DTN Early Word Grains 08/05 05:56
Grains Firmer at Midweek
December corn is up 1 1/2 cents per bushel, November soybeans are up 1 1/2
cents, and September KC wheat is up 2 3/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is up 1 1/2 cents per bushel,
November soybeans are up 1 1/2 cents, and September KC wheat is up 2 3/4 cents.
CME Globex Recap: Global equity trade is mostly higher overnight but the
focus for most financial media outlets is gold pushing through $2,000 an ounce
for the first time ever. U.S. dollar weakness, historically weak interest rates
and uncertainty about the continued strength of the stock market has made gold
a popular choice in 2020. Energy markets are higher overnight with crude oil up
over 2.0% and closing in on its 200-day moving average. After a two-day rally,
the U.S. Dollar Index is nearing the July lows. Grain markets are higher
overnight as most contracts simply try to steady themselves after fresh
contract lows Tuesday. It is undeniable bears are in control right now, armed
with rising crop estimates, benign weather and enough demand concerns to keep
the pressure on.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 164.07 at 26,828.47 and the S&P 500 up 11.90 at 3,294.61 while the
10-Year Treasury yield ended at 0.515%. Early Wednesday, the September DJIA
futures are up 164 points. Asian markets are mixed with Japan's Nikkei 225 down
58.81 (-0.26%) and China's Shanghai Composite up 5.88 points (0.17%). European
markets are higher with London's FTSE 100 up 59.43 points (0.98%), Germany's
DAX up 120.78 points (0.86%) and France's CAC 40 up 39.34 points (0.8%). The
September Euro is up 0.006 at 1.190 and the September U.S. dollar index is down
0.403 at 92.975. The September 30-Year T-Bond is down 12/32nds, while December
gold is up $29.70 at $2,050.70 and September crude oil is up $0.87 at $42.57.
Soybeans on China's Dalian Exchange were down 2.01% while soybean meal was down
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