DTN Early Word Grains 12/01 05:55
Grains Begin December on Higher Note
March corn is up 1 1/2 cents per bushel, January soybeans are up 2 1/4
cents, and March KC wheat is up 3 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: March corn is up 1 1/2 cents per bushel, January
soybeans are up 2 1/4 cents, and March KC wheat is up 3 cents.
CME Globex Recap: Stronger equity markets to begin the month of December
with many indices looking to set fresh records in the last month of 2020. Asian
markets led the way higher overnight as Chinese industrial activity was
reportedly accelerating at its fastest pace in a decade for the month of
November. The Caixin purchasing manager's index for China came in at 54.9 for
November, well above the 50.0 level which denotes contraction/expansion. In the
U.S., there is still plenty of optimism toward a COVID vaccine arriving in the
next several weeks and 2021 looking a great deal different than 2020. Energy
markets are quietly mixed overnight, the U.S. Dollar Index is slightly weaker
and precious metals are firmer. Grain markets are higher across the board,
stabilizing from yesterday's washout. The balance of the week could tell us
whether Monday's losses were tied more to month end than any major shift in
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 271.73 at 29,638.64 and the S&P 500 down 16.72 at 3,638.35 while
the 10-Year Treasury yield ended at 0.844%. Early Tuesday, the December DJIA
futures are up 332 points. Asian markets are higher with Japan's Nikkei 225 up
353.92 (1.34%) and China's Shanghai Composite up 60.18 points (1.77%). European
markets are higher with London's FTSE 100 up 115.5 points (1.84%), Germany's
DAX up 120.77 points (0.91%) and France's CAC 40 up 55.58 points (1.01%). The
December Euro is up 0.002 at 1.200 and the December U.S. dollar index is down
0.153 at 91.705. The December 30-Year T-Bond is down 12/32nds, while December
gold is up $19.10 at $1,794.80 and January crude oil is down $0.02 at $45.32.
Soybeans on China's Dalian Exchange were down 1.01% while soybean meal was down
0.73% and corn up 0.19%.
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