DTN Early Word Grains 08/14 05:54
Grains Take a Breather Ahead of Weekend
December corn is down 1 1/4 cents per bushel, November soybeans are down 3
cents, and September KC wheat is down 3/4 cent.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is down 1 1/4 cents per bushel,
November soybeans are down 3 cents, and September KC wheat is down 3/4 cent.
CME Globex Recap: Global equities are weaker overnight with U.S. futures
pointed toward a lower open. Soft consumption data from July in China overnight
as well as concern over high-level trade talks this weekend between the U.S.
and China kept investors on their back foot. Energy markets are mixed with
crude oil weaker but products firmer as the 200-day moving average remains a
magnate for price action. The U.S. Dollar Index is softer overnight as it
continues to consolidate near recent lows. Precious metals are weaker
overnight, led by silver, which is down over 3.5%. Grains are easier overnight,
easing back from Thursday's strong gains which had social media buzzing. The
strength was particularly impressive following the mostly bearish data from the
USDA on Wednesday, a possible sign the most bearish scenarios may be priced in
until harvest pressure arrives in late September.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 80.12 at 27,896.72 and the S&P 500 down 6.92 at 3,380.35 while the
10-Year Treasury yield ended at 0.716%. Early Friday, the September DJIA
futures are down 152 points. Asian markets are higher with Japan's Nikkei 225
up 39.75 (0.17%) and China's Shanghai Composite up 39.37 points (1.19%).
European markets are lower with London's FTSE 100 down 139.2 points (-2.25%),
Germany's DAX down 171.2 points (-1.32%) and France's CAC 40 down 106.15 points
(-2.11%). The September Euro is up 0.001 at 1.180 and the September U.S. dollar
index is down 0.077 at 93.240. The September 30-Year T-Bond is up 16/32nds,
while December gold is down $13.40 at $1,957.00 and September crude oil is down
$0.25 at $41.99. Soybeans on China's Dalian Exchange were up 0.11% while
soybean meal was up 0.92%.
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