DTN Early Word Grains 08/30 05:55
30 Aug 2022
DTN Early Word Grains 08/30 05:55 Grains Lower as Soybeans Lose for Second Day December corn is down 8 1/2 cents per bushel, November soybeans are down 19 cents, and December KC wheat is down 5 1/4 cents. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: December corn is down 8 1/2 cents per bushel, November soybeans are down 19 cents, and December KC wheat is down 5 1/4 cents. CME GLOBEX RECAP: Mostly higher equity trade around the globe overnight with U.S. futures suggesting a higher open later Tuesday morning. Major indices in the U.S. are stuck between their 50 and 100-day moving averages with downtrends the dominant feature. It would appear investors are more prone to sell stocks than buy them at the moment. Energy markets are weaker overnight with spot crude oil off $1.70 per barrel following Monday's near $4.00 surge. Civil unrest in Iraq is the latest conflict in an energy exporting country which needs to be monitored. It's worth keeping in mind crude oil stocks in the U.S. Strategic Petroleum Reserve are at their lowest level in more than 35 years. The U.S. Dollar Index is weaker overnight, off the fresh highs made Monday. Metals are weaker overnight with copper down 1.4%. Grains are lower across the board, led by the soy complex in the second day of selling. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average down 184.41 at 32,098.99 and the S&P 500 down 27.05 at 4,057.66 while the 10-Year Treasury yield ended at 3.11%. Early Tuesday, the September DJIA futures are up 225 points. Asian markets are mixed with Japan's Nikkei 225 up 316.62 (1.14%) and China's Shanghai Composite down 13.51 points (-0.42%). European markets are higher with London's FTSE 100 up 17.56 points (0.24%), Germany's DAX up 254.3 points (1.97%) and France's CAC 40 up 80.19 points (1.29%). The September Euro is up 0.005 at 1.010 and the September U.S. Dollar Index is down 0.415 at 108.375. The September 30-Year T-Bond is up 23/32nds, while December gold is down $3.40 at $1,746.30 and October crude oil is down $1.61 at $95.40. Corn on China's Dalian Exchange was up 0.43% while soybeans were down 0.25% and soybean meal was down 0.26%.