DTN Early Word Grains 10/30 05:57
Grains Mostly Higher to End Week
December corn is down 2 1/4 cents per bushel, January soybeans are up 7
cents, and December KC wheat is up 2 1/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is down 2 1/4 cents per bushel,
January soybeans are up 7 cents, and December KC wheat is up 2 1/4 cents.
CME Globex Recap: Equity markets are mixed overnight with European indices
clawing back into positive territory while U.S. futures seem poised for decent
losses later Friday morning. Fortunately, energy markets have stabilized after
plunging to 4-1/2 month lows Thursday. RBOB gasoline futures came within 32
pips of slipping below 1.00 per gallon. Grain markets are mostly firmer
overnight with the exception of the front two months of corn contracts which
have battled bear-spread pressure all evening. Otherwise, grains are
stabilizing after the sizable selling at mid-week. There does not appear to be
any panic selling by the producer, and end users realize setbacks are to be
used as corrective buying opportunities until proven otherwise. Volatility
should increase into the presidential election Tuesday with outside market
influence growing. The ag space of billions will see influence from equity and
fixed income markets which measure in the trillions.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average up 139.16 at 26,659.11 and the S&P 500 up 39.08 at 3,271.03 while the
10-Year Treasury yield ended at 0.835%. Early Friday, the December DJIA futures
are down 311 points. Asian markets are lower with Japan's Nikkei 225 down
354.81 (-1.52%) and China's Shanghai Composite down 48.19 points (-1.47%).
European markets are higher with London's FTSE 100 up 5.87 points (0.11%),
Germany's DAX up 5.52 points (0.05%) and France's CAC 40 up 27.6 points (0.6%).
The December Euro is up 0.001 at 1.170 and the December U.S. dollar index is
down 0.072 at 93.905. The December 30-Year T-Bond is up 14/32nds, while
December gold is up $6.20 at $1,874.20 and December crude oil is up $0.15 at
$36.32. Soybeans on China's Dalian Exchange were up 2.07% while soybean meal
was down 0.16% and corn was up 0.35%.
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