6:00 a.m. CME Globex: March corn was fractionally higher, January soybeans were 2 cents higher, and March Chicago (SRW) was 2 cents higher.
CME Globex Recap: Commodities in general were showing green early Wednesday morning. Grains and oilseeds, after being pummeled again Tuesday, are generally oversold from a technical point of view and in need of a rally, no matter how small. The U.S. dollar index was down, slightly, while DJIA futures rallied once again.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 118.77 points (0.5%) higher at 24,504.80, the NASDAQ Composite lost 12.76 points (0.2%) to 6,862.32, and the S&P 500 rallied 4.12 points (0.1%) to 2,665.11 Tuesday. DJIA futures were 12 points higher early Wednesday morning.
Asian markets closed mostly higher with Japan’s Nikkei 225 down 108.10 points (0.5%), Hong Kong’s Hang Seng up 428.22 points (1.5%), and China’s Shanghai Composite adding 22.22 points (0.7%). European markets were trading mostly lower with London’s FTSE 100 up 2.02 points, Germany’s DAX down 22.69 points (0.2%), and France’s CAC 40 losing 7.29 points (0.1%).
The euro added 0.0004 to 1.1746 as the U.S. dollar index slipped 0.09 to 94.00. March 30-year T-Bonds were 5/32 lower at 152’16 while February gold gained $1.60 to $1,243.30. January bitcoin was $240 lower at $17,780. Crude oil was $0.41 higher at $57.55 while Brent crude gained $0.52 to $63.86. China’s Dalian soybean futures were higher and Malaysian palm oil futures were lower overnight.