DTN Grain Open: Declining Oil Prices Weigh on Soybeans
6:00 a.m. CME Globex: March corn was down 3 1/4 cents, March soybeans were down 7 3/4 cents, and March Chicago wheat was down 3 3/4 cents.
CME Globex Recap: March soybean were down 7 3/4 cents early Friday, pulled down by new overnight lows in palm oil and soybean oil futures. Corn and wheat are also lower after Thursday’s turn from recent highs while the news remains mostly favorable for crops in South America.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed up 7.91 points at 20,619.77. The NASDAQ Composite was down 4.54 points at 5,814.90 and the S&P 500 was down 2.03 points at 2,347.22 Thursday. DJIA futures were down 62 points early Friday morning.
Asian markets were lower with Japan’s Nikkei down 112.91 points (-0.6%), Hong Kong’s Hang Seng down 73.96 points (-0.3%), and China’s Shanghai Composite down 27.54 points (-0.8%). European markets were also lower Friday with London’s FTSE 100 down 3.88 points (-0.05%), Germany’s DAX down 54.63 points (-0.5%), and France’s CAC 40 down 46.83 points (-1.0%).
The U.S. dollar index was up 0.16 at 100.66 while the euro was down 0.00280 at 1.06570. March 30-year T-Bonds were up 19/32nds at 151’13 while April gold was up $1.00 at $1,242.60. March crude oil was down $0.38 at $52.98 while Brent crude was down $0.51 at $55.14. Soybeans at the Dalian Exchange are lower overnight and Malaysian palm oil futures were down 2.4%.
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The bulls were again winners in an exciting week for longs and producers. In last week’s report, I said the markets bias would be near unchanged to a bit lower.