DTN Early Word Grains 09/21 05:54
Grains Mixed as Outside Market Pressure Fades
December corn is down 3 3/4 cents per bushel, November soybeans are up 1 1/2
cents, and December KC wheat is down 1 cent.
DTN Contributing Analyst
Pre-6 a.m. CDT prices, CME Globex: December corn is down 3 3/4 cents per
bushel, November soybeans are up 1 1/2 cents, and December KC wheat is down 1
CME Globex Recap: Global equity markets were stabilizing early Tuesday
morning with U.S. futures looking to regain part of the losses from Monday.
Social media experts were trying to compare the China Evergrande Group
situation to the collapse of Lehman Brothers in 2008 which preceded the Global
Financial Crisis. It is too early to make definitive judgements, but it
wouldn't appear the Chinese government is willing to let a bankrupt property
developer bring down their financial system. Energy markets are recovering well
Tuesday morning with crude oil futures back over $71.00 per barrel. The U.S.
Dollar Index is slightly weaker following a three-day winning streak. Metals
are all higher overnight. Grain markets are mixed with corn and wheat lower
while soybeans are higher. With the recovery in outside markets, we would not
be surprised to see grains trade higher at some point Tuesday.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 614.41 at 33,970.47 and the S&P 500 down 75.26 at 4,432.99 while
the 10-Year Treasury yield ended at 1.309%. Early Tuesday, the December DJIA
futures are up 333 points. Asian markets are mixed with Japan's Nikkei 225 down
660.34 (-2.17%) while China's Shanghai Composite was closed. European markets
are higher with London's FTSE 100 up 81.19 points (1.18%), Germany's DAX up
220.04 points (1.45%) and France's CAC 40 up 94.87 points (1.47%). The December
Euro is up 0.001 at 1.180 and the December U.S. dollar index is down 0.121 at
93.135. The December 30-Year T-Bond is down 16/32nds, while December gold is
up $3.80 at $1,767.60 and November crude oil is up $0.90 at $71.04. The Dalian
Commodity Exchange remained closed Tuesday.
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