DTN Early Word Grains 09/30 05:56

DTN Early Word Grains 09/30 05:56 Grains Higher as Quarter Three Draws to a Close December corn is up 3/4 cents per bushel, November soybeans are up 8 1/2 cents, and December K.C. wheat is up 2 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 3/4 cents per bushel, November soybeans are up 8 1/2 cents, and December K.C. wheat is up 2 1/2 cents. CME Globex Recap: Global equity markets are mostly higher, supported by the prospect of a breakthrough in trade talks between the U.S. and China at next week's high-level talks. China will be mostly closed this week as the entire country celebrates the 70-year anniversary of the People's Republic of China and communist party rule. Ahead of the talks, China has made a sizable purchase of U.S. soybeans, although the total is still lighter than what the market would like to see. Freezing temperatures hit parts of the Dakotas and Minnesota over the weekend, bringing the growing season to a close for some. Another round of cool temperatures are set to occur later this week. Grains are higher across the board ahead of the USDA's September Quarterly Stocks report, which should mostly be a formality aside from wheat. That said, the range of estimates for September 1 corn stocks is still 202 million bushels (mb) while soybeans is 95 mb, ranges big enough to provide some volatility. Moving forward, anecdotal yield reports, the October WASDE and South American planting conditions should be the larger drivers of price action. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average down 70.87 at 26,820.25 and the S&P 500 down 15.83 at 2,977.62 while the 10-Year Treasury yield ended at 1.675%. Early Monday, the December DJIA futures are up 66 points. Asian markets are lower with Japan's Nikkei 225 down 123.06 (-0.56%) and China's Shanghai Composite down 26.98 points (-0.92%). European markets are higher with London's FTSE 100 down 15.14 points (-0.2%), Germany's DAX up 4.42 points (0.04%) and France's CAC 40 up 5.01 points (0.09%). The December Euro is down 0.002 at 1.100 and the December U.S. dollar index is up 0.104 at 98.865. The December 30-Year T-Bond is down 16/32nds, while December gold is down $12.60 at $1,493.80 and November crude oil is down $0.58 at $55.33. Soybeans on China's Dalian Exchange were down 0.68% while soybean meal was down 0.63%.