DTN Early Word Grains 07/29 05:57
After Rallying, Grains Falter Overnight
Corn is lower at 6 a.m. (CT); soybeans are lower; wheat is lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: September corn 2 cents lower, November soybeans 2 cents
lower, and September Chicago wheat 2 cents lower.
CME Globex Recap: Soybeans and corn traded higher early in the CME Globex
overnight session, possibly supported by late Monday's weekly Crop Condition
reports. However, as the session wore on support began to fade, allowing all
three grains to trade lower by early Tuesday morning. Outside markets were
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 22.02 points higher
Monday at 16,982.59. Dow Jones Industrial Average futures were 12 points higher
overnight, indicating the Dow could see continued buying interest early
Tuesday. Asian markets were mostly higher with the Nikkei up 88.67 points at
15,618.07. European markets were also mostly higher. The overnight crude oil
market was unchanged at $100.32 while Brent crude was $0.30 higher at $107.87.
The December gold contract was $5.00 higher at $1,310.80 while the U.S. dollar
index was 0.025 higher at 81.050. Soybeans at the Dalian Exchange were higher
while Malaysian palm oil contracts were closed.
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