6:00 a.m. CME Globex: December corn is unchanged cents per bushel, November soybeans are up 2 1/2 cents, and December K.C. wheat is up 2 3/4 cents.
CME Globex Recap: Another day of mixed equity trade around the globe with the focus still squarely on the trade negotiations between the U.S. and China. Markets had been hoping China would offer enough concessions to prevent President Trump from enacting the next round of tariffs, but the South China Morning Post reported there had been no progress made this week at the deputy-level talks.
High-level officials are expected to leave Thursday evening after one day of discussions unless something happens in the next several hours. The issues remain the same with China not willing to deal on forced technology transfer or structural issues like Chinese state subsidies.
Grains are mostly higher across the board as traders gear up for the October WASDE and storm reports from the Northern Plains. Thunder-snow is already beginning in the Dakotas with most producers expecting to be out of the field at least a week. Most contracts are heading into the report on a rally, so it will be interesting to see the funds resolve depending on what the report numbers say.
OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 181.97 at 26,346.01 and the S&P 500 up 26.34 at 2,893.06 while the 10-Year Treasury yield ended at 1.589%. Early Thursday, the December DJIA futures are down 13 points.
Asian markets are higher with Japan’s Nikkei 225 up 95.6 (0.45%) and China’s Shanghai Composite up 22.85 points (0.78%). European markets are higher with London’s FTSE 100 up 1.65 points (0.02%), Germany’s DAX up 15.66 points (0.13%) and France’s CAC 40 up 22.96 points (0.42%).
The December Euro is up 0.006 at 1.110 and the December U.S. dollar index is down 0.415 at 98.400. The December 30-Year T-Bond is down 6/32nds, while December gold is down $1.40 at $1,511.40 and November crude oil is down $0.02 at $52.57. Soybeans on China’s Dalian Exchange were up 0.18% while soybean meal was up 0.31%.