6:00 a.m. CME Globex: March corn up 1 3/4 cents, March soybeans up 3 3/4 cents, and March KC Wheat up 3 cents.
CME Globex Recap: Equities are trading cautiously after reports Tuesday the Trump Administration was canceling lower-level trade talks later this week in Washington. Higher-level talks are still scheduled for January 30-31 but the admission the two sides remain a good deal apart with the March 2 deadline a little more than a month away is unsettling.
Grains are in no hurry to go anywhere as fundamental data sets are lacking and interest from producers, end users and fund managers decline at these prices.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 301.87 at 24,404.48 and the S&P 500 down 37.81 at 2,632.90 while the 10-yr Treasury yield ended at 2.748%. Early Wednesday, DJIA futures are up 82.00 points.
Asian markets are mixed with Japan’s Nikkei 225 down 29.19 points (-0.14%) and China’s Shanghai Composite up 1.30 points (0.05%). European markets are mostly lower with London’s FTSE 100 down 13.47 points (-0.20%), Germany’s DAX down 16.89 points (-0.15%), and France’s CAC 40 up 7.13 points (0.15%).
The euro was down 0.00090 at 1.13790 and the U.S. dollar index was up 0.0620 at 96.3620. March 30-year T-Bonds were down 15/32nds while February gold was up $1.00 at $1290.50 and March crude oil was up $0.45 at $53.46. Soybeans on China’s Dalian Exchange closed unchanged while soymeal closed up 0.19%.