Pre-6 a.m. Globex Prices: March corn is up 6 1/2 cents per bushel, March soybeans are up 9 3/4 cents, and March KC wheat is down 2 3/4 cents.
CME Globex Recap: Grain markets are mostly weaker overnight, giving back part of Wednesday’s gains as traders await updated export sales later Thursday morning.
Equity markets are weaker around the globe overnight after Wall Street posted its worst single day since October on Wednesday. Analysts pointed toward a host of worse than expected earnings results with the selling coming despite the Federal Reserve reassuring markets it would keep monetary policy easy for the foreseeable future.
Overnight, energy markets are weaker but mainly holding in recent ranges. The U.S. Dollar Index is a touch firmer overnight, continuing to play tag with its 50-day moving average.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 633.87 at 30,303.17 and the S&P 500 down 98.85 at 3,849.62 while the 10-Year Treasury yield ended at 1.014%. Early Thursday, the March DJIA futures are down 10 points.
Asian markets are lower with Japan’s Nikkei 225 down 437.79 (-1.53%) and China’s Shanghai Composite down 68.17 points (-1.91%). European markets are lower with London’s FTSE 100 down 86.53 points (-1.32%), Germany’s DAX down 185.59 points (-1.36%) and France’s CAC 40 down 38.77 points (-0.71%).
The March Euro is up 0.000 at 1.210 and the March U.S. dollar index is up 0.045 at 90.685. The March 30-Year T-Bond is up 6/32nds, while February gold is down $4.70 at $1,840.20 and March crude oil is down $0.10 at $52.75. Soybeans on China’s Dalian Exchange were up 0.8% while soybean meal was up 0.9% and corn was down 1.12%.