Pre-6 a.m. Globex Prices: December corn is up 4 1/2 cents per bushel, January soybeans are up 10 1/4 cents, and March KC wheat is up 1 3/4 cents.
CME Globex Recap: Grain futures are solidly higher again overnight, looking to add another strong week of gains for corn and soybeans. It’s difficult to poke holes in the bull story on row crops, although fund positions will need to be monitored moving forward.
Equity markets are mixed to higher overnight although U.S. futures are point toward small losses later Friday morning. Investors seem nervous heading into the Thanksgiving holiday next week given the surging nature of coronavirus cases and the potential for that to accelerate as family gatherings take place around the country.
There continues to be very little ground made on additional stimulus measures which will be absolutely crucial if further lockdown measures are enacted. Energy markets are firmer overnight with spot crude oil futures back over 42.00 per barrel and above major moving averages.
The U.S. Dollar Index is slightly higher and is trying to close higher for the first time in seven sessions. Precious metals are higher overnight with silver up over 1.0%.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 44.81 at 29,483.23 and the S&P 500 up 14.08 at 3,567.79 while the 10-Year Treasury yield ended at 0.854%. Early Friday, the December DJIA futures are down 65 points.
Asian markets are mixed with Japan’s Nikkei 225 down 106.97 (-0.42%) and China’s Shanghai Composite up 14.64 points (0.44%). European markets are higher with London’s FTSE 100 up 45.73 points (0.72%), Germany’s DAX up 64.83 points (0.5%) and France’s CAC 40 up 35.04 points (0.64%).
The December Euro is down 0.002 at 1.190 and the December U.S. dollar index is up 0.106 at 92.390. The December 30-Year T-Bond is up 17/32nds, while December gold is up $2.90 at $1,864.40 and January crude oil is up $0.39 at $42.29. Soybeans on China’s Dalian Exchange were down 1.29% while soybean meal was up 0.7%.