DTN Early Word Grains 09/26 05:57

DTN Early Word Grains 09/26 05:57 Wheat Leads Grain Room Strength December corn is unchanged, November soybeans are up 1 1/4 cents, and December K.C. wheat is up 5 1/2 cents. By Todd Hultman DTN Lead Analyst 6:00 a.m. CME Globex: December corn is unchanged, November soybeans are up 1 1/4 cents, and December K.C. wheat is up 5 1/2 cents. CME Globex Recap: Global equity markets are mostly higher as investors remain optimistic about upcoming trade talks with China. President Trump made comments Wednesday suggesting there is a "good chance" that a U.S.-China trade deal could happen "sooner than you think." Investors haven't profited from trading off President Trump's hyperbole, although it does feel as though a trade deal is closer at hand than at any time in the last several months. Multiple media outlets citing multiple Chinese traders and analysts are suggesting large purchases of soybeans and pork are close at hand. Purchasing announcements, should they happen, would certainly add credence to the recent reports and support agriculture prices moving forward. Grain markets are higher across the board, once again led by wheat as the seasonal strength combines with harvest concerns in the Northern Plains and Canadian Prairies. The record managed fund short position in Minneapolis wheat is trapped with additional fireworks expected in the days and weeks ahead. Weather forecasts are turning supportive for price in the Northern Plains and Western Corn Belt, ensuring a delayed start to what is expected to be a drawn out affair. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 162.94 at 26,970.71 and the S&P 500 up 18.27 at 2,966.60 while the 10-Year Treasury yield ended at 1.732%. Early Thursday, the December DJIA futures are up 51 points. Asian markets are mixed with Japan's Nikkei 225 up 28.09 (0.13%) and China's Shanghai Composite down 26.34 points (-0.89%). European markets are higher with London's FTSE 100 up 80.04 points (1.1%), Germany's DAX up 67.4 points (0.55%) and France's CAC 40 up 47.65 points (0.85%). The December Euro is down 0.001 at 1.100 and the December U.S. dollar index is up 0.076 at 98.735. The December 30-Year T-Bond is up 18/32nds, while December gold is up $1.90 at $1,514.20 and November crude oil is up $0.22 at $56.71. Soybeans on China's Dalian Exchange were down 0.52% while soybean meal was down 0.1%.