Pre-6 a.m. Globex Prices: December corn is down 3/4 cent, November soybeans are up 4 cents and December KC wheat is up 1 1/2 cents.
CME Globex Recap: Early Wednesday, Dow Jones futures are trading higher and the December U.S. Dollar Index is lower with Europe’s stock markets mostly higher. According to CNBC.com, the Organization of Economic Cooperation and Development increased its estimate of world GDP growth in 2020 from -6.0% to -4.5%.
Later Wednesday, the Federal Reserve will give its assessment of the economy and is expected to keep interest rates near zero for the foreseeable future. December gold and October crude oil are both higher to start the day.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 2.27 at 27,995.60 and the S&P 500 up 17.66 at 3,401.20 while the 10-Year Treasury yield ended at 0.68%. Early Wednesday, December Dow Jones futures are up 97 points.
Asian markets are mixed with Japan’s Nikkei 225 up 20.64 points (0.09%) and China’s Shanghai Composite down 11.76 points (-0.36%). European markets are mixed with London’s FTSE 100 down 2.10 points (-0.03%), Germany’s DAX up 16.42 points (0.12%) and France’s CAC 40 up 4.70 points (0.09%).
The December euro is up $.0022 at $1.1899. The December U.S. Dollar Index is down 0.21 at 92.88. The December 30-year T-bond is up 3/32nds, while December gold is up $9.30 at $1,975.50 and October crude oil is up $0.97 at $39.25. On China’s Dalian Exchange, soybeans and corn are slightly lower and meal is trading lower. November palm oil did not trade Wednesday but was up 1.7% Tuesday at a new contract high.