DTN Early Word Grains 11/29 05:54
Grains Mixed as Whipsaw Trade Continues
March corn is down 1 1/2 cents per bushel, January soybeans are up 3 1/4
cents, and March KC wheat is down 1/2 cent.
DTN Contributing Analyst
EARLY GLOBEX PRICES: March corn is down 1 1/2 cents per bushel, January
soybeans are up 3 1/4 cents, and March KC wheat is down 1/2 cent.
CME GLOBEX RECAP: Mixed to higher equity trade overnight while U.S. futures
hang near unchanged early Tuesday morning. Energy markets are enjoying a nice
bounce overnight following weakness Monday which was pared by settlement. Spot
crude oil futures are up almost $2.00 per barrel at the time of this writing
over $79.00 after trading as low as $73.60 the day prior. The U.S. Dollar Index
is weaker overnight, giving back some of Monday's rally and remaining just
above the 200-day moving average. Metals are firm across the board with gains
led by silver, up 1.7%. Grains are mixed overnight with corn, meal and Kansa
City wheat lower while soybeans, oil, Minneapolis and Chicago wheat all trade
OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial
Average down 497.57 at 33,849.46 and the S&P 500 down 62.18 at 4,026.12 while
the 10-Year Treasury yield ended at 3.703%. Early Tuesday, the December DJIA
futures are down 10 points. Asian markets are mixed with Japan's Nikkei 225
down 134.99 (-0.48%) and China's Shanghai Composite up 71.2 points (2.31%).
European markets are higher with London's FTSE 100 up 51.88 points (0.67%),
Germany's DAX up 10.01 points (0.07%) and France's CAC 40 up 12.67 points
(0.19%). The December Euro is up 0.003 at 1.040 and the December U.S. Dollar
Index is down 0.512 at 106.120. The December 30-Year T-Bond is up 23/32nds,
while December gold is up $12.80 at $1,753.10 and January crude oil is up $1.82
at $79.06. Corn on China's Dalian Exchange was down 0.27% while soybeans were
unchanged and soybean meal was down 0.09%.
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