DTN Early Word Grains 10/11 05:56

DTN Early Word Grains 10/11 05:56 Grains Higher on Trade Deal Prospects, Winter Storm December corn is up 4 cents per bushel, November soybeans are up 10 1/4 cents, and December K.C. wheat is up 4 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 4 cents per bushel, November soybeans are up 10 1/4 cents, and December K.C. wheat is up 4 3/4 cents. CME Globex Recap: Another day, another potential trade deal hanging in the balance. Financial media are reporting overnight sources said it was realistic to expect a limited agreement between the U.S. and China to stave off future tariff increases by the U.S. in exchange for some concessions from the Chinese. President Trump and China's vice-premier are scheduled to meet Friday, an engagement which likely would have been scuttled if no deal were imminent. President Trump has said previously he was not interested in a small deal, so the details will be interesting. 30 million metric tons of U.S. soybean purchases in 2019/20 would be a major step in the right direction. Grains are higher across the board, led by soybeans, as the disappointing closes Thursday are shaken off in favor of a potential trade deal. Severe winter weather continues to pound the Dakotas with harvest delays looking like 7-10 days at least. No drying weather is seen in the Dakotas until the middle of next week. Crop progress reports Monday should show the slowest harvest pace on record which should add further support to futures prices. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 150.66 at 26,496.67 and the S&P 500 up 18.73 at 2,919.40 while the 10-Year Treasury yield ended at 1.658%. Early Friday, the December DJIA futures are up 261 points. Asian markets are higher with Japan's Nikkei 225 up 246.89 (1.15%) and China's Shanghai Composite up 25.95 points (0.88%). European markets are higher with London's FTSE 100 up 16.82 points (0.23%), Germany's DAX up 231.85 points (1.91%) and France's CAC 40 up 64.65 points (1.16%). The December Euro is up 0.002 at 1.110 and the December U.S. dollar index is down 0.141 at 98.265. The December 30-Year T-Bond is down 10/32nds, while December gold is down $3.00 at $1,497.90 and November crude oil is up $0.95 at $54.50. Soybeans on China's Dalian Exchange were up 0.5% while soybean meal was up 0.91%.