DTN Early Word Grains 09/01 05:52

DTN Early Word Grains 09/01 05:52 Grains Remain Weak Amid Outside Market Pressure PRE-6 a.m. GLOBEX PRICES: December corn is down 8 cents per bushel, November soybeans are down 13 1/4 cents, and December KC wheat is down 10 3/4 cents. Tregg Cronin DTN Contributing Analyst PRE-6 a.m. GLOBEX PRICES: December corn is down 8 cents per bushel, November soybeans are down 13 1/4 cents, and December KC wheat is down 10 3/4 cents. CME GLOBEX RECAP: Financial markets of all shapes and sizes are under pressure overnight with European equities down 1.0% to 1.5% while U.S. futures drop 0.6% to 0.7%. Ever since Jerome Powell's speech in Jackson Hole, markets have made an about-face on the idea that interest rate increases would come to a halt and cuts might even occur in 2023. Few hold that belief anymore with markets trying to recalibrate to a higher interest rate environment for longer. Energy markets are under pressure overnight with crude oil off another 2% with spot futures back below $88.00 per barrel. Heating oil futures are down over 5% as they trade to the lowest level since Aug. 16. The U.S. Dollar Index is firmer overnight but still inside the recent two-week range. Metals are lower with copper down over 2% overnight, trading lower for the fifth day in a row. Grains are following the negative commodity sentiment with little in their own space to turn the tide. OUTSIDE MARKETS: Wednesday closes showed the Dow Jones Industrial Average down 280.44 at 31,510.43 and the S&P 500 down 31.16 at 3,986.16 while the 10-Year Treasury yield ended at 3.133%. Early Thursday, the September DJIA futures are down 187 points. Asian markets are lower with Japan's Nikkei 225 down 430.06 (-1.53%) and China's Shanghai Composite down 17.16 points (-0.54%). European markets are lower with London's FTSE 100 down 110.86 points (-1.52%), Germany's DAX down 157.65 points (-1.23%) and France's CAC 40 down 91.59 points (-1.5%). The September Euro is down 0.003 at 1.000 and the September U.S. Dollar Index is up 0.320 at 108.985. The December 30-Year T-Bond is down 30/32nds, while December gold is down $12.40 at $1,713.80 and October crude oil is down $2.09 at $87.46. Corn on China's Dalian Exchange was up 0.07% while soybeans were up 1.22% and soybean meal was up 0.53%.