DTN Early Word Grains 09/22 05:56
Grains Mostly Stronger at Midweek
December corn is up 2 1/2 cents per bushel, November soybeans are up 2 1/2
cents, and December KC wheat is up 7 1/4 cents.
DTN Contributing Analyst
Pre-6 a.m. CDT prices, CME Globex: December corn is up 2 1/2 cents per
bushel, November soybeans are up 2 1/2 cents, and December KC wheat is up 7 1/4
CME Globex Recap: Stock markets around the globe are higher for the second
session in a row as fears appear to have subsided about an imminent collapse of
the Chinese real estate market. Investors are also waiting for the conclusion
of the two-day FOMC meeting later Wednesday and the release of the post-meeting
statement from Fed Chair Powell. Most believe the Fed will wait for the
November meeting to formally announce quantitative easing tapering. The
language in the statement could be key. Energy markets are sharply higher
overnight with crude and products all up over 1.0%. Natural gas is down 0.23%.
The U.S. Dollar Index is hanging right around unchanged with most of its
long-term moving averages now converging, highlighting the mostly rangebound
nature the last couple months. Metals are all higher with copper up over 2.6%.
Grains are mostly higher with strength led by wheat and soybean oil. Soy meal
is the lone contract in the red. Difficult to read into day-to-day gyrations as
harvest ramps up and the focus begins to shift to demand.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average down 50.63 at 33,919.84 and the S&P 500 down 3.54 at 4,357.73 while the
10-Year Treasury yield ended at 1.324%. Early Wednesday, the December DJIA
futures are up 214 points. Asian markets are mixed with Japan's Nikkei 225 down
200.31 (-0.67%) and China's Shanghai Composite up 14.5 points (0.4%). European
markets are higher with London's FTSE 100 up 88.76 points (1.26%), Germany's
DAX up 108.88 points (0.72%) and France's CAC 40 up 77.96 points (1.19%). The
December Euro is up 0.001 at 1.180 and the December U.S. dollar index is down
0.000 at 93.200. The December 30-Year T-Bond is down 10/32nds, while December
gold is down $2.50 at $1,775.70 and November crude oil is up $1.19 at $71.68.
Soybeans on China's Dalian Exchange were down 1.69% while soybean meal was down
0.86% and corn was up 0.61%.