DTN Early Word Grains 10/20 05:57
Grains Higher as Demand Supports
December corn is up 1 3/4 cents per bushel, November soybeans are up 9
cents, and December KC wheat is up 5 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is up 1 3/4 cents per bushel,
November soybeans are up 9 cents, and December KC wheat is up 5 cents.
CME Globex Recap: Global equity trade has been mixed overnight while U.S.
futures are suggesting a strong open Tuesday morning. There seems to be only
two narratives in the marketplace at the moment with one being expanding
coronavirus cases across Europe and the U.S. while the other is whether another
stimulus package will be passed before the November election. Energy markets
are mostly higher overnight with natural gas rallying over 3.5%. The U.S.
Dollar Index is softer overnight, refusing to move very far from its 50-day
moving average at 93.3174. Grain futures are higher across the board overnight,
led by gains in the soy complex. So far, sessions featuring weaker trade have
been buying opportunities with bulls quick to defend current uptrends. The next
major USDA reports won't come until January, leaving the markets to focus on
South American weather and demand.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 410.89 at 28,195.42 and the S&P 500 down 56.89 at 3,483.81 while
the 10-Year Treasury yield ended at 0.761%. Early Tuesday, the December DJIA
futures are up 190 points. Asian markets are mixed with Japan's Nikkei 225 down
104.09 (-0.44%) and China's Shanghai Composite up 15.44 points (0.47%).
European markets are mixed with London's FTSE 100 up 3.43 points (0.06%),
Germany's DAX down 75.39 points (-0.59%) and France's CAC 40 up 8.01 points
(0.16%). The December Euro is up 0.005 at 1.180 and the December U.S. dollar
index is down 0.274 at 93.155. The December 30-Year T-Bond is down 19/32nds,
while December gold is down $1.50 at $1,910.20 and December crude oil is up
$0.13 at $41.19. Soybeans on China's Dalian Exchange were up 1.83% while
soybean meal was up 0.59%.
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