DTN Early Word Grains 10/21 05:54
Grain Markets Higher as Harvest Delays Persist
December corn is up 2 cents per bushel, November soybeans are up 5 1/2
cents, and December K.C. wheat is up 3 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: December corn is up 2 cents per bushel, November
soybeans are up 5 1/2 cents, and December K.C. wheat is up 3 1/4 cents.
CME Globex Recap: Global equity markets are higher around the globe, despite
a weekend vote in the U.K. that failed to secure backing for an official
'Brexit.' According to financial media, British Prime Minister Boris Johnson
will make another attempt Monday to secure a win with parliament and have his
Brexit deal with the European Union supported. Grain markets have shaken off
early session weakness to post gains across the board as additional delays loom
with U.S. harvest as a giant band of moisture stretches from eastern Texas to
North Dakota and works east. The weekly progress report on Monday afternoon
should show sizable delays relative to average on both corn and soybean
harvest, although decent progress was made on bean harvest before the weekend
moisture. No updates to the U.S.-China trade deal, but that will continue to
grab headlines as we get ready for the economic conference in Chile which both
President Trump and President Xi are expected to attend.
OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial
Average down 255.68 at 26,770.20 and the S&P 500 down 11.75 at 2,997.95 while
the 10-Year Treasury yield ended at 1.747%. Early Monday, the December DJIA
futures are up 31 points. Asian markets are higher with Japan's Nikkei 225 up
56.22 (0.25%) and China's Shanghai Composite up 1.48 points (0.05%). European
markets are higher with London's FTSE 100 up 6.8 points (0.1%), Germany's DAX
up 68.09 points (0.54%) and France's CAC 40 up 3.87 points (0.07%). The
December Euro is up 0.000 at 1.120 and the December U.S. dollar index is down
0.063 at 96.945. The December 30-Year T-Bond is down 22/32nds, while December
gold is down $0.10 at $1,494.00 and November crude oil is down $0.40 at $53.38.
Soybeans on China's Dalian Exchange were up 0.12% while soybean meal was up
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