DTN Early Word Grains 11/11 06:02
Grains Weaker Post-WASDE
December corn is down 2 3/4 cents per bushel, January soybeans are down 4
1/2 cents, and December KC wheat is down 2 3/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: December corn is down 2 3/4 cents per bushel, January
soybeans are down 4 1/2 cents, and December KC wheat is down 2 3/4 cents.
CME Globex Recap: Happy Veteran's Day to all those who have served in the
United States military. Thank you for your service. Global equity markets are
weaker to begin the week, pressured by yet another turn of events in the trade
war with China. Early last week, sentiment was running high following comments
from Chinese officials which said a deal was close with both sides agreeing to
roll back tariffs together. By Friday, trade hawks must have gotten to
President Donald Trump as he u-turned to say he had agreed to no tariff
rollbacks. Uncertainty looms about the Dec. 15 deadline, which will see
additional tariffs enacted by the United States if no agreement is reached.
Grain markets are weaker on Friday's USDA report, benign South American weather
and the aforementioned trade headlines. Plenty of harvest left to complete in
the U.S., but this is likely to be a drawn-out affair as the Northern Plains
continues to battle soft fields and high grain moisture.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average up 6.44 at 27,681.24 and the S&P 500 up 7.90 at 3,085.18 while the
10-Year Treasury yield ended at 1.933%. Early Monday, the December DJIA futures
are down 109 points. Asian markets are lower with Japan's Nikkei 225 down 60.03
(-0.26%) and China's Shanghai Composite down 54.21 points (-1.83%). European
markets are lower with London's FTSE 100 down 95.88 points (-1.3%), Germany's
DAX down 70.74 points (-0.53%) and France's CAC 40 down 11.01 points (-0.19%).
The December Euro is unchanged at 1.110 and the December U.S. dollar index is
down 0.106 at 98.095. The December 30-Year T-Bond is up 11/32nds, while
December gold is up $3.30 at $1,466.20 and December crude oil is down $0.82 at
$56.42. Soybeans on China's Dalian Exchange were up 0.92% while soybean meal
was down 0.14%.
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