Pre-6 a.m. Globex Prices: May corn is up 1 1/4 cents per bushel, May soybeans are up 14 3/4 cents, and May KC wheat is up 4 cents.
CME Globex Recap: Grain markets are higher across the board, led by soy meal and soybeans. Gains in Dalian grain futures were supportive overnight with No. 1 food grade soybeans closing at a new record high of over $25.00 per bushel.
Higher equity trade overnight around the globe with U.S. futures posting gains over 1.0% as we begin the month of March. Treasury bonds and notes are rallying overnight, easing yields and some of the anxiety the recent selloff in fixed income had been causing. There are a host of Federal Reserve speakers this week, all of which will likely reiterate their commitment to loosen monetary policy.
Energy markets are stronger overnight with spot crude oil futures up over 1.0% while RBOB gasoline futures trade just below $2.00 per gallon. The U.S. Dollar Index is stronger overnight with gains pushing the basket back over 91.00. Precious metals are higher overnight as is copper but remains below last week’s highs.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 469.64 at 30,932.37 and the S&P 500 down 18.19 at 3,829.34 while the 10-Year Treasury yield ended at 1.46%. Early Monday, the March DJIA futures are up 323 points.
Asian markets are higher with Japan’s Nikkei 225 up 697.49 (2.41%) and China’s Shanghai Composite up 42.32 points (1.21%). European markets are higher with London’s FTSE 100 up 106.17 points (1.64%), Germany’s DAX up 145.7 points (1.06%) and France’s CAC 40 up 86.91 points (1.52%).
The March Euro is down 0.003 at 1.210 and the March U.S. dollar index is up 0.203 at 91.085. The June 30-Year T-Bond is up 8/32nds, while April gold is up $14.90 at $1,743.70 and April crude oil is up $0.82 at $62.32. Soybeans on China’s Dalian Exchange were up 0.48% while soybean meal was up 1.92% and corn was down 0.39%.