Pre-6 a.m. Globex Prices: December corn is up 3 cents per bushel, November soybeans are up 8 3/4 cents, and December KC wheat is up 3 3/4 cents.
CME Globex Recap: Global equities are mostly weaker overnight while U.S. futures are trading flat ahead of the cash open later Wednesday morning. In the U.S., prospects for another round of stimulus seemed to improve with Speaker Pelosi voicing optimism about reaching a deal with Secretary Mnuchin in coming days.
Senate Majority McConnell said if there is a Pelosi-Mnuchin bill that is fully supported by President Trump, he will bring it to the floor of the Senate. Energy markets are weaker overnight with crude and products all off over 1.0%. The U.S. Dollar Index is pushing to new lows and is at the lowest level since early September.
Grain futures are higher across the board overnight as trends continue and the path of least resistance is certainly up.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 113.37 at 28,308.79 and the S&P 500 up 16.20 at 3,426.92 while the 10-Year Treasury yield ended at 0.797%. Early Wednesday, the December DJIA futures are down 8 points.
Asian markets are higher with Japan’s Nikkei 225 up 72.42 (0.31%) and China’s Shanghai Composite down 3.08 points (-0.09%). European markets are lower with London’s FTSE 100 down 64.69 points (-1.1%), Germany’s DAX down 96.11 points (-0.75%) and France’s CAC 40 down 45.26 points (-0.92%).
The December Euro is up 0.003 at 1.190 and the December U.S. dollar index is down 0.271 at 92.780. The December 30-Year T-Bond is down 6/32nds, while December gold is up $6.00 at $1,921.40 and December crude oil is down $0.60 at $41.10. Soybeans on China’s Dalian Exchange were down 1.35% while soybean meal was up 0.52%.