DTN Early Word Grains 08/28 05:55

DTN Early Word Grains 08/28 05:55 Rising Tide Doesn't Lift All Boats December corn was 1 cent lower, November soybeans were 1 cent lower, and December Chicago (SRW) wheat was 4 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: December corn was 1 cent lower, November soybeans were 1 cent lower, and December Chicago (SRW) wheat was 4 cents lower. CME Globex Recap: Hurricane Harvey hit southeast Texas, Houston in particular, creating expected reactions by certain commodity markets. RBOB gasoline was showing a solid rally though crude oil was surprisingly lower. Grains were under pressure in part due to concern over potential Gulf port damage shutting down exports temporarily. Similar to what happened during Katrina in 2005, this could weaken basis upriver just as producers bring the remnants of the 2016-17 crop to town. Lastly, cotton was rallying as the Delta crop faces an extended period of flooding. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 30.27 points (0.1%) higher at 21,813.67, the NASDAQ Composite lost 5.68 points (0.1%) to 6,265.64, and the S&P 500 added 4.08 points (0.2%) to 2,443.05 Friday. DJIA futures were 23 points lower early Monday morning. Asian markets closed mostly higher with Japan's Nikkei down 2.71 points, Hong Kong's Hang Seng rallying 15.13 points, and China's Shanghai Composite gaining 31.13 points (0.1%). European markets were trading lower with London's FTSE 100 down 5.60 points, Germany's DAX off 67.66 points (0.5%), and France's CAC 40 losing 19.40 points (0.3%). The euro gained 0.0011 to 1.1934 while the U.S. dollar index dipped 0.07 to 92.45. December 30-year T-Bonds were 3/32 higher at 155'12 while December gold rallied $4.20 to $1,302.10. Crude oil was $0.56 lower at $47.31 while Brent crude lost $0.09 to $52.32. RBOB gasoline gained another 7 cents through earl Monday morning. China's Dalian soybean futures were higher and Malaysian palm oil futures were lower again overnight.