DTN Early Word Grains 07/22 05:57
Grains Weaker as Forecast Weighs
December corn is down 7 1/2 cents per bushel, November soybeans are down 5
1/2 cents, and September K.C. wheat is down 4 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: December corn is down 7 1/2 cents per bushel, November
soybeans are down 5 1/2 cents, and September K.C. wheat is down 4 1/4 cents.
CME Globex Recap: Equities are mixed to higher around the globe Monday
morning ahead of an important week of earnings in the United States. A range of
high-profile companies ranging from Amazon to Boeing to McDonald's will offer a
broad cross section of the U.S. economy and could steer sentiment heading into
next week's Federal Reserve meeting. A that meeting, markets expect benchmark
interest rates to be cut at least 25 basis points up to as much as 50 basis
points. Grain markets are weaker across the board, led by corn, as it appears
we will start corn pollination with mostly benign weather. Bears are quick to
point out favorable pollination weather cannot offset poor conditions to-date,
but this market continues to do a good job of trading the conditions directly
in front of it. Traders continue to monitor trade war developments, although
nothing on that front looks any more promising than it has the last six months.
OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial
Average down 68.77 at 27,154.20 and the S&P 500 down 18.50 at 2,995.11 while
the 10-Year Treasury yield ended at 2.048%. Early Monday, the September DJIA
futures are up 65 points. Asian markets are lower with Japan's Nikkei 225 down
50.2 (-0.23%) and China's Shanghai Composite down 37.23 points (-1.27%).
European markets are higher with London's FTSE 100 up 36.49 points (0.49%),
Germany's DAX up 29.67 points (0.24%) and France's CAC 40 up 10.84 points
(0.2%). The September Euro is down 0.000 at 1.130 and the September U.S. dollar
index is up 0.068 at 96.885. The September 30-Year T-Bond is up 8/32nds, while
August gold is down $0.70 at $1,426.00 and September crude oil is up $0.99 at
$56.75. Soybeans on China's Dalian Exchange were up 0.03% while soybean meal
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