DTN Early Word Grains 10/26 05:45

DTN Early Word Grains 10/26 05:45 Grains Begin Week on Back Foot December corn is down 3 1/4 cents per bushel, November soybeans are down 3 1/4 cents, and December KC wheat is down 14 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: December corn is down 3 1/4 cents per bushel, November soybeans are down 3 1/4 cents, and December KC wheat is down 14 cents. CME Globex Recap: Equity markets were mostly lower overnight with U.S. futures suggesting a lower cash open Monday morning. Coronavirus cases on the rise in the U.S. and Europe remain an economic headwind as lockdown measures are contemplated or implemented. Stimulus talks in the United States look bleak with just over a week until the presidential election and a Supreme Court vote likely this week. Energy prices were weaker overnight with crude oil falling back below $40.00 per barrel as concerns about fuel demand mount. Grain markets were weaker across the board overnight after some contracts gave up early gains. Losses were led by wheat with Kansas City down double digits in overnight trade. The best moisture potential of the season looks set to arrive this week in the Southern Plains. The ag space has been on an historic run the last several weeks but the managed fund community is now holding the bag on over 600,000 contracts, which will need to be defended. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 28.09 at 28,335.57 and the S&P 500 up 11.90 at 3,453.49 while the 10-year Treasury yield ended at 0.841%. Early Monday, the December DJIA futures are down 248 points. Asian markets are lower with Japan's Nikkei 225 down 22.25 (0.09%) and China's Shanghai Composite down 26.88 points (0.82%). European markets are lower with London's FTSE 100 down 9.08 points (0.15%), Germany's DAX down 264.16 points (2.09%) and France's CAC 40 down 25.21 points (0.51%). The December euro is down 0.005 at 1.180 and the December U.S. Dollar Index is up 0.255 at 93.020. The December 30-year T-Bond is up 25/32nds, while December gold is down $5.40 at $1,899.80 and December crude oil is down $1.07 at $38.78. Soybeans on China's Dalian Exchange were up 1.31% while soybean meal was down 0.06%.