DTN Grain Open: Buyers Back in Wheat

6:00 a.m. CME Globex: July corn was 2 cents higher, July soybeans were 6 cents higher, and July Kansas City (HRW) wheat was 11 cents higher.

CME Globex Recap: Kansas City wheat roared higher overnight into early Thursday morning on what looked to be increased commercial buying interest. Soybeans followed, erasing some of Wednesday’s sharp loss while corn trailed behind. The U.S. dollar index and DJIA futures were both quiet overnight as gold moved lower and crude oil rallied.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 62.52 points (0.2%) higher at 24,768.93, the Nasdaq Composite gained 46.67 points (0.6%) to 7,398.30, and the S&P 500 added 11.01 points (0.4%) to 2,722.46 Wednesday. DJIA futures were 1 point higher early Thursday morning.

Asian markets closed mostly lower with Japan’s Nikkei 225 up 121.14 points (0.5%), Hong Kong’s Hang Seng down 168.05 points (0.5%), and China’s Shanghai Composite off 15.28 points (0.5%). European markets were trading mostly higher with London’s FTSE 100 up 7.81 points (0.1%), Germany’s DAX up 44.66 points (0.3%), and France’s CAC 40 gaining 28.44 points (0.5%).

The 10-year Treasury yield was at 3.095% with June 30-year T-Bonds 4/32 lower at 140’26. The euro was 0.0008 lower at 1.1799 as the U.S. dollar index gained 0.12 to 93.44. June gold lost $4.70 to $1,286.80 while crude oil added $0.57 to $72.06. China’s Dalian soybean futures were mixed and Malaysian palm oil futures were higher overnight.

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