Pre-6 a.m. Globex Prices: March corn is down 3/4 cent per bushel, January soybeans are up 5 1/4 cents, and March KC wheat is down 3 cents.
CME Globex Recap: Grain markets are mixed with the soy complex recovering from Wednesday’s selloff while wheat and corn back-and-fill after their higher close. Weather and weekly demand indicators continue to drive the bus until supply comes back in focus after the first of the year.
Mixed to weaker equity trade overnight with a rather muted U.S. opening expected according to futures. Investors seem captivated by stimulus talks in the U.S. and looming economic data like the unemployment report Friday morning. The latest stimulus proposal, which has bi-partisan support, calls for $908 billion worth of aid with details to be released next Tuesday.
Energy markets are solidly weaker overnight while the U.S. Dollar Index drifts to the lowest levels since April 2018. Dalian commodity markets were under a fair amount of pressure overnight and bear watching in the sessions immediately ahead.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 59.87 at 29,883.79 and the S&P 500 up 6.56 at 3,662.45 while the 10-Year Treasury yield ended at 0.948%. Early Thursday, the December DJIA futures are down 21 points.
Asian markets are mixed with Japan’s Nikkei 225 up 8.39 (0.03%) and China’s Shanghai Composite down 7.24 points (-0.21%). European markets are lower with London’s FTSE 100 up 1.6 points (0.02%), Germany’s DAX down 44.41 points (-0.33%) and France’s CAC 40 down 12.67 points (-0.23%).
The December Euro is up 0.003 at 1.210 and the December U.S. dollar index is down 0.195 at 90.920. The March 30-Year T-Bond is up 13/32nds, while February gold is up $14.70 at $1,844.90 and January crude oil is down $0.31 at $44.97. Soybeans on China’s Dalian Exchange were down 1.03% while soybean meal was down 1.42%.