6:00 a.m. CME Globex: March corn was fractionally lower, March soybeans were unchanged, and March Chicago (SRW) wheat was 1 cent higher.
CME Globex Recap: Grain and oilseed markets are doing impersonations early Thursday morning with wheat trying to be a bull market, soybeans pulling off a strong corn impression, and corn convincing everyone it’s actually a door knob. The net result of this overnight talent show is a solidly mixed morning.
In other news, cotton is pretending to be cattle as it posts a strong triple-digit rally. Gold and crude oil are both lower, despite a weaker U.S. dollar and DJIA futures are near unchanged following Wednesday’s 300 point-plus rally by the big board.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 322.79 points (1.3%) higher at 26,115.65, the NASDAQ Composite gained 74.59 points (1.0%) to 7,298.28, and the S&P 500 gained 26.14 points (0.9%) to 2,802.56 Wednesday. DJIA futures were 2 points higher early Thursday morning.
Asian markets closed mostly higher with Japan’s Nikkei 225 down 104.97 points (0.4%), Hong Kong’s Hang Seng up 138.53 points (0.4%), and China’s Shanghai Composite adding 30.08 points (0.9%). European markets were trading mostly higher with London’s FTSE 100 off 30.99 points (0.4%), Germany’s DAX up 55.98 points (0.4%), and France’s CAC 40 gaining 8.99 points (0.2%).
The euro gained 0.0044 to 1.2232 as the U.S. dollar index fell 0.36 to 90.62. March 30-year T-Bonds were 19/32 lower at 149’23 while February gold fell $8.80 to $1,330.40. Crude oil was $0.03 lower at $63.94 while Brent crude lost $0.08 to $69.29. China’s Dalian soybean and Malaysian palm oil futures were both lower again overnight.