DTN Grain Open: Mixed with Focus on Weather, Trade Deadline

Mississippi River Port - Grain Elevators, Rosedale, Mississippi ©Debra L Ferguson

6:00 a.m. CME Globex: March corn is up 1 1/4 cents per bushel, January soybeans are down 2 1/2 cents, and March KC wheat is up 1 1/4 cents.

CME Globex Recap: Global equities are mostly higher overnight and holding together better than expected considering the Federal Reserve’s messaging post-FOMC meeting was one of steady rates during 2020. As addicted as financial markets have gotten to cheap and falling interest rates as of late, expectations for a year of steady rates was received well. The Federal Reserve dot plot doesn’t see any interest rate increases in 2020, sees a 25 basis point hike in 2021 and a second 25 basis point hike in 2022.

Grains are mixed with corn higher, soybeans lower and mixed changes at the three wheat exchanges. Traders will be looking forward to export sales Thursday morning to see if commitments bounced back following the Thanksgiving holiday. Nothing fresh to report on the trade war front with the tariff deadline of December 15 only three days away. Most still believe an extension will be granted but expect some volatility until it is announced.

OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 29.58 at 27,911.30 and the S&P 500 up 9.11 at 3,132.52 while the 10-Year Treasury yield ended at 1.79%. Early Thursday, the December DJIA futures are up 14 points.

Asian markets are mixed with Japan’s Nikkei 225 up 32.95 (0.14%) and China’s Shanghai Composite down 8.72 points (-0.3%). European markets are higher with London’s FTSE 100 up 39.65 points (0.55%), Germany’s DAX up 13.14 points (0.1%) and France’s CAC 40 up 20.93 points (0.36%).

The December Euro is down 0.001 at 1.110 and the December U.S. dollar index is up 0.079 at 97.135. The March 30-Year T-Bond is down 12/32nds, while February gold is up $3.70 at $1,478.70 and January crude oil is up $0.35 at $59.11. Soybeans on China’s Dalian Exchange were up 0.15% while soybean meal was down 0.46%.

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