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DTN Early Word Grains 11/04 05:45
Grain Markets Higher on a Weaker Dollar, Election Positioning
December corn is up 3 3/4 cents per bushel, January soybeans are up 13 1/4
cents, December KC wheat is up 3 cents, December Chicago wheat is up 4 cents
and December Minneapolis wheat is up 3 1/2 cents.
Kent Beadle, DTN Contributing Analyst
EARLY MORNING GLOBEX NET CHANGES: December corn is up 3 3/4 cents per
bushel, January soybeans are up 13 1/4 cents, December KC wheat is up 3 cents,
December Chicago wheat is up 4 cents and December Minneapolis wheat is up 3 1/2
cents.
CME GLOBEX RECAP: World equity markets mixed but mostly higher to begin the
new week, with the U.S. election on Tuesday coming into focus. Most polling has
the race a dead heat, but a weekend poll in Iowa that had Harris stronger than
anticipated had some traders reversing the "Trump trade" on Monday morning.
That included shedding long dollar positions which helped support commodity
prices.
On Friday, the jobs report was poor with a gain of only 12,000 jobs in the
month of October. Most analysts blamed the report on the impact of Hurricane
Helene and equity markets close the week strongly on ideas that the weaker jobs
will ensure a rate cut at this week's Federal Reserve meeting on Thursday.
New data that will be released this week include factory orders on Monday,
the U.S. trade deficit and the ISM services index on Tuesday, the S&P Services
PMI on Wednesday, initial Jobless claims, U.S. productivity, and wholesale
inventories on Thursday. In agriculture, in addition to all the regular weekly
data we will get the WASDE November Supply and Demand report on Friday morning
at 11 AM.
OUTSIDE MARKETS:
Previous closes Friday showed the Dow Jones Industrial Average up 288.73 at
42,052.19 and the S&P 500 up 23.35 at 5,728.80. The 10-Year Treasury yield
ended at 4.361%. Early Monday, the December Dow Jones Futures are up 32 points.
European markets are higher with the spot futures of London's FTSE 100 trading
up 0.7%, spot futures of Germany's DAX is trading up 0.06% and the spot futures
of France's CAC 40 Index up 0.3%. Asian markets are mixed with Japan's Nikkei
225 Index down 2.63% and China's Shanghai Composite Index up 1.17%.
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