DTN Early Word Grains 09/28 07:47
Crop Prices Mixed as U.S. Dollar Marches Higher
December corn was down 2 cents, November soybeans were down 10 cents and
December KC wheat was up 9 cents.
DTN Lead Analyst
EARLY GLOBEX PRICES: December corn was down 2 cents, November soybeans were
down 10 cents and December KC wheat was up 9 cents.
CME GLOBEX RECAP: Early Wednesday, stock futures in the U.S. were lower,
along with lower stock markets in Europe and Asia, but just recently started
trading higher, a curious, active market. A combination of weakness in the euro
and the yuan versus a stronger U.S. Dollar Index as the Federal Reserve is
committed to a campaign of higher interest rates continues to squeeze investors
in stocks and commodities. Meanwhile, Hurricane Ian bringing high winds and
heavy rain to Florida on Wednesday. An index of U.S. pending homes sales in
August is due out at 9 a.m. CDT, followed by the Energy Department's weekly
inventory report at 9:30 a.m.
OUTSIDE MARKETS: Previous closes Tuesday showed more bearish concerns about
the economy and rising U.S. dollar. The Dow Jones Industrial Average was down
125.82 at 29,134.99 and the S&P 500 down 7.75 at 3,647.29, while the 10-Year
Treasury yield increased to 3.96%, the highest yield in 12 years. Early
Wednesday, December Dow Jones futures are trading up 55 points. Asian markets
are lower with Japan's Nikkei 225 index down 1.50% and China's Shanghai
Composite Index down 1.58%. European markets are lower with the spot futures of
the London FTSE 100 trading down 1.44%, spot futures of Germany's DAX trading
down 1.48% and spot futures of France's CAC Index trading down 1.07%. The
December euro is down $0.0018 at $.9640. The December U.S. Dollar Index is up
0.16 at 114.21. The December 30-year T-bond is up 20/32nds, while December gold
is up $0.10 at $1,636.30 and November crude oil is up $0.41 at $78.91. On
China's Dalian exchange, January corn was down 0.6%, November soybeans were up
0.7%, January soybean meal was up 0.6% and January soybean oil was down 0.1%.
December Malaysian palm oil is trading down 8.5%.
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