DTN Grain Open: The Haves and Have Nots

Planting corn. ©Debra L Ferguson Stock Photography

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

CME Globex Recap: Most of the global oilseed complex was higher overnight, with only Dalian soybeans and Chicago soybean oil posting losses. On the other hand, the grain complex was lower with the exception being rice. Energies were higher, supported by another solid rally in DJIA futures, though a slightly stronger U.S. dollar index had gold under pressure.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 171.58 points (0.7%) lower at 25,007.03, the NASDAQ Composite lost 77.31 points (1.0%) to 7,511.01, and the S&P 500 dropped 17.71 points (0.6%) to 2,765.31 Tuesday. DJIA futures were 119 points higher early Wednesday morning.

Asian markets closed lower with Japan’s Nikkei 225 down 190.81 points (0.9%), Hong Kong’s Hang Seng losing 166.44 points (0.5%), and China’s Shanghai Composite off 18.86 points (0.6%). European markets were trading mostly higher with London’s FTSE 100 up 17.29 points (0.2%), Germany’s DAX adding 41.13 points (0.3%), and France’s CAC 40 gaining 16.74 points (0.3%).

The euro was 0.0021 lower at 1.2371 while the U.S. dollar index rallied 0.11 to 89.80. March 30-year T-Bonds were 7/32 higher at 145’12 while April gold dropped $1.70 to $1,325.40. Crude oil was $0.27 higher at $60.98 as Brent crude gained $0.30 to $64.94. China’s Dalian soybean futures were lower and Malaysian palm oil futures were higher overnight.

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