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DTN Grain Open: Warm Beans on a Cold Morning

Ernst Undesser
By Darin Newsom DTN Senior Analyst January 16, 2018

DTN Grain Open: Warm Beans on a Cold Morning

6:00 a.m. CME Globex: March corn was 1 cent higher, March soybeans were 5 cents higher, and March Chicago (SRW) wheat was 3 cents lower.

CME Globex Recap: Soybeans stayed strong from last week’s late rally, holding momentum over the three-day holiday weekend to trade higher Monday night into Tuesday morning. Corn was also trading higher, though wheat markets were unable to hold initial gains and had fallen back into the red.

The U.S. dollar index was active Monday, posting a sharp sell-off that provided initial support to commodities in general. However, the overnight session lengthened light buying interest returned, sending commodity sectors back down. DJIA futures were screaming higher, pointing to another strong day in the stock markets.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 228.46 points (0.9%) higher at 25,803.19, the NASDAQ Composite gained 49.28 points (0.7%) to 7,261.06, and the S&P 500 added 18.68 points (0.7%) to 2,786.24 Friday. DJIA futures were 234 points higher early Tuesday morning.

Asian markets closed mostly higher with Japan’s Nikkei 225 up 236.93 points (1.0%), Hong Kong’s Hang Seng gaining 565.88 points (1.8%), and China’s Shanghai Composite adding 26.11 points (0.8%). European markets were trading mostly higher with London’s FTSE 100 up 9.35 points (0.1%), Germany’s DAX gaining 143.09 points (1.1%), and France’s CAC 40 adding 25.81 points (0.5%).

The euro lost 0.0056 to 1.2208 as the U.S. dollar index rallied 0.31 to 90.77. March 30-year T-Bonds were 14/32 higher at 150’30 while February gold fell $1.60 to $1,333.30. Crude oil was $0.45 lower at $63.85 while Brent crude lost $0.98 to $69.28. China’s Dalian soybean and Malaysian palm oil futures were both lower again overnight.

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Ernst Undesser
By Darin Newsom DTN Senior Analyst January 16, 2018