DTN Grain Open: Markets Take a Breather Overnight

Photo: Justin Ballew, Clemson University

6:00 a.m. CME Globex: March corn was 1 cent lower, March soybeans were 2 cents lower, and July Kansas City (HRW) wheat was 3 cents lower.

CME Globex Recap: Grain and oilseed markets were showing small losses early Tuesday morning, mostly, though only to gear up for the next rally. The U.S. dollar was weaker, with the Index being pummeled versus other currencies due to stronger global stock markets. However, DJIA futures were showing another triple-digit loss overnight hinting at continued high volatility. Metals and energies were mostly higher while softs were mostly lower.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 410.37 points (1.7%) higher at 24,601.27, the NASDAQ Composite gained 107.47 points (1.6%) to 6,981.96, and the S&P 500 rallied 36.45 points (1.4%) to 2,656.00 Monday. DJIA futures were 170 points lower early Tuesday morning, hinting at another volatile session.

Asian markets closed mostly higher with Japan’s Nikkei 225 down 137.94 points (0.7%), Hong Kong’s Hang Seng up 379.90 points (1.3%), and China’s Shanghai Composite up 30.83 points (1.0%). European markets were trading mostly lower with London’s FTSE 100 up 12.02 points (0.2%), Germany’s DAX down 29.99 points (0.2%), and France’s CAC 40 off 9.20 points (0.2%).

The euro was 0.0051 higher at 1.2344 while the U.S. dollar index fell 0.39 to 89.71. March 30-year T-Bonds were 14/32 higher at 144’27 while April gold gained $5.30 to $1,331.70. Crude oil was $0.03 lower at $59.26 and Brent crude added $0.16 to $62.75. China’s Dalian soybean futures were slightly higher and Malaysian palm oil futures were lower overnight.

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