Pre-6 a.m. Globex Prices: March corn is up 1/4 cent per bushel, January soybeans are up 4 cents, and March KC wheat is down 1/2 cent.
CME Globex Recap: Grain markets are mixed overnight with higher soybeans and soybean oil while wheat, meal and corn are lower. It feels like our markets are trying to hammer out some ranges which will provide direction for trade this winter. South American weather and Chinese demand will continue to drive price action in the near-term.
Global equity trade was mostly higher overnight with U.S. futures adding gains ahead of the latest unemployment situation report in the United States. Analysts are expecting the report to show 430,000 jobs added during the month of November, the smallest job creation in four months but the unemployment rate is expected to slip to 6.8%, down 0.1% from October. There is also more optimism about a stimulus bill passing next week.
Energy markets are stronger overnight with spot crude oil futures up over 1.0%, trading at the highest level since March 5. The U.S. Dollar Index is weaker but above Thursday’s lows while precious metals are firmer overnight.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 85.73 at 29,969.52 and the S&P 500 down 2.29 at 3,669.01 while the 10-Year Treasury yield ended at 0.92%. Early Friday, the December DJIA futures are up 119 points.
Asian markets are mixed with Japan’s Nikkei 225 down 58.13 (-0.22%) and China’s Shanghai Composite up 2.45 points (0.07%). European markets are higher with London’s FTSE 100 up 41.88 points (0.65%), Germany’s DAX up 12.15 points (0.09%) and France’s CAC 40 up 22.02 points (0.4%).
The December Euro is up 0.002 at 1.220 and the December U.S. dollar index is down 0.058 at 90.660. The March 30-Year T-Bond is down 5/32nds, while February gold is up $2.60 at $1,843.70 and January crude oil is up $0.49 at $46.13. Soybeans on China’s Dalian Exchange were up 1.62% while soybean meal was up 0.36%.