6:00 a.m. CME Globex: July corn was 3 cents higher, July soybeans were 18 cents higher, and July Kansas City (HRW) wheat was 4 cents higher.
CME Globex Recap: Soybeans rocketed higher at the sound of the opening bell Sunday evening, sparked by weekend headlines that trade agreements between the United States and China were near. Most important to the soybean market was the removal of possible import tariffs by China. While nothing absolute or official was announced, DJIA futures also jumped an early 200 points. Meanwhile, gold was lower again.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 1.11 points higher at 24,715.09, the NASDAQ Composite lost 28.13 points (0.4) to 7,354.34, and the S&P 500 dipped 7.16 points (0.3%) to 2,712.97 Friday. DJIA futures were 228 points higher early Monday morning.
Asian markets closed mostly higher with Japan’s Nikkei 225 up 72.01 points (0.3%), Hong Kong’s Hang Seng gaining 186.44 points (0.6%), and China’s Shanghai Composite up 20.54 points (0.6%). European markets were trading mostly higher with London’s FTSE 100 up 66.87 points (0.8%), Germany’s DAX down 36.89 points (0.3%), and France’s CAC 40 gaining 37.80 points (0.7%).
The 10-year Treasury yield was at 3.067% with June 30-year T-Bonds 2/32 lower at 141’04. The euro was 0.0024 lower at 1.1747 as the U.S. dollar index gained 0.25 to 93.91. June gold lost $8.00 to $1,283.30 while crude oil added $0.11 to $71.39. China’s Dalian soybean futures were higher and Malaysian palm oil futures were lower overnight.