DTN Early Word Grains 11/26 05:58
U.S. Stocks, Crude Oil Sharply Lower; Traders Await Grains
March corn was down 2 3/4 cents, January soybeans were down 6 1/2 cents and
March KC wheat was down 7 cents.
DTN Lead Analyst
Wednesday closes, CME Globex: March corn was down 2 3/4 cents, January
soybeans were down 6 1/2 cents and March KC wheat was down 7 cents.
CME GLOBEX RECAP: Early Friday, Dow Jones futures are trading sharply lower,
along with other stocks around the world after officials from the World Health
Organization (WHO) warned of a new fast-spreading variant of coronavirus coming
out of South Africa. Wednesday's minutes from the latest Federal Reserve
meeting showed some members wanting to reduce monthly asset purchases quicker
so the federal funds target could be increased, if needed, to respond to rising
inflation. January crude oil is also sharply lower after Bloomberg news
reported OPEC is concerned about a production surplus in the first quarter,
enhanced by Wednesday's decision by the U.S. and other consuming nations to
release oil reserves.
OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial
Average down 9.42 at 35,804.38 and the S&P 500 up 10.76 at 4,701.46 as the
10-Year Treasury yield ended at 1.64%, but is lower early Friday. Early Friday,
December Dow Jones futures are trading down 791 points. Asian markets are lower
with Japan's Nikkei 225 index down 2.53% and China's Shanghai Composite Index
down 0.56%. European markets are sharply lower with the spot futures of the
London FTSE 100 trading down 3.00%, spot futures of Germany's DAX trading down
2.90% and spot futures of France's CAC Index trading down 3.78%. The December
euro is up $0.0085 at $1.1287. The December U.S. Dollar Index is down 0.58 at
96.29. The December 30-year T-bond is up 2 7/32nds, while December gold is up
$27.00 at $1,811.30 and January crude oil is down $5.08 at $73.31. On China's
Dalian exchange, January corn was up 0.8%, January soybeans were down 0.6%,
January soybean meal was down 0.7% and January soybean oil was down 0.4%.
September common wheat on China's Zhengzhou exchange was down 0.0%. February
Malaysian palm oil is trading down 1.6%.