6:00 a.m. CME Globex: March corn was 3 cents higher, March soybeans were 18 cents higher, and July Kansas City (HRW) wheat was 8 cents higher.
CME Globex Recap: Little to no rain across Argentina this past weekend sparked a sharp rally in soybeans to start the overnight session, and the market didn’t look back through early Monday morning. The wheat complex also posted a solid rally, led by Kansas City (HRW). Corn traded higher as it rode the coattails of soybeans.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 330.44 points (1.4%) higher at 24,190.90, the Nasdaq Composite gained 97.33 points (1.4%) to 6,874.49, and the S&P 500 rallied 38.55 points (1.5%) to 2,619.55 Friday. DJIA futures were 285 points higher early Monday morning, hinting at another explosive session to start the week.
Asian markets closed mostly lower with Japan’s Nikkei 225 closed, Hong Kong’s Hang Seng down 47.79 points (0.2%), and China’s Shanghai Composite up 24.27 points (0.8%). European markets were trading higher with London’s FTSE 100 up 210.74 points (1.7%), Germany’s DAX gaining 74.22 points (1.5%), and France’s CAC 40 adding 5.40 points (1.5%).
The euro was 0.0021 higher at 1.2272 while the U.S. dollar index lost 0.14 to 90.19. March 30-year T-Bonds were 24/32 lower at 143’13 while April gold rallied $6.60 to $1,322.30. Crude oil was $1.07 higher at $60.27 and Brent crude added $0.95 to $63.74. China’s Dalian soybean and Malaysian palm oil futures were both higher again overnight.