DTN Early Word Grains 07/28 05:58
Deceased Feline Reaction
December corn was fractionally lower, November soybeans were 10 cents
higher, and September Chicago wheat was 4 cents higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was fractionally lower, November soybeans
were 10 cents higher, and September Chicago wheat was 4 cents higher.
CME Globex Recap: Given Monday's fall off a cliff, it isn't surprising grains
were able to bounce overnight into Tuesday morning. The market has a name for
this type of action, involving good old Sylvester the Cat. Corn contracts
traded either side of unchanged while wheat and soybeans spent most of the
session above unchanged. As expected, the U.S. dollar index is seeing a
"Turnaround Tuesday", up 0.350 early.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 127.94 points lower
Monday at 17,440.59. Asian markets were mostly lower with the Nikkei down 21.21
points at 20,328.89 though the Hong Kong Hang Seng was able to rally 151.98
points. European markets were higher. The U.S. dollar index was 0.354 higher at
96.856. Crude oil was $0.34 lower at $47.05 while Brent crude was $0.71 lower
at $52.76. December gold was $5.20 lower at $1,091.70. Soybeans at the Dalian
Exchange were lower while Malaysian palm oil contracts were also lower.
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