DTN Early Word Grains 10/26 06:02
Beans Break $10 Barrier, Briefly
December corn was fractionally higher, November soybeans were 8 cents
higher, and December Chicago wheat was 1 cent higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was fractionally higher, November
soybeans were 8 cents higher, and December Chicago wheat was 1 cent higher.
CME Globex Recap: November soybeans tagged $10.01 overnight, supported by
renewed buying in Malaysian palm oil and Dalian soybeans. Corn was still corn,
posting less than a 3-cent trading range while sitting near unchanged.
Spillover buying from soybeans supported the wheat complex, with additional
help coming from the lower U.S. dollar index. Energies were lower as skepticism
over an OPEC production deal mounts (there's a shocker). Metals were mostly
lower, with only gold holding its head above unchanged. DJIA futures were
showing a solid sell-off, hinting at another down day when the Big Board opens
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 53.76 points (0.3%)
lower at 18,169.27, the NASDAQ Composite lost 26.43 points (0.5%) to 5,283.40,
and the S&P 500 fell 8.17 points (0.4%) to close at 2,143.16 Tuesday. DJIA
futures were 81 points lower overnight. Asian markets were mostly lower with
Japan's Nikkei up 26.59 points (0.2%), Hong Kong's Hang Seng Index dropped
239.68 points (1.0%), and China's Shanghai Composite lost 15.63 points (0.5%).
European markets were also mostly lower Wednesday with London's FTSE 100 down
60.90 points (0.9%), Germany's DAX losing 109.04 points (1.0%), and France's
CAC 40 off 34.76 points (0.8%). The U.S. dollar index was 0.209 lower at
98.510. Crude oil slipped $0.55 to $49.41 while Brent crude fell $0.48 to
$50.31. December gold was $0.70 higher at $1,274.30. China's Dalian soybean and
Malaysian palm oil futures were higher overnight.
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