DTN Early Word Grains 07/14 06:15
Wheat, Soybeans Higher with Corn Steady
December corn is down 1/4 cent per bushel, November soybeans are up 2 3/4
cents, and September KC wheat is up 5 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is down 1/4 cent per bushel,
November soybeans are up 2 3/4 cents, and September KC wheat is up 5 cents.
CME Globex Recap: Mostly weaker trade overnight in equities with Asia and
Europe both posting losses although U.S. futures suggest a higher open later
Tuesday morning. Financial media are citing continued rollbacks in state
reopening plans as well as markets bracing for brutal Q2 earnings results.
Energy markets are weaker as crude oil consolidates below $40.00 per barrel.
With a few small exceptions, crude's trading range has been $39.00-41.00 the
since the end of June. The U.S. Dollar Index is slightly firmer while precious
metals are weaker. Grain markets are mostly higher overnight with gains in
wheat and soybeans while corn claws back toward unchanged. Forecasts continue
to get cooler and wetter for the corn belt, limiting any talk about significant
yield damage. Crop conditions fell for all major crops last week but those are
somewhat rearward looking and price action is most clearly not.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 10.50 at 26,085.80 and the S&P 500 down 29.82 at 3,185.04 while the
10-Year Treasury yield ended at 0.64%. Early Tuesday, the September DJIA
futures are up 103 points. Asian markets are lower with Japan's Nikkei 225 down
197.73 (-0.87%) and China's Shanghai Composite down 28.67 points (-0.83%).
European markets are lower with London's FTSE 100 down 20.7 points (-0.34%),
Germany's DAX down 176.17 points (-1.38%) and France's CAC 40 down 77.71 points
(-1.54%). The September Euro is up 0.001 at 1.140 and the September U.S. dollar
index is up 0.068 at 96.475. The September 30-Year T-Bond is up 13/32nds, while
August gold is down $10.60 at $1,803.50 and August crude oil is down $0.36 at
$39.74. Soybeans on China's Dalian Exchange were down 1.09% while soybean meal
was down 0.62%.
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