DTN Early Word Grains 07/24 05:56
Soybeans Extend Rally Overnight
Corn is higher at 6 a.m. (CT); soybeans are higher; wheat is higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: September corn 2 cents higher, November soybeans 10
cents higher, and September Chicago wheat 6 cents higher.
CME Globex Recap: Solid commercial buying continues to support the soy
complex with all three markets (soybeans, bean meal, bean oil) posting gains
early Thursday morning. Spillover support pulled both corn and wheat higher,
with the latter showing a solid 6 cent to 8 cent rally. Outside commodities
were mostly lower with both energies and metals under pressure.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 26.91 points lower
Wednesday at 17,086.63. Dow Jones Industrial Average futures were 33 points
higher overnight, indicating the Dow could see continued buying interest
Thursday. Asian markets were mostly higher though the Nikkei was down 44.14
points at 15,284.42. European markets were also mostly higher. The overnight
crude oil market was $0.41 lower at $102.71 while Brent crude was $0.35 lower
at $107.68. The August gold contract was $3.70 lower at $1,301.00 while the
U.S. dollar index was 0.053 lower at 80.770. Soybeans at the Dalian Exchange
were lower while Malaysian palm oil contracts were higher.
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