Mnuchin bill that is
fully supported by President Trump, he will bring it to the floor of the
Senate. Energy markets are weaker overnight with crude and products all off
over 1.0%. The U.S. Dollar Index is pushing to new lows and is at the lowest
level since early September. Grain futures are higher across the board
overnight as trends continue and the path of least resistance is certainly up.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 113.37 at 28,308.79 and the S&P 500 up 16.20 at 3,426.92 while the
10-Year Treasury yield ended at 0.797%. Early Wednesday, the December DJIA
futures are down 8 points. Asian markets are higher with Japan's Nikkei 225 up
72.42 (0.31%) and China's Shanghai Composite down 3.08 points (-0.09%).
European markets are lower with London's FTSE 100 down 64.69 points (-1.1%),
Germany's DAX down 96.11 points (-0.75%) and France's CAC 40 down 45.26 points
(-0.92%). The December Euro is up 0.003 at 1.190 and the December U.S. dollar
index is down 0.271 at 92.780. The December 30-Year T-Bond is down 6/32nds,
while December gold is up $6.00 at $1,921.40 and December crude oil is down
$0.60 at $41.10. Soybeans on China's Dalian Exchange were down 1.35% while
soybean meal was up 0.52%.
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