DTN Early Word Grains 07/28 05:57
Soybeans Rally Again Overnight
Corn is higher at 6 a.m. (CT); soybeans are higher; wheat is lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: September corn 2 cents higher, November soybeans 10
cents higher, and September Chicago wheat 4 cents lower.
CME Globex Recap: Soybeans led the grain markets higher, posting an initial
double-digit rally shortly after the open of the CME Globex overnight session.
Corn and wheat both followed, though renewed commercial pressure in wheat had
the market trading lower early Monday morning. Outside commodities were mixed
with energies under pressure and metals showing small gains.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 123.23 points lower
Friday at 16,960.57. Dow Jones Industrial Average futures were 17 points lower
overnight, indicating the Dow could see continued selling interest Monday.
Asian markets were mixed with the Nikkei up 71.53 points at 15,529.40. European
markets were also mixed. The overnight crude oil market was $0.61 lower at
$101.48 while Brent crude was $0.93 lower at $107.46. The December gold
contract was $1.70 higher at $1,307.20 while the U.S. dollar index was 0.018
lower at 81.011. Soybeans at the Dalian Exchange were higher while Malaysian
palm oil contracts were closed.
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