DTN Early Word Grains 07/26 05:54
Grains Open Week on a Soft Note
December corn is down 3 cents per bushel, November soybeans are down 11 3/4
cents, and September KC wheat is down 8 1/2 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: December corn is down 3 cents per bushel, November
soybeans are down 11 3/4 cents, and September KC wheat is down 8 1/2 cents.
CME Globex Recap: Mostly weaker equity trade overnight with U.S. futures
suggesting a lower start to the week. Rising concerns about the delta variant
of the coronavirus has investors nervous, especially as lockdown measures
increase in places like Australia and England. It will be incredibly difficult
to get the United States to lockdown once again after most places have returned
to almost fully re-opened status. Energy markets are weaker overnight although
spot crude oil futures have climbed back above the 50-day moving average after
a brief spat below last week. The U.S. Dollar Index is weaker but has
maintained its overall uptrend dating back to early June. Metals are all firmer
overnight with gains led by copper, up 1.36%. Grain markets are weaker across
the board overnight with percentage losses led by wheat futures. Plenty of
disagreement exists over weather and crop conditions across the Midwest with
bulls and bears both becoming more entrenched in their positions. Volatility is
likely to ramp up heading into the August WASDE.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average up 238.20 at 35,061.55 and the S&P 500 up 44.31 at 4,367.48 while the
10-Year Treasury yield ended at 1.286%. Early Monday, the September DJIA
futures are down 157 points. Asian markets are mixed with Japan's Nikkei 225 up
285.29 (1.04%) and China's Shanghai Composite down 82.96 points (-2.34%).
European markets are lower with London's FTSE 100 down 23.7 points (-0.34%),
Germany's DAX down 95.14 points (-0.61%) and France's CAC 40 down 31.71 points
(-0.48%). The September Euro is up 0.002 at 1.180 and the September U.S. dollar
index is down 0.178 at 92.750. The September 30-Year T-Bond is up 27/32nds,
while August gold is up $6.50 at $1,808.30 and September crude oil is down
$0.39 at $71.68. Soybeans on China's Dalian Exchange were down 0.87% while
soybean meal was down 2.1% and corn was up 0.68%.
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