6:00 a.m. CME Globex: March corn was down 2 3/4 cents, January soybeans were down 3 3/4 cents, and March KC wheat was up 3/4 cent.
CME Globex Recap: Equity markets around the globe are handling the government shutdown fairly well with no rioting and anarchy as feared without the steady hand of government.
Without a deal to reopen the government, regular weekly reports will be delayed, including daily export sales announcements. If the shutdown lasts long enough, it could even affect the January WASDE. Fortunately, the shutdown is occurring around the largest holiday of the calendar year, which should limit the impact.
Ag markets are trading mixed Monday morning as the technical breakdowns last week in row crops are weighing on prices with carryover selling. U.S. wheat is back to a competitive position into major wheat destinations. Ag markets will close at 12:00 p.m. CST and re-open at 8:30 a.m. CST Wednesday morning.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 414.23 at 22,445.37 and the S&P 500 down 50.80 at 2,416.62 while the 10-yr Treasury yield ended at 2.788%. Early Monday, DJIA futures are up 89.00. Asian markets were mixed with Japan’s Nikkei 225 closed and China’s Shanghai Composite was up 10.76 points (0.43%).
European markets are lower with London’s FTSE 100 down 26.14 points (-0.39%), Germany’s DAX up 22.72 points (0.21%), and France’s CAC 40 down 48.98 points (-1.08%). The euro was up $0.00345 at $1.14260 and the U.S. dollar index was down 0.2060 at 96.7450. December 30-year T-Bonds were up 5/32nds while February gold was up $6.00 at $1264.10 and February crude oil was down $0.10 at $45.49. Soybeans on China’s Dalian Exchange closed up 0.19% and soymeal closed down 1.55%.