DTN Early Word Grains 07/28 05:56
The Fed Says "See You in September, Maybe"
December corn was 1 cent higher, November soybeans were 2 cents higher, and
September Chicago wheat was 4 cents higher.
By Darin Newsom
DTN Senior Analyst
6:00 a.m. CME Globex: December corn was 1 cent higher, November soybeans were
2 cents higher, and September Chicago wheat was 4 cents higher.
CME Globex Recap: The Federal Reserve left interest rates unchanged, pushing
back a possible increase until at least September, or possibly December. In
response, the U.S. dollar index is posting a solid sell-off, providing support
to grains and metals commodities sectors. Energies, on the other hand, remain
under pressure from continued oversupply of crude oil.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 1.58 points lower at
18,472.17, the NASDAQ Composite gained 29.76 points to 5,139.81, and the S&P
500 fell 2.59 point to close at 2,166.58 Wednesday. DJIA futures were 16 points
higher overnight. Asian markets were mixed with Japan's Nikkei down 187.98
points (1.1%) while China's Shanghai Composite gained 2.32 points. European
markets were mostly lower with London's FTSE 100 down 19.95 points (0.3%),
Germany's DAX was 4.57 points lower, and France's CAC 40 fell 8.64 points
(0.2%). The U.S. dollar index lost 0.522 to 96.531. Crude oil dipped $0.16 to
$41.76 while Brent crude was $0.49 lower at $42.98. December gold was $12.70
higher at $1,347.20. China's Dalian soybean futures were mixed while Malaysian
palm oil futures were lower overnight.
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