DTN Early Word Grains 10/17 05:59

DTN Early Word Grains 10/17 05:59 Grains Rally Strongly Overnight December corn is up 3 3/4 cents per bushel, November soybeans are up 8 cents, and December K.C. wheat is up 5 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: December corn is up 3 3/4 cents per bushel, November soybeans are up 8 cents, and December K.C. wheat is up 5 cents. CME Globex Recap: Equity markets are higher around the globe with the big news item Thursday morning being European Union officials stating a preliminary Brexit deal has been reached. The British pound rallied to the highest level since mid-May on the news, trading around $1.2905 to the U.S. dollar. The deal will still rely on Prime Minister Johnson getting support for a deal inside the halls of Parliament but the odds of the U.K. crashing out of the EU without a deal look drastically reduced this week. If a trade deal with China actually does get inked in the next couple of weeks, the two largest detractors from global trade could be mostly resolved before 2020 begins. Grains are all a good deal stronger overnight, packing on gains mid-morning around the time of the European open. Bulls are still touting losses across the Northern Plains which should meaningfully drop national average yield prospects. With a warmer stretch ahead, more harvest progress should took place, allowing a better handle on yields in the heart of the belt. Extended maps contain below normal temperatures according to NOAA, however, which may keep harvest a start-and-stop affair. Should that play out, cash strength could be retained throughout the fall. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 22.82 at 27,001.98 and the S&P 500 down 5.99 at 2,995.68 while the 10-Year Treasury yield ended at 1.748%. Early Thursday, the December DJIA futures are up 111 points. Asian markets are lower with Japan's Nikkei 225 down 21.06 (-0.09%) and China's Shanghai Composite down 1.38 points (-0.05%). European markets are higher with London's FTSE 100 up 49.12 points (0.69%), Germany's DAX up 73.68 points (0.58%) and France's CAC 40 up 21.16 points (0.37%). The December Euro is up 0.004 at 1.120 and the December U.S. dollar index is down 0.338 at 97.385. The December 30-Year T-Bond is down 19/32nds, while December gold is down $3.80 at $1,490.20 and November crude oil is down $0.28 at $53.08. Soybeans on China's Dalian Exchange were down 0.12% while soybean meal was down 0.43%.