Pre-6 a.m. Globex Prices: December corn is up 1/4 cent per bushel, November soybeans are down 2 1/4 cents, and September KC wheat is up 1 1/2 cents.
CME Globex Recap: Grain markets are mixed overnight with wheat showing strength while row crops are steady to lower. Ideas of growing supply continue to more than offset strong demand on the export front. Until the market gets past the August WASDE, it will be difficult to move the focus off yield.
Global equities are mostly lower overnight with the U.S. staring at a lower open ahead of the latest jobs data later Friday morning. The July payroll data is expected to show an increase of 1.5 million jobs which would be a slowdown from the 4.8 million added in June and 2.7 million added in May.
Energy markets are weaker overnight with the spot contract unable to push through the 200-day moving average so far. The U.S. Dollar Index is higher overnight but mostly consolidating near recent lows. Precious metals are slightly weaker overnight.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 185.46 at 27,386.98 and the S&P 500 up 21.39 at 3,327.77 while the 10-Year Treasury yield ended at 0.536%. Early Friday, the September DJIA futures are down 134 points.
Asian markets are lower with Japan’s Nikkei 225 down 88.21 (-0.39%) and China’s Shanghai Composite down 32.43 points (-0.96%). European markets are lower with London’s FTSE 100 down 6.62 points (-0.11%), Germany’s DAX down 9.6 points (-0.08%) and France’s CAC 40 down 21.16 points (-0.43%).
The September Euro is down 0.006 at 1.180 and the September U.S. dollar index is up 0.422 at 93.190. The September 30-Year T-Bond is up 4/32nds, while December gold is down $1.80 at $2,067.60 and September crude oil is down $0.38 at $41.57. Soybeans on China’s Dalian Exchange were up 0.58% while soybean meal was down 0.28%.