6:00 a.m. CME Globex: March corn is up 2 cents per bushel, March soybeans are up 4 1/4 cents, and March K.C. wheat is down 3/4 cents.
CME Globex Recap: Stronger global equity markets this morning as optimism grows toward a deal to keep the U.S. government open past this Friday’s deadline. The deal salvaged between Republicans and Democrats would force Mr. Trump to accept less money for his border barrier than what he has been proposing. Grain markets are mixed this morning as corn and soybeans claw back from a poor showing Monday.
If current new crop prices hold through the rest of February, producers will have some difficult choices to make about spring rotations given the relatively tight spread between commodities and profitability.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 53.22 at 25,053.11 and the S&P 500 up 1.92 at 2,707.88 while the 10-Year Treasury yield ended at 2.661%. Early Tuesday, the March DJIA futures are up 167 points.
Asian markets are higher with Japan’s Nikkei 225 up 531.04 (2.61%) and China’s Shanghai Composite up 18 points (0.68%). European markets are higher with London’s FTSE 100 up 28.89 points (0.41%), Germany’s DAX up 131.05 points (1.19%) and France’s CAC 40 up 51.34 points (1.02%).
The March Euro is up 0.001 at 1.130 and the March U.S. dollar index is down 0.002 at 96.855. The March 30-Year T-Bond is down 12/32nds, while April gold is up $4.90 at $1,316.80 and March crude oil is up $0.54 at $52.95. Soybeans on China’s Dalian Exchange were up 0.49% while soybean meal was up 0.73%.