DTN Early Word Grains 12/12 05:59
Grains Mixed with Focus on Weather, Trade Deadline
March corn is up 1 1/4 cents per bushel, January soybeans are down 2 1/2
cents, and March KC wheat is up 1 1/4 cents.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: March corn is up 1 1/4 cents per bushel, January
soybeans are down 2 1/2 cents, and March KC wheat is up 1 1/4 cents.
CME Globex Recap: Global equities are mostly higher overnight and holding
together better than expected considering the Federal Reserve's messaging
post-FOMC meeting was one of steady rates during 2020. As addicted as financial
markets have gotten to cheap and falling interest rates as of late,
expectations for a year of steady rates was received well. The Federal Reserve
dot plot doesn't see any interest rate increases in 2020, sees a 25 basis point
hike in 2021 and a second 25 basis point hike in 2022. Grains are mixed with
corn higher, soybeans lower and mixed changes at the three wheat exchanges.
Traders will be looking forward to export sales Thursday morning to see if
commitments bounced back following the Thanksgiving holiday. Nothing fresh to
report on the trade war front with the tariff deadline of December 15 only
three days away. Most still believe an extension will be granted but expect
some volatility until it is announced.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial
Average up 29.58 at 27,911.30 and the S&P 500 up 9.11 at 3,132.52 while the
10-Year Treasury yield ended at 1.79%. Early Thursday, the December DJIA
futures are up 14 points. Asian markets are mixed with Japan's Nikkei 225 up
32.95 (0.14%) and China's Shanghai Composite down 8.72 points (-0.3%). European
markets are higher with London's FTSE 100 up 39.65 points (0.55%), Germany's
DAX up 13.14 points (0.1%) and France's CAC 40 up 20.93 points (0.36%). The
December Euro is down 0.001 at 1.110 and the December U.S. dollar index is up
0.079 at 97.135. The March 30-Year T-Bond is down 12/32nds, while February gold
is up $3.70 at $1,478.70 and January crude oil is up $0.35 at $59.11. Soybeans
on China's Dalian Exchange were up 0.15% while soybean meal was down 0.46%.
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