DTN Early Word Grains 09/24 05:58

DTN Early Word Grains 09/24 05:58 Grains Mixed as Trade Awaits China Confirmation December corn is down 2 1/2 cents per bushel, November soybeans are up 3/4 cent, and December K.C. wheat is down 2 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is down 2 1/2 cents per bushel, November soybeans are up 3/4 cent, and December K.C. wheat is down 2 3/4 cents. CME Globex Recap: Equities were supported Monday following comments from Treasury Secretary Mnuchin stating Chinese Vice Premier Liu will travel to Washington next week for high-level trade talks with himself and U.S. Trade Representative Lighthizer. The accelerated timeline for talks would seem to put the talks in a positive light. While U.S.-China relations rightfully take center stage, reports suggest the preliminary U.S.-Japan trade agreement may be put on hold until Japan receives assurances on auto tariffs. There always seems to be some sleight of hand taking place with this administration and various trade agreements. Grain markets are mixed with corn and wheat lower while soybeans and meal post small gains. Our markets continue to be very sensitive to headlines, surprising given how many times we've traded the same recycled news flow. Harvest reports will accelerate as we get closer to October, providing a better idea of whether USDA yield estimates are accurate. As we are seeing with spring wheat harvest, it would seem prudent for observers to strap in for an extended corn and soybean harvest this fall. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 14.92 at 26,949.99 and the S&P 500 down 0.29 at 2,992.07 while the 10-Year Treasury yield ended at 1.708%. Early Tuesday, the December DJIA futures are up 83 points. Asian markets are higher with Japan's Nikkei 225 up 19.75 (0.09%) and China's Shanghai Composite up 8.26 points (0.28%). European markets are higher with London's FTSE 100 up 0.41 points (0.01%), Germany's DAX up 22.96 points (0.19%) and France's CAC 40 up 15.29 points (0.27%). The December Euro is up 0.000 at 1.110 and the December U.S. dollar index is up 0.029 at 98.250. The December 30-Year T-Bond is down 4/32nds, while December gold is down $3.70 at $1,527.80 and November crude oil is down $0.55 at $58.09. Soybeans on China's Dalian Exchange were down 0.12% while soybean meal was down 1%.