DTN Early Word Grains 11/14 05:51
Markets Mixed, Quiet Following Midweek Volatility
December corn is up 1 1/2 cents per bushel, January soybeans are down 1/4
cent, and December KC wheat is up 4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: December corn is up 1 1/2 cents per bushel, January
soybeans are down 1/4 cent, and December KC wheat is up 4 cents.
CME Globex Recap: Global equity markets are mixed as the focus temporarily
shifts from the trade war to the impeachment hearing. Crude oil prices continue
to their recent uptrends with spot prices knocking on two-month highs. The
strength comes even as the U.S. Energy Information Administration said oil
production hit 13 million barrels per day this month and will grow more than
expected in 2019 and 2020 in a report issued Wednesday. The incredible growth
in U.S. oil production continues to change global market dynamics and will
continue to do so in 2020. Grains are mixed to higher overnight with corn and
wheat posting gains while soybeans and meal are slightly lower. For the
volatility seen this week, grains haven't really gone anywhere, sitting inside
ranges or maintaining previous trends. Harvest and South American weather
remain the focus with the last third of corn harvest in the United States
expected to drag out over the next several weeks, especially in the upper
Midwest. No major changes to South American weather maps overnight.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 92.10 at 27,783.59 and the S&P 500 up 2.20 at 3,091.84
while the 10-Year Treasury yield ended at 1.87%. Early Thursday, the December
DJIA futures are down 12 points. Asian markets are mixed with Japan's Nikkei
225 down 178.32 (-0.76%) and China's Shanghai Composite up 4.63 points (0.16%).
European markets are mixed with London's FTSE 100 down 26.91 points (-0.37%),
Germany's DAX down 21.41 points (-0.16%) and France's CAC 40 up 5.98 points
(0.1%). The December Euro is unchanged at 1.100 and the December U.S. dollar
index is down 0.020 at 98.210. The December 30-Year T-Bond is up 10/32nds,
while December gold is up $4.90 at $1,468.20 and December crude oil is up $0.57
at $57.69. Soybeans on China's Dalian Exchange were down 0.26% while soybean
meal was down 0.07%.
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