DTN Early Word Grains 11/24 05:56
Grains Retreat Sharply Overnight
December corn is down 8 cents per bushel, January soybeans are down 6 3/4
cents, and March KC wheat is down 5 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is down 8 cents per bushel, January
soybeans are down 6 3/4 cents, and March KC wheat is down 5 cents.
CME Globex Recap: Equity markets are higher around the globe with U.S.
futures following suit as investors take solace in reports President Trump
hinted at a smooth transition of power to president-elect Joe Biden on Monday.
Markets are understandably nervous heading into Black Friday and the holiday
shopping season amid a global pandemic. Online retailers will be used more than
ever, accelerating a trend seen the past few years. Energy markets are stronger
overnight with spot crude oil futures above 43.00 per barrel and trading at the
highest level since March 6. Grain markets are solidly lower overnight with
nominal and percentage losses being led by corn which is down over 2.0%. Corn
and soybeans saw a rejection of some key resistance on Monday, although today's
weakness isn't enough to break the uptrends in place.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 327.79 at 29,591.27 and the S&P 500 up 20.05 at 3,557.54 while the
10-Year Treasury yield ended at 0.857%. Early Tuesday, the December DJIA
futures are up 303 points. Asian markets are mixed with Japan's Nikkei 225 up
638.22 (2.5%) and China's Shanghai Composite down 11.67 points (-0.34%).
European markets are higher with London's FTSE 100 up 53.93 points (0.85%),
Germany's DAX up 108.63 points (0.93%) and France's CAC 40 up 71.55 points
(1.3%). The December Euro is up 0.005 at 1.190 and the December U.S. dollar
index is down 0.359 at 92.135. The December 30-Year T-Bond is down 3/32nds,
while December gold is down $21.90 at $1,815.90 and January crude oil is up
$0.50 at $43.56. Soybeans on China's Dalian Exchange were down 1.55% while
soybean meal was down 0.81%.
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