DTN Early Word Grains 11/30 06:08
Grains Bounce at Midweek
March corn is up 2 cents per bushel, January soybeans are up 11 cents, and
March KC wheat is up 6 1/2 cents.
DTN Contributing Analyst
EARLY GLOBEX PRICES: March corn is up 2 cents per bushel, January soybeans
are up 11 cents, and March KC wheat is up 6 1/2 cents.
CME GLOBEX RECAP: Equity markets are mostly higher overnight with U.S.
futures bouncing slightly. Inflation data in the eurozone came in lower than
expected this month, giving more confidence that central banks globally may be
able to slow the rate of interest rate increases in the near future. Energy
markets are rallying overnight with crude oil back over $80.00 per barrel. The
U.S. Dollar Index is lower overnight but remains in the trading range of the
last week to ten days. Metals are higher overnight with copper surging by
nearly 3.0%. Grains are enjoying the general commodity bounce overnight but
mostly remain in consolidation phases.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average up 3.07 at 33,852.53 and the S&P 500 down 6.31 at 3,963.94 while the
10-Year Treasury yield ended at 3.748%. Early Wednesday, the December DJIA
futures are up 28 points. Asian markets are mixed with Japan's Nikkei 225 down
58.85 (-0.21%) and China's Shanghai Composite up 1.59 points (0.05%). European
markets are higher with London's FTSE 100 up 49.43 points (0.66%), Germany's
DAX up 58.98 points (0.41%) and France's CAC 40 up 38.3 points (0.57%). The
December Euro is up 0.003 at 1.040 and the December U.S. Dollar Index is down
0.318 at 106.450. The December 30-Year T-Bond is up 6/32nds, while December
gold is up $11.90 at $1,760.30 and January crude oil is up $1.79 at $79.99.
Corn on China's Dalian Exchange was down 0.89% while soybeans were up 1.32% and
soybean meal was up 2.14%.
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