6:00 a.m. CME Globex: December corn was down 1/4 cents, November soybeans were up 5 cents, and December K.C. wheat was down 2 1/4 cents.
CME Globex Recap: Mixed equity markets Tuesday morning but the real feature is the continued strength in energy markets. Crude oil is trading to fresh 2 1/2-month highs as the Organization of the Petroleum Exporting Countries sees no reason to increase production to bring down oil prices.
The Trump administration is likely to find themselves at odds with OPEC, adding to trade woes. The soy complex is bouncing overnight on strength from Chinese markets while grains continue to back-and-fill.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 181.45 points at 26,562.05 and the S&P 500 down 10.30 points at 2,919.37 while the 10-year Treasury yield ended at 3.093%. Early Tuesday, DJIA futures were up 4.00.
Asian markets are mixed with Japan’s Nikkei 225 up 70.33 points (0.29%) and China’s Shanghai Composite down 16.35 (-0.58%). European markets are higher with London’s FTSE 100 up 14.13 points (0.19%), Germany’s DAX up 19.97 points (0.16%), and France’s CAC 40 up 10.98 points (0.20%).
The euro was up 0.00020 at 1.18380 and the U.S. dollar index was down 0.0620 at 94.1930. September 30-year T-Bonds were down 19/32nds while December gold was up $0.10 at $1,204.50 and November crude oil was up $0.51 at $72.59 Soybeans on China’s Dalian Exchange closed up 0.79% while meal was up 1.75%.