DTN Early Word Grains 11/29 05:53
Grains Market Recovery Continues
December corn is down 3/4 cent per bushel, January soybeans are up 9 1/4
cents, and March KC wheat is up 9 3/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is down 3/4 cent per bushel, January
soybeans are up 9 1/4 cents, and March KC wheat is up 9 3/4 cents.
CME Globex Recap: Global equity markets were mixed to higher overnight with
Asia lower reacting to Friday's session in the U.S. while European indices are
mostly higher. U.S. futures are trading higher as things have stabilized and
calmed down from Friday's hysteria. Little is known about the omicron
coronavirus variant, but it would not appear that another round of draconian
lockdowns would be more helpful than the continued vaccination regimen. Energy
markets are sharply higher overnight, gaining back a portion of last week's
losses. The U.S. Dollar Index is modestly higher overnight, hanging just below
last week's 17-month highs. Metals are higher, led by copper which is up 1.84%
overnight. Grain markets are mostly higher overnight, led by wheat and soybean
meal as the recovery continues.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 905.04 at 34,899.34 and the S&P 500 down 106.84 at 4,701.46 while
the 10-Year Treasury yield ended at 1.482%. Early Monday, the December DJIA
futures are up 197 points. Asian markets are lower with Japan's Nikkei 225 down
467.7 (-1.63%) and China's Shanghai Composite down 1.39 points (-0.04%).
European markets are higher with London's FTSE 100 up 57.22 points (0.81%),
Germany's DAX up 54.11 points (0.35%) and France's CAC 40 up 40.1 points
(0.59%). The December Euro is down 0.001 at 1.130 and the December U.S. dollar
index is up 0.101 at 96.205. The December 30-Year T-Bond is down 28/32nds,
while December gold is up $9.60 at $1,795.10 and January crude oil is up $3.25
at $71.40. Soybeans on China's Dalian Exchange were down 0.43% while soybean
meal was down 0.86% and corn was down 0.04%.
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