DTN Grain Open: Edging Higher in Early Trade

    On-farm grain bin system. ©Debra L Ferguson

    Pre-6 a.m. Globex Prices: March corn is up 4 cents, March soybeans are up 9 3/4 cents and March KC wheat is up 2 3/4 cents.

    CME Globex Recap: U.S. row crop prices are higher early Wednesday, as are most other commodities.

    Early Wednesday, outside markets are leaning bearish with the Dow Jones starting lower ahead of some big earnings reports, due out later Wednesday. Microsoft reported higher revenues in its fiscal second quarter. According to several media sources, the U.S. government is seeking 100 million doses of Covid-19 vaccines from Pfizer and 100 million from Moderna in an effort to inoculate Americans by the end of the summer.

    OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 22.96 at 30,937.04 and the S&P 500 down 5.74 at 3,849.62 while the 10-Year Treasury yield ended at 1.04%. Early Wednesday, December Dow Jones futures are down 156 points.

    Asian markets are slightly higher with Japan’s Nikkei 225 up 89.03 (0.3%) and China’s Shanghai Composite up 3.91 (0.1%). European markets are a little lower with London’s FTSE 100 down 17.15 points (-0.3%), Germany’s DAX down 73.06 points (-0.5%) and France’s CAC 40 down 15.37 points (-0.3%).

    The March euro is down $.0038 at $1.2140. The March U.S. Dollar Index is up 0.20 at 90.35. The March 30-year T-bond is down 5/32nds, while February gold is down $6.20 at $1,844.70 and March crude oil is up $0.28 at $52.89.

    China’s Dalian exchange showed May corn slightly lower, March soybeans up 3.0% and March soybean meal up 1.5%. July common wheat on China’s Zhengzhou exchange was down 1.2%. April Malaysian palm oil is trading up 3.6%.

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