DTN Grain Open: It’s All About the Soybeans

©Debra L Ferguson Stock Photography

6:00 a.m. CME Globex: March corn was 1 cent lower, March soybeans were 14 cents higher, and July Kansas City (HRW) wheat was 3 cents higher.

CME Globex Recap: Another mostly dry weekend in Argentina sparked a strong overnight rally in soybean meal and soybeans overnight into Tuesday morning. Wheat markets were also higher, though Kansas City lost some of its early gains, while corn could muster only a 1 cent rally. In other news, the U.S. dollar index rocketed higher putting pressure on the metals complex. Energies were mixed while DJIA futures showed triple-digit losses.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 19.01 points higher at 25,219.38, the NASDAQ Composite lost 16.96 points (0.2%) to 7,239.47, and the S&P 500 added 1.02 points to 2,732.22 Friday. DJIA futures were 188 points lower early Tuesday morning, hinting at another volatile session.

Asian markets closed lower with Japan’s Nikkei 225 down 224.11 points (1.0%), Hong Kong’s Hang Seng off 241.80 points (0.8%), and China’s Shanghai Composite closed for holiday. European markets were trading mixed with London’s FTSE 100 down 15.45 points (0.2%), Germany’s DAX up 7.58 points, and France’s CAC 40 gaining 11.83 points (0.2%).

The euro was 0.0070 lower at 1.233 while the U.S. dollar index rallied 0.47 to 89.66. March 30-year T-Bonds were 12/32 lower at 143’27 while April gold fell $16.30 to $1,339.30. Crude oil was $0.19 higher at $61.87 and Brent crude dropped $0.80 to $64.87. China’s Dalian soybean futures were closed and Malaysian palm oil futures were lower overnight.

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