Market Matters Blog

DTN's Brexit Vote Coverage

Staff Writers
By  Staff Writers , DTN Newsroom
Source: DTN

Results from the U.K's Brexit vote -- deciding whether or not it will stay in the European Union -- will be coming in during the overnight hours. And while the finality, if "Leave" carries the day, won't be seen for a number of years, market reaction is expected to be immediate and volatile. With that in mind, DTN analysts will be covering the developments in this blog overnight. Updates will appear in the comments section, and we invite your participation (questions, comments) as well.

DTN Market Analyst Todd Hultman will take the first shift from 7 p.m. CDT to midnight, when much of the news could possibly break. DTN Senior Analyst Darin Newsom will take over at midnight and discuss developments up through Early Word Grains analysis early Friday morning.

(AG/BAS)

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DARIN NEWSOM
6/24/2016 | 5:04 AM CDT
One more and I am out of here. Markets are starting to leak lower again with crude oil down more than $2.00, corn is off about 10 cents, soybeans have dropped roughly 20 cents, and wheat is down 8 cents. The U.S. dollar index remains firm, up 1.840, while gold is still holding a gain of $57. DJIA futures are down 500 points, off session lows but still pointing at a sharply lower open later Monday morning. European equity markets remain under pressure across the board with London's FTSE still doing better than indexes seen over the rest of Europe. And with that I'll bring DTN's Brexit coverage to a close. Thanks to Todd Hultman for his early coverage and to all of you for checking in with this blog. DTN's coverage will continue with normal market Early Word, Before the Bell, Quick Takes, and Closing analysis.
DARIN NEWSOM
6/24/2016 | 4:04 AM CDT
Sellers are starting to trickle back into the grain markets, pushing corn back to a loss of 8 cents, wheat 7 cents, and soybeans (new-crop November) down 17 cents. The U.S. dollar index is up 1.83, well off its overnight high but still holding strong. Crude oil is back down more than $2.00 while gold is holding to a rally of $50. DJIA futures are off 500 points, reflective of the the selling seen in overseas markets. London's FTSE 100 is off 280 points, Germany's DAX is down 600 points, and France's CAC-40 is still showing a loss of 330 points.
DARIN NEWSOM
6/24/2016 | 3:07 AM CDT
Believe it or not, global markets have stabilized over the last hour. London's FTSE 100 has seen its loss trimmed to less than 300 points while Germany's DAX is down only 600 points. The U.S. dollar index has seen its rally trimmed to less than 1.700 as gold has cut its rally almost in half. Crude oil is now down $2.00, well off its overnight low, while grains quietly whittle away at their losses. Corn is down 6 cents, soybeans 13 cents, and wheat 5 cents. Again though, grain trade is expected to pick up over the course of early Friday morning.
DARIN NEWSOM
6/24/2016 | 2:25 AM CDT
Prime Minister Cameron to resign following Brexit vote.
DARIN NEWSOM
6/24/2016 | 12:39 AM CDT
As one would expect, overseas equity markets are in panic mode following UK's 52% to 48% Brexit vote. Asian markets are the first to fall with Japan's Nikkei down about 8% while China's Shanghai Composite is off only 1.2%. DJIA futures are down 650 points. European markets will be opening within the next hour or so.
DARIN NEWSOM
6/24/2016 | 12:07 AM CDT
Great job covering this Todd. What a night. From a technical point of view it's going to take time to dig through the rubble of some long-term monthly charts. Starting with the 3.0 rally in the U.S. dollar index, and followed closely by the $99 rally in gold. Of course there has to be a flip side to this, with heavy fund liquidation hitting grains, energies, and some softs. New-crop corn is down 10 cents with new-crop soybeans off 23 cents.
Todd.Hultman@dtn.com
6/23/2016 | 11:49 PM CDT
The numbers say it all... July corn down 8 cents, July soybeans down 15 1/2 cents and July Chi wheat down 7 1/4 cents. The U.S. dollar index is up 2.9%, August gold is up $67, and the Sept. British pound is down 9.5%.
Todd.Hultman@dtn.com
6/23/2016 | 10:53 PM CDT
BBC News has forecast that there are enough votes for the UK to leave the European Union. Over 26 million votes have been counted and the vote to leave has maintained a 52% to 48% lead. The U.S. dollar index is up 3.3% at 96.60 and grains are showing bearish strain. July corn is down 6 3/4 cents, July soybeans are down 10 3/4 cents, and July Chicago wheat is down 10 1/4 cents. The Sept. British pound is down 9.7% to its lowest spot price since 1985.