DTN Early Word Grains 10/27 05:43
Grains Higher in Turnaround Tuesday
December corn is up 2 3/4 cents per bushel, November soybeans are up 1/2
cent, and December KC wheat is up 3 1/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is up 2 3/4 cents per bushel,
November soybeans are up 1/2 cent, and December KC wheat is up 3 1/4 cents.
CME Globex Recap:
Equity markets were mostly weaker overnight with U.S. futures holding steady
after the sharp sell-off Monday. Coronavirus cases continue to rise in Europe
and the United States, making new lockdown measures more of a threat than
seemed possible at the end of summer. In addition, it looks unlikely another
stimulus package will be made available before the U.S. election a week from
Tuesday. Pushing additional relief beyond the election subjects additional aid
to the uncertainty of a close election. Energy markets were firmer overnight,
although crude oil still sits below $40.00 per barrel. Crude oil at $40.00,
plus or minus a couple of dollars, feels like it could be the new normal for
the foreseeable future. The U.S. Dollar Index is slightly weaker while precious
metals are mixed. Grain markets are higher across the board, shaking early
losses at the overnight open. Corn futures are making new highs for the move,
keeping momentum studies pointed higher and bulls firmly in control.
Previous closes on Monday showed the Dow Jones Industrial Average down
650.19 at 27,685.38 and the S&P 500 down 64.42 at 3,465.39 while the 10-year
Treasury yield ended at 0.801%. Early Tuesday, the December DJIA futures are up
14 points. Asian markets are mixed with Japan's Nikkei 225 down 8.54 (0.04%)
and China's Shanghai Composite up 3.2 points (0.1%). European markets are lower
with London's FTSE 100 down 5.26 points (0.09%), Germany's DAX down 76.66
points (0.63%) and France's CAC 40 down 71.05 points (1.48%). The December euro
is unchanged at 1.180 and the December U.S. Dollar Index is up 0.031 at 93.075.
The December 30-Year T-Bond is down 0/32nds, while December gold is down $5.20
at $1,900.50 and December crude oil is up $0.20 at $38.76. Soybeans on China's
Dalian Exchange were up 0.96% while soybean meal was down 0.31% and corn was up
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