DTN Early Word Grains 08/16 05:52
Follow-Through Selling Grips Grain Markets
December corn is down 8 1/4 cents per bushel, November soybeans are down 13
cents, and September KC wheat is down 13 cents.
DTN Contributing Analyst
PRE-6 a.m. GLOBEX PRICES: December corn is down 8 1/4 cents per bushel,
November soybeans are down 13 cents, and September KC wheat is down 13 cents.
CME GLOBEX RECAP: Mixed equity trade overnight with European indices showing
gains while U.S. futures are posting light losses Tuesday morning. Large
retailers such as Home Depot and Walmart will post earnings from Q2 on Tuesday
while Target and others will be seen later in the week. While the pace of
inflation rising may have stalled, overall price increases from a year ago do
not appear to be abating. Energy prices are weaker overnight, although spot
crude oil futures are trading almost $1.50 higher than Monday's low. Chinese
economic data remains worrisome. The U.S. Dollar Index is higher overnight,
looking for its third higher close in a row after trading below its 50-day
moving average last week. Metals prices are weaker with silver down 1.3%
overnight. Grains are weaker with corn, wheat and soybean oil leading
percentage losses overnight.
OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial
Average up 151.39 at 33,912.44 and the S&P 500 up 16.99 at 4,280.15 while the
10-Year Treasury yield ended at 2.791%. Early Tuesday, the September DJIA
futures are down 68 points. Asian markets are mixed with Japan's Nikkei 225
down 2.87 (-0.01%) and China's Shanghai Composite up 1.8 points (0.05%).
European markets are higher with London's FTSE 100 up 41.79 points (0.56%),
Germany's DAX up 68.97 points (0.5%) and France's CAC 40 up 12.69 points
(0.19%). The September Euro is down 0.003 at 1.020 and the September U.S.
Dollar Index is up 0.277 at 106.710. The September 30-Year T-Bond is down
2/32nds, while December gold is down $9.20 at $1,788.90 and September crude oil
is down $0.62 at $88.79. Corn on China's Dalian Exchange was down 0.04% while
soybeans were down 1.24% and soybean meal was down 0.61%.
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