DTN Early Word Grains 10/29 06:11
Grains Post Follow-Through Selling Overnight
December corn is down 2 1/2 cents per bushel, November soybeans are down 2
1/4 cents, and December KC wheat is down 4 1/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is down 2 1/2 cents per bushel,
November soybeans are down 2 1/4 cents, and December KC wheat is down 4 1/4
CME Globex Recap: Global equities are stable and moving slightly higher
Thursday morning with U.S. futures pointing toward modest gains. The shaking of
the tree Wednesday saw most equity indices suffer their largest drawdown since
June as lockdown measures become a growing reality in the United States and
Western Europe. In addition, President Trump confirmed Wednesday there would be
no additional stimulus measures before the election, placing the next package
at-risk amid the post-election chaos which seems all but certain at this
juncture. Despite stable equities, energy market selling has continued
overnight with spot crude oil having dipped below 36.00 per barrel overnight.
This is the lowest level since June. The U.S. Dollar Index is back above the
50-day moving average at 93.3101 to trade to 93.5410 overnight. Grains are
seeing follow through selling overnight as well with wheat once again leading
to the downside. Much of Wednesday's selling felt technical in nature as
opposed to a shift in fundamentals. With higher volatility comes larger moves
in both direction, something bulls seem to forget from time to time.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average down 943.24 at 26,519.95 and the S&P 500 down 119.65 at
3,390.68 while the 10-Year Treasury yield ended at 0.781%. Early Thursday, the
December DJIA futures are up 117 points. Asian markets are mixed with Japan's
Nikkei 225 down 86.57 (-0.37%) and China's Shanghai Composite up 3.49 points
(0.11%). European markets are higher with London's FTSE 100 up 12.54 points
(0.22%), Germany's DAX up 49.03 points (0.42%) and France's CAC 40 up 12.56
points (0.08%). The December Euro is down 0.003 at 1.170 and the December U.S.
dollar index is up 0.126 at 93.535. The December 30-Year T-Bond is up 6/32nds,
while December gold is down $1.90 at $1,877.30 and December crude oil is down
$1.42 at $35.97. Soybeans on China's Dalian Exchange were up 1.24% while
soybean meal was down 1.29% and corn was up 0.15%.
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