DTN Early Word Grains 09/21 05:51
21 Sep 2022
DTN Early Word Grains 09/21 05:51 Crops and Stocks Cautiously Higher as Fed Set to Increase Rates December corn was up 2 cents, November soybeans were down 1 cent and December KC wheat was up 8 cents. Todd Hultman DTN Lead Analyst EARLY GLOBEX PRICES: December corn was up 2 cents, November soybeans were down 1 cent and December KC wheat was up 8 cents. CME GLOBEX RECAP: Early Wednesday, stock futures in the U.S. are starting slightly higher with traders cautious ahead of Wednesday's announcement from the Federal Reserve, due out at 1 p.m. CDT. An interest rate hike of at least 0.75% seems almost certain, but another concern is that Fed comments are apt to sound heavily hawkish, taking a strict stance on suppressing inflation. Traders will also take time to notice the 9:30 a.m. weekly energy inventory report, including a check on ethanol production. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 313.45 at 30,706.23 and the S&P 500 down 43.96 at 3,855.93 as the 10-Year Treasury yield ended at 3.57%, its highest yield in 11 years. Early Wednesday, December Dow Jones futures are trading up 79 points. Asian markets are lower with Japan's Nikkei 225 index down 1.36% and China's Shanghai Composite Index down 0.17%. European markets are mixed with the spot futures of the London FTSE 100 trading up 0.54%, spot futures of Germany's DAX trading down 0.21% and spot futures of France's CAC Index trading down 0.04%. The December euro is down $0.0064 at $.9971. The December U.S. Dollar Index is up 0.54 at 110.48. The December 30-year T-bond is up 9/16nds, while December gold is up $10.20 at $1,681.30 and November crude oil is up $2.10 at $86.04. On China's Dalian exchange, January corn was up 0.5%, November soybeans were up 1.2%, January soybean meal was up 0.5% and January soybean oil was up 1.1%. December Malaysian palm oil is trading up 4.0%.