DTN Early Word Grains 10/23 06:00
Grains Closing Week Higher
December corn is up 1 3/4 cents per bushel, November soybeans are up 3/4
cent, and December KC wheat is up 7 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is up 1 3/4 cents per bushel,
November soybeans are up 3/4 cent, and December KC wheat is up 7 cents.
CME Globex Recap: Global equities were stronger overnight with U.S. futures
also staring at a higher open Friday morning. House Speaker Pelosi and Treasury
Secretary Mnuchin continued their stimulus-package talks Thursday with Speaker
Pelosi saying they're "just about there." There is still uncertainty that
Senate Majority Leader McConnel would allow a vote on a stimulus bill before
the presidential elections, especially if he tries to get Supreme Court justice
nominee Amy Coney Barrett approved on the Senate floor. The energy markets were
stronger overnight, although natural gas is down over 2.0%. Grains were
stronger overnight with gains being led by Kansas City and Chicago wheat after
a couple day breather midweek. Corn futures are making new highs daily while
soybean futures rest just below contract highs. There still does not seem to be
a compelling enough reason to get sideways with the trend, and the trend
remains up in the ag space.
Previous closes on Thursday showed the Dow Jones Industrial Average up
152.84 at 28,363.66 and the S&P 500 up 17.93 at 3,435.56 while the 10-year
Treasury yield ended at 0.848%. Early Friday, the December DJIA futures are up
94 points. Asian markets are mixed with Japan's Nikkei 225 up 42.32 (0.18%) and
China's Shanghai Composite down 34.5 points (1.04%). European markets are
higher with London's FTSE 100 up 85.43 points (1.48%), Germany's DAX up 130.01
points (1.04%) and France's CAC 40 down 65.82 points (1.36%). The December euro
is up 0.002 at 1.190 and the December U.S. Dollar Index is down 0.234 at
92.730. The December 30-year T-Bond is down 10/32nds, while December gold is up
$7.90 at $1,912.50 and December crude oil is up $0.23 at $40.87. Soybeans on
China's Dalian Exchange were up 0.32% while soybean meal was down 0.49%.
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