6:00 a.m. CME Globex: July corn was down 1 3/4 cents, July soybeans were down 8 3/4 cents, and July Kansas City (HRW) wheat was down 6 1/4 cents.
CME Globex Recap: European stock markets are lightly higher and Dow Jones futures are modestly higher early Wednesday, just hours away from another Federal Reserve statement that is likely to include another rate hike of a quarter percent and possibly have interesting clues about what lies ahead. The June U.S. dollar index is slightly lower and the commodity board is nearly all red to start the day, grains included.
OUTSIDE MARKETS: Tuesday’s trading saw the Dow Jones Industrial Average close down 1.58 points at 25,320.73 and the S&P 500 up 4.85 points to 2,786.85, while the 10-year Treasury yield ended at 2.96%. Early Wednesday, DJIA futures were up 32 points.
Asian markets were mixed with Japan’s Nikkei 225 up 88.02 points (0.4%) and China’s Shanghai Composite down 30.01 points (-1.0%). European markets were a little higher with London’s FTSE 100 up 7.94 points (0.1%), Germany’s DAX up 17.22 points (0.1%), and France’s CAC 40 up 11.46 points (0.2%).
The euro was up 0.0005 and the U.S. dollar index was up 0.01 to 93.83. June 30-year T-Bonds were down 9/32nds while August gold was down $1.20 to $1,298.10 and July crude oil was down $0.13 at $66.23. China’s Dalian soybeans were steady and Malaysian palm oil futures were down 0.4% overnight.