DTN Early Word Grains 09/16 05:53
Grains Mixed as Crude Oil Lift Remains Limited
December corn is up 1 1/4 cents per bushel, November soybeans are down 2 3/4
cents, and December K.C. wheat is up 1 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: December corn is up 1 1/4 cents per bushel, November
soybeans are down 2 3/4 cents, and December K.C. wheat is up 1 cents.
CME Globex Recap: Crude oil futures are stealing the show to begin the week
as concerns rage over Saudi Arabian oil production after drone strikes over the
weekend cut the Kingdom's production by half. At one point in the evening
session, crude futures were up by as much as 20%, although morning trade has
them up around 8.50%. Cooler heads already seem to be acknowledging crude
prices much above $60.00 per barrel will just encourage ramped up production
from major producers in the United States, Russia and other OPEC countries,
ensuring more future supply than is needed. Equity markets are generally lower
in response to the energy market rally. Grains are higher while soybeans and
meal are lower as traders concede that crude oil futures adding premium doesn't
change the dynamic of the ag space with the snap of a finger. Weather forecasts
look favorable through the end of the month and into the first week of October
with regards to immature crops finishing. South American planting pace will be
a larger focus once the calendar flips to October.
OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial
Average up 37.07 at 27,219.52 and the S&P 500 down 2.18 at 3,009.57 while the
10-Year Treasury yield ended at 1.903%. Early Monday, the September DJIA
futures are down 108 points. Asian markets are mixed with Japan's Nikkei 225 up
228.68 (1.05%) and China's Shanghai Composite down 0.48 points (-0.02%).
European markets are lower with London's FTSE 100 down 12.02 points (-0.16%),
Germany's DAX down 96.73 points (-0.78%) and France's CAC 40 down 34.59 points
(-0.61%). The September Euro is down 0.001 at 1.110 and the December U.S.
dollar index is down 0.025 at 97.805. The December 30-Year T-Bond is up
48/32nds, while December gold is up $11.10 at $1,510.60 and October crude oil
is up $4.66 at $59.51. Soybeans on China's Dalian Exchange were up 0.15% while
soybean meal was down 0.42%.
No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up