6:00 a.m. CME Globex: July corn was fractionally higher, July soybeans were 4 cents higher, and July Kansas City (HRW) wheat was 7 cents higher.
CME Globex Recap: Tuesday afternoon saw headlines of China offering to buy $70 billion of U.S. goods, including agricultural products, if the administration would drop its proposed tariffs. This helped spark renewed buying interest in the U.S. soybean market after it struggled late in Tuesday’s session.
The rest of the grain and oilseed complex was also higher with winter wheat once again leading the way. Other commodities were mixed, though both gold and crude oil continue to move lower despite a weaker U.S. dollar.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 13.71 points lower at 24,799.98, the NASDAQ Composite gained 31.40 points (0.4%) to 7,637.86, the S&P 500 added 1.93 points to 2,748.80, and the 10-year Treasury yield closed at 2.919% Tuesday. DJIA futures were 80 points higher early Wednesday morning.
Asian markets closed higher with Japan’s Nikkei 225 up 86.19 points (0.4%), Hong Kong’s Hang Seng up 165.55 points (0.5%), and China’s Shanghai Composite up 0.97 point. European markets were trading higher with London’s FTSE 100 up 28.87 points (0.4%), Germany’s DAX up 65.64 points (0.5%), and France’s CAC 40 up 8.07 points (0.2%).
The euro was 0.0048 higher at 1.1767 as the U.S. dollar index dropped another 0.24 to 93.64. June 30-year T-Bonds were 19/32 lower at 143’23 while August gold fell $3.10 to $1,299.10 and crude oil lost $0.17 to $65.35. China’s Dalian soybean and Malaysian palm oil futures were both lower overnight.