DTN Early Word Grains 07/24 05:56
December corn was 7 cents lower, November soybeans were 20 cents lower, and
September Minneapolis (HRS) wheat was 9 cents lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was 7 cents lower, November soybeans were
20 cents lower, and September Minneapolis (HRS) wheat was 9 cents lower.
CME Globex Recap: Grains and oilseeds posted solid sell-offs overnight with
November soybeans losing as much as 23 cents during the session. This despite
another generally dry weekend for much of the U.S. Midwest, with the only
change in weather rains seen last Friday and subsequent "cooler" temperatures.
Outside commodities were generally lower as well with only gold, silver, and
cocoa showing gains. DJIA futures were also down, while the U.S. dollar index
posted a small rally.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 31.71 points (0.2%)
lower at 21,580.07, the NASDAQ Composite lost 2.25 points to 6,387.75, and the
S&P 500 slipped 0.91 point to 2,472.54 Friday. DJIA futures were 27 points
lower early Monday morning. Asian markets closed mostly higher with Japan's
Nikkei down 124.08 points (0.6%), Hong Kong's Hang Seng gaining 140.74 points
(0.5%), and China's Shanghai Composite up 12.62 points (0.4%). European markets
were trading lower with London's FTSE 100 losing 78.07 points (1.0%), Germany's
DAX down 80.46 points (0.7%), and France's CAC 40 falling 17.47 points (0.3%).
The U.S. dollar index gained 0.03 to 93.89. September 30-year T-Bonds were 2/32
lower at 154'23 while August gold gained $2.40 to $1,257.30. Crude oil was
$0.05 lower at $45.77 while Brent crude dipped $0.03 to $48.03. China's Dalian
soybean and Malaysian palm oil futures were both lower overnight.
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