DTN Early Word Grains 07/22 06:03
Grains Show Small Gains Early Tuesday
Corn is higher at 6 a.m. (CT); soybeans are steady; wheat is higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: September corn 1 cent higher, November soybeans
unchanged, and September Chicago wheat 3 cents higher.
CME Globex Recap: The grain markets stabilized overnight, though buying
enthusiasm was less than stellar. Chicago wheat was able to build on Monday's
late rally with contracts moving as much as 5 cents higher. Corn posted a
narrow 3-cent trading range. Soybeans were mixed with the nearby August up
double-digits while the November held near unchanged. The energy complex
remains strong, led by crude oil.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 48.45 points lower
Monday at 17,051.73. Dow Jones Industrial Average futures were 25 points higher
overnight, indicating the Dow could see renewed buying interest early Tuesday.
Asian markets were mostly higher with the Nikkei up 125.74 points at 15,343.28.
European markets were also mostly higher. The overnight crude oil market was
$0.66 higher at $105.25 while Brent crude was $0.60 higher at $108.28. The
August gold contract was $7.70 lower at $1,306.20 while the U.S. dollar index
was 0.183 higher at 80.743. Soybeans at the Dalian Exchange were higher while
Malaysian palm oil contracts were lower.
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