6:00 a.m. CME Globex: December corn was fractionally higher, November soybeans were 3-cents higher, and December Chicago (SRW) wheat was 1 cent higher.
CME Globex Recap: Trade in grain and oilseed markets overnight, while mostly to the upside, was like watching paint dry. Corn posted less than a 2-cent range, wheat moved less than 3 cents, and soybeans couldn’t establish a 6-cent range through early Wednesday morning.
Outside markets were mostly higher, with light pressure in both DJIA futures and the U.S. dollar index ahead of the conclusion of the Federal Reserve’s 2-day meeting and subsequent announcements Wednesday afternoon.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 39.45 points (0.2%) higher at 22,370.80, the NASDAQ Composite gained 6.68 points (0.1%) to 6,461.32, and the S&P 500 gained 2.78 points (0.1%) to 2,506.65 Tuesday. DJIA futures were 2 points lower early Wednesday morning.
Asian markets closed mostly higher with Japan’s Nikkei up 11.08 points, Hong Kong’s Hang Seng gained 76.39 points (0.3%), and China’s Shanghai Composite added 9.15 points (0.3%). European markets were trading mixed with London’s FTSE 100 up 0.78 point, Germany’s DAX down 6.21 points, and France’s CAC 40 gaining 6.63 points (0.1%).
The euro was 0.0013 higher at 1.2007 while the U.S. dollar index slipped 0.16 to 91.68. December 30-year T-Bonds were 8/32 higher at 154’12 while December gold added $8.20 to $1,318.80. Crude oil was $0.54 higher at $50.02 while Brent crude gained $0.49 to $55.63. China’s Dalian soybean futures were lower and Malaysian palm oil futures were mostly higher overnight.