DTN Grain Open: Markets Hold Gains to Start Week

Grain elevator and train at Canton, Kansas Photo: K-State Research and Extension - Creative Commons

Pre-6 a.m. Globex Prices: March corn is up 6 cents per bushel, March soybeans are up 1 1/2 cents, and May KC wheat is up 4 1/4 cents.

CME Globex Recap: Grain markets are mostly higher, being led by corn although the soy complex is trading well off overnight highs with soybean meal slipping lower. The focus this week will be South American weather and logistics, ongoing export demand in the U.S. and how disrupted ethanol production was amid the cold blast last week.

Lower equity trade overnight with U.S. futures pointing toward a lower open Monday morning. This week will see Federal Reserve Chair Powell testify before Congressional panels Tuesday and Wednesday with investors interested in comments about inflation and any change to the ultra-accommodative monetary stance currently being employed.

The House of Representatives will be considering President Biden’s $1.9 trillion stimulus package this week which is taking longer than many thought. Energy markets are mixed overnight as most contracts hold much of the recent gains although additional U.S. supply should slowly be coming back online the next several weeks. The U.S. Dollar Index is weaker overnight but hanging right at the 50-day moving average.

OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 0.98 at 31,494.32 and the S&P 500 down 7.26 at 3,913.97 while the 10-Year Treasury yield ended at 1.345%. Early Monday, the March DJIA futures are down 158 points.

Asian markets are mixed with Japan’s Nikkei 225 up 138.11 (0.46%) and China’s Shanghai Composite down 53.72 points (-1.45%). European markets are lower with London’s FTSE 100 down 53.11 points (-0.8%), Germany’s DAX down 84.78 points (-0.61%) and France’s CAC 40 down 36.7 points (-0.64%).

The March Euro is up 0.000 at 1.210 and the March U.S. dollar index is up 0.017 at 90.380. The March 30-Year T-Bond is down 10/32nds, while April gold is up $18.60 at $1,796.00 and April crude oil is up $0.48 at $59.74. Soybeans on China’s Dalian Exchange were up 2.67% while soybean meal was up 0.41% and corn was down 0.11%.

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