6:00 a.m. CME Globex: March corn was 1 cent higher, March soybeans were 4 cents lower, and March Chicago (SRW) wheat was 1 cent higher.
CME Globex Recap: Early Wednesday morning finds the grain and oilseed complex switched from early Tuesday with soybeans lower while corn and wheat traded higher. Hardest hit was the March soybean contract, pressured in part by overnight selling in soybean meal.
Other commodity sectors were mostly higher with gold posting a double-digit rally and crude oil showing small gains. The U.S. dollar was weaker against other currencies, again, with the index showing a solid loss.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 3.79 points lower at 26,210.81, the NASDAQ Composite gained 52.26 points (0.7%) to 7,460.29, and the S&P 500 added 6.16 points (0.2%) to 2,839.13 Tuesday. DJIA futures were 58 points higher early Wednesday morning.
Asian markets closed mostly higher with Japan’s Nikkei 225 down 183.37 points (0.8%), Hong Kong’s Hang Seng up 27.99 points, and China’s Shanghai Composite gaining 12.96 points (0.4%). European markets were trading mostly higher with London’s FTSE 100 down 17.60 points (0.2%), Germany’s DAX up 4.98 points, and France’s CAC 40 rallying 2.21 points.
The euro was 0.0036 higher at 1.2334 as the U.S. dollar index fell 0.40 to 89.70. March 30-year T-Bonds were 5/32 lower at 149’02 while February gold gained $12.70 to $1,349.40. Crude oil was $0.10 higher at $64.57 and Brent crude slipped $0.13 to $69.83. China’s Dalian soybean futures were lower and Malaysian palm oil futures were higher overnight.