Grains Extend Rally through Friday Morning

July 13th, 2012


Category: Grains

(CME Group) – Corn futures are higher at 6 a.m. CDT; soybeans higher; wheat higher.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex: Corn 13 higher (Dec), Soybeans 26 higher (Nov), Wheat 15
higher (Chi Sep).

CME Globex Recap: Grains extended Thursday’s rally overnight with all three
markets posting strong gains. Outside markets were just as bullish, with strong
moves seen in cotton, cocoa, and sugar as well as crude oil and gold. The US
dollar index is posting a modest loss as recent selling in the Euro eased
overnight. DJIA futures are posting gains for one of the few times this week.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 31.26 points lower
Thursday at 12,573.27. The overnight session saw the Dow Jones futures trade 45
points higher indicating the market could see buying interest early Friday.
Asian markets were mostly mixed with the Nikkei up 4.11 points at 8,724.12.
European markets were mostly higher. The overnight crude oil market was $.62
higher at $86.70 while Brent crude was $1.03 higher at $102.10. The August gold
contract was $15.30 higher at $1,580.60 while the U.S. dollar index is 0.045
lower at 83.614. Soybeans at the Dalian exchange were higher while Malaysian
palm oil futures were also higher.

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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

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