DTN Early Word Grains 11/21 05:58
Grains Lower Again Early Friday
December corn was 2 cents lower, January soybeans 1/4 cent lower, and
December Chicago wheat 5 cents lower.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was 2 cents lower, January soybeans 1/4
cent lower, and December Chicago wheat 5 cents lower.
CME Globex Recap: Financial markets took the spotlight overnight following a
surprise move by China's central bank in cutting interest rates and further
weakness in the Euro versus the U.S. dollar. This sparked a sharp rally in
overseas equities and DJIA futures, while the U.S. dollar index rallied as much
as 0.600 higher. Given all that, grains held together relatively well, posting
moderate losses through early Friday morning.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 33.27 points higher
Thursday at 17,719.00. Dow Jones futures were 105 points higher early Friday.
Asian markets were mostly higher with the Nikkei up 56.65 points while the Hong
Kong market was up 87.48 points. European markets were higher. The overnight
crude oil market was $0.87 higher at $76.72 while Brent crude was $1.22 higher
at $80.55. The December gold contract was $5.40 higher at $1,196.30 while the
U.S. dollar index was 0.510 higher at 88.101. Soybeans at the Dalian Exchange
were higher while Malaysian palm oil contracts were also higher.
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