DTN Grain Open: Mixed to Higher, Led by Soy Overnight

Mature soybean pods ready for harvest. ©Debra L Ferguson

Pre-6 a.m. Globex Prices: March corn is up 3 3/4 cents per bushel, March soybeans are up 19 3/4 cents, and May KC wheat is down 7 1/4 cents.

CME Globex Recap: Grain markets are mixed to higher with row crops and products sharply higher while wheat paces with gains. Soybeans rallied steadily from the overnight open through midnight before turning a bit sideways but have tacked on 20 cents in the process.

Weaker equity trade around the globe overnight with financial media citing rallying interest rates which have begun curbing investor appeal for riskier assets. Much of the last year has witnessed record low yields across fixed income, but in recent weeks, yields have begun to rally, offering a return outside of risk assets.

Comments later today from Federal Reserve Chairman Jerome Powell in front of Congress will also be of interest for markets. Energy markets are higher overnight as the rally continues. The U.S. Dollar Index dipped below 90.00 Monday and overnight before recovering but the short-term trend remains down. Precious metals are weaker overnight as is copper.

OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 27.37 at 31,521.69 and the S&P 500 down 30.21 at 3,906.71 while the 10-Year Treasury yield ended at 1.37%. Early Tuesday, the March DJIA futures are down 85 points.

Asian markets are mixed with Japan’s Nikkei closed and China’s Shanghai Composite down 6.09 points (-0.17%). European markets are lower with London’s FTSE 100 down 29.69 points (-0.45%), Germany’s DAX down 231.42 points (-1.66%) and France’s CAC 40 down 35.23 points (-0.61%).

The March Euro is down 0.002 at 1.220 and the March U.S. dollar index is up 0.146 at 90.145. The March 30-Year T-Bond is up 4/32nds, while April gold is down $2.40 at $1,806.00 and April crude oil is up $0.51 at $62.21.

Soybeans on China’s Dalian Exchange were up 0.3% while soybean meal was up 0.49% and corn was down 1.10%.

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