DTN Early Word Grains 12/07 05:55
Grains Mixed as Financial Markets Recover
March corn is up 3/4 cent per bushel, January soybeans are down 1 1/2 cents,
and March KC wheat is up 2 1/2 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: March corn is up 3/4 cent per bushel, January
soybeans are down 1 1/2 cents, and March KC wheat is up 2 1/2 cents.
CME Globex Recap: Global equity markets are higher overnight with U.S.
futures looking to add to gains made Monday. Stock markets around the globe
seem more comfortable with the threat of the Omicron variant than they were
just a week ago with most cases seemingly producing mild symptoms despite the
higher transmissibility. Energy markets are stronger overnight with spot crude
oil up almost 3.0% and solidly over $71.00 per barrel. The U.S. Dollar Index is
just barely higher overnight but maintaining its short-term uptrend. Metals are
all higher overnight with gains led by copper which is up 1.05%. Grain markets
are mixed in early morning trade with corn and most wheat contracts higher
while the soy complex is mixed with beans near unchanged, meal lower and oil
sharply higher. The Holiday doldrums have kicked in, even with the December
WASDE still to come on Thursday.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average up 646.95 at 35,227.03 and the S&P 500 up 53.24 at 4,538.43 while the
10-Year Treasury yield ended at 1.434%. Early Tuesday, the December DJIA
futures are up 358 points. Asian markets are higher with Japan's Nikkei 225 up
528.23 (1.89%) and China's Shanghai Composite up 5.78 points (0.16%). European
markets are higher with London's FTSE 100 up 85.42 points (1.17%), Germany's
DAX up 321.95 points (2.09%) and France's CAC 40 up 153.3 points (2.23%). The
December Euro is down 0.002 at 1.130 and the December U.S. dollar index is up
0.005 at 96.335. The March 30-Year T-Bond is down 5/32nds, while February gold
is up $2.80 at $1,782.30 and January crude oil is up $2.06 at $71.55. Soybeans
on China's Dalian Exchange were down 0.24% while soybean meal was down 1.16%.
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