DTN Grain Open: Soft as Trade War Persists

The Port of Rosedale - Rosedale, Mississippi - Mississippi River ©Debra L Ferguson Stock Photography

6:00 a.m. CME Globex: March corn is down 1 1/2 cents per bushel, January soybeans are down 2 cents, and March KC wheat is down 2 1/2 cents.

CME Globex Recap: Global equities are quiet to weaker overnight, awaiting the Federal Reserve’s decision on interest rate policy later Wednesday. Most analysts believe the Federal Reserve will leave benchmark rates unchanged, hitting the pause button on the recent string of rate cuts.

Grain markets are weaker overnight, moving past an incredibly quiet December WASDE report to refocus on trade war rhetoric and South American weather. Production in the United States remains unsettled, and the round of USDA reports in January isn’t likely to settle that debate given the amount of unharvested grain in the Upper Midwest. The near future remains one of uncertainty with prices likely remaining inside recent ranges until a resolution to the trade war or a major shift in South American weather occurs.

OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 27.88 at 27,881.72 and the S&P 500 down 3.44 at 3,135.96 while the 10-Year Treasury yield ended at 1.833%. Early Wednesday, the December DJIA futures are down 32 points.

Asian markets are mixed with Japan’s Nikkei 225 down 18.33 (-0.08%) and China’s Shanghai Composite up 7.1 points (0.24%). European markets are mixed with London’s FTSE 100 down 0.41 points (-0.01%), Germany’s DAX up 37.27 points (0.29%) and France’s CAC 40 down 5.4 points (-0.09%).

The December Euro is down 0.002 at 1.110 and the December U.S. dollar index is up 0.090 at 97.475. The March 30-Year T-Bond is up 8/32nds, while February gold is up $3.30 at $1,471.40 and January crude oil is down $0.37 at $58.87.

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