DTN Early Word Grains 10/31 05:56
Bean Complex Regroups Overnight
December corn was near unchanged, November soybeans 9 cents higher, and
December Chicago wheat 2 cents lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was near unchanged, November soybeans 9
cents higher, and December Chicago wheat 2 cents lower.
CME Globex Recap: Renewed commercial buying in soybean meal helped spark a
rally in soybeans that slowly allowed the corn market to stabilize. At one
point during the overnight session soybeans had extended its rally to 16 cents.
The best corn could do was a 1 cent rally. Wheat contracts were trading lower
early Friday due to a strong rally in the U.S. dollar index.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 221.11 points higher
Thursday at 17,195.42. Dow Jones Industrial Average futures were 193 points
higher overnight. Asian markets were higher with the Nikkei up 755.56 points
and the Hong Kong market up 296.02 points. European markets were also higher.
The overnight crude oil market was $0.57 lower at $80.55 while Brent crude was
$0.69 lower at $85.55. The December gold contract was $26.10 lower at $1,172.50
while the U.S. dollar index was 0.435 higher at 86.582. Soybeans at the Dalian
Exchange were higher on what looked to be commercial buying while Malaysian
palm oil contracts were also higher.
Get your local Cash Bids emailed to you each morning from DTN – click here
to sign up for DTN Snapshot.