DTN Early Word Grains 10/16 05:54
Rain Makes Grain, Even at Harvest
December corn was 1 cent lower, November soybeans were 5 cents lower, and
December Chicago (SRW) wheat was fractionally higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was 1 cent lower, November soybeans were
5 cents lower, and December Chicago (SRW) wheat was fractionally higher.
CME Globex Recap: Another rainy weekend over parts of the western Corn Belt
slowed harvest, and brought light selling back to corn and soybeans overnight.
No, it doesn't make a lot of sense, but Nov beans are down 5 cents with Dec
corn off a penny. Wheat contracts were holding near unchanged early Monday
morning. Speaking of things not making sense: Other commodities, both energies
and metals, were higher despite a rally in the U.S. dollar index. Meanwhile,
DJIA futures continued to move higher.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 30.71 points (0.1%)
higher at 22,871.72, the NASDAQ Composite gained 14.29 points (0.2%) to
6,605.80, and the S&P 500 added 2.24 points (0.1%) to 2,553.17 Friday. DJIA
futures were 20 points higher early Monday morning. Asian markets closed mostly
higher with Japan's Nikkei up 100.38 points (0.5%), Hong Kong's Hang Seng
gaining 216.37 points (0.8%), and China's Shanghai Composite off 12.05 points
(0.4%). European markets were trading higher with London's FTSE 100 up 6.05
points (0.1%), Germany's DAX gaining 23.62 points (0.2%), and France's CAC 40
adding 6.31 points (0.1%). The euro was 0.0025 lower at 1.1795 while the U.S.
dollar index gained 0.17 to 93.22. December 30-year T-Bonds were 4/32 lower at
153'28 while December gold rallied $2.40 to $1,307.00. Crude oil was $0.70
higher at $52.15 while Brent crude gained $0.80 to $57.97. China's Dalian
soybean market was mixed and Malaysian palm oil futures were higher overnight.
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