DTN Early Word Grains 11/08 06:08

DTN Early Word Grains         11/08 06:08
   Grains Mixed to Weaker Ahead of November WASDE

   December corn is unchanged, January soybeans are unchanged, and December
K.C. wheat is down 1/2 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   December corn is unchanged, January soybeans are
unchanged, and December K.C. wheat is down 1/2 cents.

CME Globex Recap:   Mixed to lower equity markets overnight as investors plod
toward the weekend. Trade war discussions remain the most pressing feature with
markets excited about comments from China's Ministry of Commerce about tariff
rollbacks, only to be followed later in the day by comments from the White
House that the rollback plan was facing "fierce internal opposition." From the
outside looking in, the original plan most likely came from Secretary Mnuchin
while the "fierce opposition" was undoubtedly spawned by Trade Representative
Lighthizer and trade adviser Navarro. Trade hawks seem bent on the strategy of
no concessions from the U.S., which isn't likely to be palatable to the
Chinese. Grain markets are mixed to weaker overnight as traders mark the hours
ahead of the November WASDE. Rarely does the November USDA report come with so
much harvest left to complete across the Midwest, casting a larger-than-normal
shadow over this month's production estimates. The trade is looking for cuts to
both the corn and soybean crop; a surprise would be small increases to both, as
some private estimates have suggested.

OUTSIDE MARKETS:   Previous closes on Thursday showed the Dow Jones Industrial
Average up 182.24 at 27,674.80 and the S&P 500 up 8.40 at 3,076.78 while the
10-Year Treasury yield ended at 1.926%. Early Friday, December DJIA futures are
down 7 points. Asian markets are mixed with Japan's Nikkei 225 up 61.55 (0.26%)
and China's Shanghai Composite down 14.53 points (-0.49%). European markets are
lower with London's FTSE 100 down 20.48 points (-0.28%), Germany's DAX down
27.13 points (-0.2%) and France's CAC 40 down 13.15 points (-0.22%). The
December Euro is slightly lower at 1.110 and the December U.S. dollar index is
up 0.046 at 98.035. The December 30-Year T-Bond is up 6/32nds, while December
gold is up $0.90 at $1,467.30 and December crude oil is down $0.89 at $56.26.
Soybeans on China's Dalian Exchange were down -0.44% while soybean meal was up
0.27%.