DTN Early Word Grains 11/30 05:55
Commodity Market Prices Drop on Omicron Concerns
March corn was down 8 cents, January soybeans were down 12 1/2 cents and
March KC wheat was down 16 cents.
DTN Lead Analyst
Pre-6 a.m. Globex Prices: March corn was down 8 cents, January soybeans were
down 12 1/2 cents and March KC wheat was down 16 cents.
CME Globex Recap: Early Tuesday, Dow Jones futures and European stocks are
trading lower after Moderna's CEO told the Financial Times existing vaccines
are less effective on the omicron variant and it could take months to develop a
more effective vaccine. On Monday, Pfizer's chief scientific officer said a new
vaccine could be ready within 100 days, if needed and depending on regulatory
approvals. According to CNBC.com, Federal Reserve Chairman Jerome Powell is
expected to tell the U.S. Senate the omicron variant poses a risk to the Fed's
effort to achieve stable prices and maximum employment. January crude oil is
trading lower ahead of this week's OPEC meeting.
OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial
Average up 236.60 at 35,135.94 and the S&P 500 up 60.65 at 4,655.27 as the
10-Year Treasury yield increased to 1.53%. Early Tuesday, December Dow Jones
futures are trading down 469 points. Asian markets are mostly lower with
Japan's Nikkei 225 index down 1.63% and China's Shanghai Composite Index up
0.03%. European markets are lower with the spot futures of the London FTSE 100
trading down 1.34%, spot futures of Germany's DAX trading down 1.25% and spot
futures of France's CAC Index trading down 1.19%. The December euro is up
$0.0090 at $1.1366. The December U.S. Dollar Index is down 0.62 at 95.72. The
March 30-year T-bond is up 1 20/32nds, while February gold is up $14.30 at
$1,796.60 and January crude oil is down $1.84 at $68.11. On China's Dalian
exchange, January corn was up 0.1%, January soybeans were down 0.8%, January
soybean meal was up 0.5% and January soybean oil was down 2.1%. September
common wheat on China's Zhengzhou exchange was unchanged. February Malaysian
palm oil is trading down 3.8%.
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