DTN Grain Open: Bullish Momentum Continues

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6:00 a.m. CME Globex: March corn was fractionally higher, March soybeans were 2 cents higher, and March Chicago (SRW) wheat was 1 cent higher.

CME Globex Recap: Grain and oilseed markets were able to keep Wednesday’s bullish momentum going overnight, with contracts nearly across the board showing green early Thursday. The exceptions were canola and Malaysian palm oil, and these could possibly pull Chicago bean oil lower before the overnight session ends.

Support continues to come from a weakening U.S. dollar. DJIA futures were higher, again, as the bullish stock market train just keeps climbing the hill. Other commodity sectors were also higher with solid gains seen in metals, energies, and softs.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 41.31 points (0.2%) higher at 26,252.12, the NASDAQ Composite lost 45.23 points (0.6%) to 7,415.06, and the S&P 500 dipped 1.59 points to 2,837.54 Wednesday. DJIA futures were 43 points higher early Thursday morning.

Asian markets closed mostly lower with Japan’s Nikkei 225 down 271.29 points (1.1%), Hong Kong’s Hang Seng off 304.24 points (0.9%), and China’s Shanghai Composite losing 11.16 points (0.3%). European markets were trading mixed with London’s FTSE 100 up 6.61 points (0.1%), Germany’s DAX down 16.46 points (0.1%), and France’s CAC 40 up 25.68 points (0.5%).

The euro was 0.0007 higher at 1.2416 as the U.S. dollar index lost another 0.15 to 89.09. March 30-year T-Bonds were 7/32 higher at 148’22 while February gold gained $2.60 to $1,358.90. Crude oil was $0.47 higher at $66.08 and Brent crude added $0.33 to $70.86. China’s Dalian soybean futures were higher and Malaysian palm oil futures were lower overnight.


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