DTN Early Word Grains 08/24 05:56
Grains Lower Again Overnight
December corn was 2 cents lower, November soybeans were 7 cents lower, and
December Chicago wheat was 3 cents lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was 2 cents lower, November soybeans were
7 cents lower, and December Chicago wheat was 3 cents lower.
CME Globex Recap: Major commodity sectors -- grains, energies, and metals --
were all under pressure Wednesday morning on bearish technical factors and the
continued strength of the U.S. dollar index. However global oilseeds, led by
Malaysian palm oil, and softs (cocoa, sugar, cotton, and nearby cotton) were
trading higher. DJIA futures were posting small gains, in line with what was
seen in overseas markets.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 17.88 points higher
at 18,547.30, the NASDAQ Composite gained 15.48 points to 5,260.08, and the S&P
500 rallied 4.26 points to close at 2,186.90 Tuesday. DJIA futures were 5
points higher overnight. Asian markets were mixed with Japan's Nikkei up 99.94
points (0.6%) while China's Shanghai Composite lost 3.83 points (0.1%).
European markets were mostly higher with London's FTSE 100 down 10.94 points
(0.2%), Germany's DAX gained 40.97 points (0.4%), and France's CAC 40 rallied
23.93 points (0.5%). The U.S. dollar index was 0.117 higher to 94.656. Crude
oil fell $0.77 to $47.33 while Brent crude was $0.48 lower at $49.48. December
gold was $4.40 lower at $1,341.70. China's Dalian soybean futures were lower
while Malaysian palm oil futures were higher overnight.
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