Pre-6 a.m. Globex Prices: December corn is up 1/2 cent per bushel, November soybeans are up 3 1/2 cents, and December KC wheat is down 1/2 cent.
CME Globex Recap: Grain markets were mixed overnight with corn trading either side of unchanged. The soy complex was firmer and the wheat markets were mixed across the three exchanges. Grain markets rallied with relative ease, highlighting the path of least resistance. We have not seen telltale signs of exhaustion buying, suggesting another leg higher is still likely.
Equity trade is weaker around the globe overnight with U.S. futures also pointed at a lower open. The White House said the goal is still for a stimulus agreement in the next 48 hours, which would be sometime Friday. Speaker Pelosi said on Wednesday she is “pretty happy” about the talks.
The legislative calendar could be busy before election day, however, with a planned vote on Supreme Court justice nominee Amy Coney Barrett as well as a major stimulus package. Energy markets were firmer overnight with crude oil back north of $40.00 per barrel. The U.S. Dollar Index has stabilized inside Wednesday’s 1-1/2 month low.
Previous closes on Wednesday showed the Dow Jones Industrial Average down 97.97 at 28,210.82 and the S&P 500 down 7.56 at 3,443.12 while the 10-year Treasury yield ended at 0.816%. Early Thursday, the December DJIA futures are down 43 points.
Asian markets are lower with Japan’s Nikkei 225 down 165.19 (0.7%) and China’s Shanghai Composite down 12.52 points (0.38%). European markets are lower with London’s FTSE 100 down 20.24 points (0.35%), Germany’s DAX down 69.12 points (0.55%) and France’s CAC 40 down 27.29 points (0.56%).
The December euro is down 0.003 at 1.180 and the December U.S. Dollar Index is up 0.286 at 92.885. The December 30-year T-Bond is up 4/32nds, while December gold is down $10.10 at $1,919.40 and December crude oil is up $0.25 at $40.28. Soybeans on China’s Dalian Exchange were down 1.89% while soybean meal was down 0.21%.