DTN Early Word Grains 10/09 05:56

DTN Early Word Grains 10/09 05:56 Grains Rally Overnight Ahead of WASDE December corn is up 4 1/4 cents per bushel, November soybeans are up 10 cents, and December KC wheat is up 8 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: December corn is up 4 1/4 cents per bushel, November soybeans are up 10 cents, and December KC wheat is up 8 cents. CME Globex Recap: Global equities are higher overnight with U.S. futures maintaining their uptrend since the September 24 lows. The back-and-forth over the next round of stimulus checks seems to be the focus, although expecting either side to work across the aisle before the election seems foolhardy. Energy markets are weaker overnight with crude oil almost one percent lower while gasoline futures are off 1.74%. The U.S. Dollar Index is lower, working on the third lower close in a row and resting just above the 50-day moving average at 98.3950. Precious metals are solidly higher overnight. After the one-day respite Thursday, grain markets are sharply higher overnight as we head into the October WASDE later Friday morning. Stakes are high for both bulls and bears. To borrow some political parlance, it feels like markets are prepping for an October surprise. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 122.05 at 28,425.51 and the S&P 500 up 27.38 at 3,419.45 while the 10-Year Treasury yield ended at 0.765%. Early Friday, the December DJIA futures are up 130 points. Asian markets are mixed with Japan's Nikkei 225 down 27.38 (-0.12%) and China's Shanghai Composite up 54.02 points (1.68%). European markets are higher with London's FTSE 100 up 41.76 points (0.7%), Germany's DAX up 0.11 points (0.01%) and France's CAC 40 up 20.96 points (0.43%). The December Euro is up 0.004 at 1.180 and the December U.S. dollar index is down 0.273 at 93.375. The December 30-Year T-Bond is up 1/32nds, while December gold is up $26.00 at $1,921.10 and November crude oil is down $0.44 at $40.75. Soybeans on China's Dalian Exchange were up 2.49% while soybean meal was up 5.69%.