DTN Grain Open: Chicago Wheat Presses Higher

Hand full of mature wheat heads. Photo: K-State Research and Extension - Creative Commons

6:00 a.m. CME Globex: March corn is up 3 cents, March soybeans are up 2 1/2 cents and March Chicago wheat is up 11 1/2 cents.

CME Globex Recap: March Chicago wheat is trading higher early Tuesday, bouncing back from last week’s 16-cent drop with another show of support from lower SRW wheat supplies.

Row crops are steady to higher with harvest making steady progress in Brazil. U.S. and European stocks were starting lower Tuesday after Apple expressed concern about the impact of coronavirus on its business.

OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 25.23 at 29,398.08 and the S&P 500 up 6.22 at 3,380.16 while the 10-Year Treasury yield ended at 1.59%. Early Tuesday, March Dow Jones futures are down 165 points.

Asian markets are mostly lower with Japan’s Nikkei 225 down 329.44 (-1.4%) and China’s Shanghai Composite up 1.35 points (0.1%). European markets are lower with London’s FTSE 100 down 47.04 points (-0.6%), Germany’s DAX down 77.92 points (-0.6%) and France’s CAC 40 down 22.15 points (-0.4%). The March euro is down $.0012 at $1.0848.

The March U.S. dollar index is up 0.07 at 99.08. The March 30-year T-bond is up 31/32nds, while April gold is up $4.30 at $1,590.70 and April crude oil is down $0.72 at $51.60. Soybeans are slightly higher on China’s Dalian Exchange while soybean meal is modestly lower. April palm oil was down 0.2% overnight and is still near its three-month low.

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