DTN Early Word Grains 12/02 05:36
Selling in Soybean Oil, Wheat Continues Overnight
March corn is down 4 1/2 cents per bushel, January soybeans are up 1/2 cent,
and March KC wheat is down 15 3/4 cents.
DTN Contributing Analyst
PRE-6 AM GLOBEX PRICES: March corn is down 4 1/2 cents per bushel, January
soybeans are up 1/2 cent, and March KC wheat is down 15 3/4 cents.
CME GLOBEX RECAP: Mixed trade in equity markets overnight as investors
continue to weigh the prospect of slowing Fed rate increases against a looming
recession, as many indicators seem to be pointing toward. Interest rates rising
more slowly or even being cut is a positive, but not if the reason for the
slowing or cuts is depressed economic growth. Energy markets are steady
overnight with crude oil noting gains of nearly $5.00 per barrel on the week.
The U.S. Dollar Index is weaker overnight for the third session in a row,
trading down to the lowest levels in more than six months. Metals are mixed
overnight with copper and gold down while silver trades slightly higher. Grains
are mostly weaker overnight with the exception of soybeans and meal, which are
posting small gains. This week will be an ugly one for charts, especially wheat
and soybean oil with major technical damage being scored for bears.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 194.76 at 34,395.01 and the S&P 500 down 3.54 at 4,080.11 while
the 10-Year Treasury yield ended at 3.529%. Early Friday, the December DJIA
futures are down 12 points. Asian markets are lower with Japan's Nikkei 225
down 448.18 (-1.59%) and China's Shanghai Composite down 9.33 points (-0.29%).
European markets are mixed with London's FTSE 100 down 18.66 points (-0.25%),
Germany's DAX up 16.22 points (0.11%) and France's CAC 40 down 12.72 points
(-0.19%). The December euro is up 0.000 at 1.050 and the December U.S. Dollar
Index is down 0.179 at 104.510. The March 30-Year T-Bond is up 7/32nds, while
February gold is down $1.40 at $1,813.80 and January crude oil is up $0.09 at
$81.31. Corn on China's Dalian Exchange was down -0.48% while soybeans were
down -0.61% and soybean meal was down -1.59%.