DTN Early Word Grains 12/02 05:56
Wheat Leads Overnight Bounce
March corn is up 6 cents per bushel, January soybeans are up 5 3/4 cents,
and March KC wheat is up 13 3/4 cents.
DTN Contributing Analyst
Pre-6 a.m. Globex Prices: March corn is up 6 cents per bushel, January
soybeans are up 5 3/4 cents, and March KC wheat is up 13 3/4 cents.
CME Globex Recap: Equity markets around the globe are weaker overnight but
that trend is not being followed in the U.S. as futures point toward a higher
open Thursday morning. Plenty of selling was witnessed Wednesday but it would
appear stocks are set for a reprieve Thursday. President Biden did say he would
require travelers coming to the U.S. to provide a negative covid test within a
day of departure and will extend mask rules to slow the spread of the Omicron
variant. Energy markets are bouncing back solidly with crude and products up
1.5-1.7%. The U.S. Dollar Index is slightly weaker overnight. Metals are mixed
with copper and silver higher while gold trades off slightly. Grain markets are
solidly higher overnight, led by wheat markets which are bouncing sharply away
from Wednesday's lows. Overnight strength is being led by Paris milling wheat
futures which are up nearly 3.0%. It would appear end users are taking
advantage of the weakness from the recent highs.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average down 461.68 at 34,022.04 and the S&P 500 down 53.96 at
4,567.00 while the 10-Year Treasury yield ended at 1.434%. Early Thursday, the
December DJIA futures are up 293 points. Asian markets are lower with Japan's
Nikkei 225 down 182.25 (-0.65%) and China's Shanghai Composite down 3.05 points
(-0.09%). European markets are lower with London's FTSE 100 down 40.06 points
(-0.68%), Germany's DAX down 189.93 points (-1.23%) and France's CAC 40 down
63.91 points (-0.93%). The December Euro is up 0.002 at 1.130 and the December
U.S. dollar index is down 0.124 at 95.900. The March 30-Year T-Bond is up
4/32nds, while February gold is down $6.60 at $1,777.70 and January crude oil
is up $1.16 at $66.73. Soybeans on China's Dalian Exchange were down 0.02%
while soybean meal was up 0.22% and corn was up 0.95%.