Pre-6 a.m. Globex Prices: December corn is up 3/4 cent, November soybeans are up 3 cents and December KC wheat is up 4 3/4 cents.
CME Globex Recap: Early Thursday, Dow Jones futures are trading lower, the December U.S. Dollar Index is a little lower and foreign stock markets are also mostly lower.
Wednesday afternoon, the Federal Reserve said it will keep interest rates near zero until maximum employment returns and inflation runs persistently above 2%, two conditions that are not expected anytime soon. Crude oil is trading modestly lower as the world’s major oil producers meet Thursday to review the market and discuss the status of production cuts.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 36.78 at 28,032.38 and the S&P 500 down 15.71 at 3,385.49 while the 10-Year Treasury yield ended at 0.69%. Early Thursday, December Dow Jones futures are down 269 points.
Asian markets are lower with Japan’s Nikkei 225 down 156.16 points (-0.7%) and China’s Shanghai Composite down 13.49 points (-0.4%). European markets are lower with London’s FTSE 100 down 40.96 points (-0.7%), Germany’s DAX down 101.24 points (-0.8%) and France’s CAC 40 down 39.63 points (-0.8%).
The December euro is up $.0007 at $1.1828. The December U.S. Dollar Index is down .07 at 93.16. The December 30-year T-bond is up 4/32nds, while December gold is down $18.30 at $1,952.20 and October crude oil is down $0.23 at $39.93. On China’s Dalian Exchange, soybeans, corn and soybean meal are all trading higher. November palm oil was up 2.2% Thursday at a new contract high.