Pre-6 a.m. Globex Prices: March corn is down 1 cent per bushel, March soybeans are down 13 cents, and March KC wheat is up 7 3/4 cents.
CME Globex Recap: Grain markets are mixed with wheat contracts leading higher while row crops and products are weaker.
Global equities are mostly higher following the long weekend in the United States with U.S. futures looking to add gains later Tuesday morning. Investors seem encouraged by comments from the Biden Administration, especially Janet Yellen, in their push to “act big” to shore up the U.S. economy. Ms. Yellen said the U.S. should take advantage of record low interest rates to provide more aid to the American people and kickstart the economy.
Last week, President-elect Biden unveiled a $1.9 trillion stimulus package that would follow the $900 billion package just passed by President Trump at the end of 2020. Energy markets are mixed overnight, The U.S. Dollar Index is weaker and precious metals are firmer.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 177.26 at 30,814.26 and the S&P 500 down 27.29 at 3,795.54 while the 10-Year Treasury yield ended at 1.097%. Early Tuesday, the March DJIA futures are up 157 points.
Asian markets are mixed with Japan’s Nikkei 225 up 391.25 (1.39%) and China’s Shanghai Composite down 29.84 points (-0.83%). European markets are higher with London’s FTSE 100 up 12.32 points (0.18%), Germany’s DAX up 31.97 points (0.23%) and France’s CAC 40 down 2.75 points (-0.05%).
The March Euro is up 0.005 at 1.210 and the March U.S. dollar index is down 0.284 at 90.470. The March 30-Year T-Bond is down 9/32nds, while February gold is up $12.10 at $1,842.00 and February crude oil is up $0.10 at $52.46. Soybeans on China’s Dalian Exchange were down 0.23% while soybean meal was down 0.51% and corn was down 0.48%.