DTN Early Word Grains 11/28 06:04
Weakness in Grains as Outside Markets Weigh
December corn is down 3 1/2 cents per bushel, January soybeans are down 6
3/4 cents, and March KC wheat is down 1 1/2 cents.
DTN Contributing Analyst
EARLY GLOBEX PRICES: December corn is down 3 1/2 cents per bushel, January
soybeans are down 6 3/4 cents, and March KC wheat is down 1 1/2 cents.
CME GLOBEX RECAP: Notable weakness in equity and energy markets overnight
with a focus on the Chinese protests and lockdowns. Chinese leadership remains
committed to their "COVID-zero" approach, regardless of how damaging it might
be economically or emotionally to its people. This is raising serious concerns
about economic demand, spilling over to equities and energies to start the
week. Spot crude oil futures were down as much as 3% at one point, hitting the
lowest levels in almost a year. The U.S. Dollar Index is down overnight,
staring at the fourth lower close in a row. Metals are mixed overnight with
copper lower while gold and silver trade higher. Grain markets are also lower
overnight with losses being led by soybean oil and Chicago wheat.
OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial
Average up 152.97 at 34,347.03 and the S&P 500 down 1.14 at 4,027.26 while the
10-Year Treasury yield ended at 3.691%. Early Monday, the December DJIA futures
are down 185 points. Asian markets are lower with Japan's Nikkei 225 down 120.2
(-0.42%) and China's Shanghai Composite down 23.14 points (-0.75%). European
markets are lower with London's FTSE 100 down 45.61 points (-0.61%), Germany's
DAX down 150.04 points (-1.03%) and France's CAC 40 down 63.15 points (-0.94%).
The December Euro is up 0.007 at 1.050 and the December U.S. Dollar Index is
down 0.402 at 105.515. The December 30-Year T-Bond is up 18/32nds, while
December gold is up $8.20 at $1,762.20 and January crude oil is down $2.16 at
$74.12. Corn on China's Dalian Exchange was up 0.51% while soybeans were down
0.81% and soybean meal was down 0.17%.
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