DTN Early Word Grains 12/09 06:01
Mixed Grain Trade to Begin Week
March corn is down 3/4 cent per bushel, January soybeans are up 3 cents, and
March KC wheat is down 3/4 cent.
By Tregg Cronin
DTN Contributing Analyst
6:00 a.m. CME Globex: March corn is down 3/4 cent per bushel, January
soybeans are up 3 cents, and March KC wheat is down 3/4 cent.
CME Globex Recap: Quiet equity markets to begin the week but are unlikely to
remain so given the next major trade deadline looms this coming Sunday on
December 15. Without a deadline extension or a larger trade deal, President
Trump has said he will impose another 15% tariff on the remaining $160 billion
worth of Chinese goods. Also important this week will be the next Federal
Reserve FOMC meeting, at which the body is expected to leave benchmark interest
rates unchanged. Commodity traders will also be watching talks surrounding the
United States-Mexico-Canada-Agreement, or NAFTA 2.0, which will resume on
Monday. Grain markets are mixed with the soy complex sporting gains while corn
and wheat contracts are mainly lower. The weekly crop progress report will
hopefully clue the market into just how much harvest remains in the
Upper-Midwest as additional precipitation and bitter cold engulfs the area this
week. South American weather is mostly favorable although dry spots in
Argentina continue to be a focus by private weather forecasters.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 337.27 at 28,015.06 and the S&P 500 up 28.48 at 3,145.91 while the
10-Year Treasury yield ended at 1.822%. Early Monday, the December DJIA futures
are down 18 points. Asian markets are higher with Japan's Nikkei 225 up 76.30
(0.33%) and China's Shanghai Composite up 2.46 points (0.08%). European markets
are lower with London's FTSE 100 down 11.53 points (-0.16%), Germany's DAX down
15.30 points (-0.11%) and France's CAC 40 down 20.01 points (-0.34%). The
December Euro is up 0.001 at 1.1145 and the December U.S. dollar index is down
0.101 at 97.145. The March 30-Year T-Bond is up 13/32nds, while February gold
is up $2.40 at $1,467.50 and January crude oil is down $0.54 at $58.66.
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