Pre-5:00 a.m. CME Globex: December corn was down 1 3/4, November soybeans were down 4 1/4, and December MPLS wheat was up 1/4.
CME Globex Recap: Global equity markets are sharply lower again this morning after yesterday’s bloodbath proved to be the largest single-day loss since the 2016 Brexit vote. The selloff in US and global debt, which prompted higher yields, finally spooked investors who became worried about sustained economic growth.
Energies are also sharply weaker with crude oil now $5.00/bbl off recent highs. Grains are lower but look like a port in a storm compared with other asset classes. WASDE on tap at 11:00am CDT.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 831.83 points at 26,598.74 and the S&P 500 down 94.66 points at 2,785.68 while the 10-year Treasury yield ended at 3.165%. Early Thursday, DJIA futures were down 296.00. Asian markets were sharply lower with Japan’s Nikkei 225 down 915.18 points (-3.89%) and China’s Shanghai Composite was down 142.38 points (-5.22%). European markets are lower with London’s FTSE 100 down 127.42 points (-1.76%), Germany’s DAX down 148.08 points (-1.26%), and France’s CAC 40 down 76.88 points (-1.48%). The euro was up 0.00170 at 1.15465 and the U.S. dollar index was down at 95.3280. September 30-year T-Bonds were up 0.84% while December gold was up $10.50 at $1203.90 and November crude oil was down $1.35 at $71.82. Soybeans on China’s Dalian Exchange closed down 0.19% and soymeal closed up 0.61%.