DTN Early Word Grains 09/16 05:53

DTN Early Word Grains 09/16 05:53 Grains Mixed as Crude Oil Lift Remains Limited December corn is up 1 1/4 cents per bushel, November soybeans are down 2 3/4 cents, and December K.C. wheat is up 1 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 1 1/4 cents per bushel, November soybeans are down 2 3/4 cents, and December K.C. wheat is up 1 cents. CME Globex Recap: Crude oil futures are stealing the show to begin the week as concerns rage over Saudi Arabian oil production after drone strikes over the weekend cut the Kingdom's production by half. At one point in the evening session, crude futures were up by as much as 20%, although morning trade has them up around 8.50%. Cooler heads already seem to be acknowledging crude prices much above $60.00 per barrel will just encourage ramped up production from major producers in the United States, Russia and other OPEC countries, ensuring more future supply than is needed. Equity markets are generally lower in response to the energy market rally. Grains are higher while soybeans and meal are lower as traders concede that crude oil futures adding premium doesn't change the dynamic of the ag space with the snap of a finger. Weather forecasts look favorable through the end of the month and into the first week of October with regards to immature crops finishing. South American planting pace will be a larger focus once the calendar flips to October. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average up 37.07 at 27,219.52 and the S&P 500 down 2.18 at 3,009.57 while the 10-Year Treasury yield ended at 1.903%. Early Monday, the September DJIA futures are down 108 points. Asian markets are mixed with Japan's Nikkei 225 up 228.68 (1.05%) and China's Shanghai Composite down 0.48 points (-0.02%). European markets are lower with London's FTSE 100 down 12.02 points (-0.16%), Germany's DAX down 96.73 points (-0.78%) and France's CAC 40 down 34.59 points (-0.61%). The September Euro is down 0.001 at 1.110 and the December U.S. dollar index is down 0.025 at 97.805. The December 30-Year T-Bond is up 48/32nds, while December gold is up $11.10 at $1,510.60 and October crude oil is up $4.66 at $59.51. Soybeans on China's Dalian Exchange were up 0.15% while soybean meal was down 0.42%.