6:00 a.m. CME Globex: March corn is up 3/4 cent per bushel, January soybeans are up 4 1/4 cents, and March KC wheat is up 1/4 cent.
CME Globex Recap: Global equities are higher around the overnight with futures pointing toward a higher open in the U.S. ahead of the monthly payroll data later Friday morning. Average trade estimates are looking for November payrolls to show a gain of 184,000 jobs during the month, up from 128,000 in October.
Growth of 184,000 would compare with the six-month average of 156,000. The November unemployment rate is expected to be unchanged at 3.6%, just above September’s 50-year low of 3.5%.
Grain markets are mostly higher overnight, led by soybeans, as some still believe we will see a trade deal before the December 15. Without a trade deal, the U.S. is set to impose more tariffs on Chinese goods, although earlier this fall, President Trump suspended planned tariff increases to give negotiators more time.
In the spirit of Christmas, there is a chance this could happen again if a breakthrough is not achieved. Harvest continues to plod along in the Northern Plains and will continue the rest of December and into 2020.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 28.01 at 27,677.79 and the S&P 500 up 4.67 at 3,112.76 while the 10-Year Treasury yield ended at 1.797%. Early Friday, the December DJIA futures are up 59 points.
Asian markets are higher with Japan’s Nikkei 225 up 54.31 (0.23%) and China’s Shanghai Composite up 12.55 points (0.43%). European markets are higher with London’s FTSE 100 up 52.17 points (0.73%), Germany’s DAX up 26.13 points (0.2%) and France’s CAC 40 up 21.79 points (0.38%).
The December Euro is down 0.001 at 1.110 and the December U.S. dollar index is up 0.044 at 97.415. The March 30-Year T-Bond is up 3/32nds, while February gold is down $3.30 at $1,479.80 and January crude oil is down $0.06 at $58.37. Soybeans on China’s Dalian Exchange were up 0.09% while soybean meal was up 0.57%.