DTN Early Word Grains 09/25 05:44
25 Sep 2023
DTN Early Word Grains 09/25 05:44 Grain Prices Lower to Start the Week on Harvest Pressure, Some "Better Than Expected" Yields December corn is down 1 1/4 cents per bushel, November soybeans are down 3 3/4 cents, December KC wheat is down 3 1/4 cents, December Chicago wheat is down 1 cent and December Minneapolis wheat is down 2 3/4 cents. By Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: December corn is down 1 1/4 cents per bushel, November soybeans are down 3 3/4 cents, December KC wheat is down 3 1/4 cents, December Chicago wheat is down 1 cent and December Minneapolis wheat is down 2 3/4 cents. CME GLOBEX RECAP: U.S. and world equity markets are mostly lower to begin the new trading week. Last week's relatively hawkish comments after the Fed paused on raising rates has stock traders wondering if interest rates that are "higher for longer" are going to cause corporate earnings to under-perform. Worries about the high likelihood of a Federal Government shutdown are also weighing on trader sentiment. Data that the market will be looking at this week include New Home Sales and Consumer Confidence on Tuesday, Durable Goods on Wednesday, Jobless Claims and a 2nd Quarter GDP update on Thursday, and the PCE index along with personal income and consumer spending on Friday. Finally, Fed Chairman Powell will be speaking at a town hall on Thursday. More closely related to agriculture, we will have a cold storage report Monday afternoon, the Hogs and Pigs report on Thursday afternoon, and both the Grain Stocks and the Small Grains Summary on Friday morning. These are in addition to the normal weekly reports. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average down 106.58 at 33,963.84 and the S&P 500 down 9.94 at 4,320.06, The 10-Year Treasury yield ended at 4.44%. Early Monday, the December Dow Jones Futures are down 6 points. European markets are lower with the spot futures of London's FTSE 100 trading down 0.72%, spot futures of Germany's DAX is trading down 0.73% and the spot futures of France's CAC 40 Index down 0.59%. Asian markets are mixed with Japan's Nikkei 225 Index up 0.85% and China's Shanghai Composite Index down 0.54%.