Pre-6 a.m. Globex Prices: December corn is up 1 1/4 cents per bushel, November soybeans are up 5 cents, and September KC wheat is up 4 1/2 cents.
CME Globex Recap: Grains are firmer across the board overnight, led by winter wheat contracts. Bulls and bears continue to argue weather vs. Chinese demand but so far, bears seem to have the edge. Yield ideas are moving higher and weather looks non-threatening through mid-August.
Global equity markets are quietly mixed overnight with competing headlines giving investors pause heading into the weekend. China is seeing a resurgence of coronavirus cases at the same time the United States is trying to manage a restart with schools next month.
Energy markets are higher overnight as crude oil tries to claw back some of the losses posted Thursday following the release of disappointing GDP data. The U.S. Dollar Index is weaker overnight, working on its third consecutive lower close. Gold is making new all-time highs overnight while silver consolidates.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 225.92 at 26,313.65 and the S&P 500 down 12.22 at 3,258.44 while the 10-Year Treasury yield ended at 0.541%. Early Friday, the September DJIA futures are up 46 points.
Asian markets are mixed with Japan’s Nikkei 225 down 629.23 (-2.82%) and China’s Shanghai Composite up 23.18 points (0.71%). European markets are mixed with London’s FTSE 100 down 8.19 points (-0.14%), Germany’s DAX up 44.21 points (0.36%) and France’s CAC 40 up 3.15 points (0.06%).
The September Euro is up 0.002 at 1.190 and the September U.S. dollar index is down 0.199 at 92.810. The September 30-Year T-Bond is up 7/32nds, while August gold is up $28.90 at $1,971.20 and September crude oil is up $0.18 at $40.10. Soybeans on China’s Dalian Exchange were up 1.23% while soybean meal was down 0.17%.