Pre-6 a.m. Globex Prices: May corn is down 3 1/2 cents per bushel, May soybeans are down 4 cents, and May KC wheat is up 5 cents.
CME Globex Recap: Grain markets are mixed overnight with row crops and products weaker while wheat contracts post modest gains. The tone which has been set to start the month of March is a bit concerning, especially with how much length the speculative community is carrying in the ag markets.
Mixed equity trade around the globe overnight following the sharp rally in the United States Monday which saw the largest single day gains since last June. Optimism stemmed from a third vaccine gaining approval in the fight against coronavirus as well as a stabilization in treasury notes following a week of volatility.
Coronavirus cases, hospitalizations and deaths are all declining sharply and should continue that trend into summer as the vaccine rollout continues. Energy markets are flat overnight with spot crude oil hanging above the 60.00 per barrel mark after two consecutive days of heavy selling. The U.S. Dollar Index is firmer overnight and managed to trade up to its 50-day moving average before setting back slightly.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 603.14 at 31,535.51 and the S&P 500 up 90.67 at 3,811.15 while the 10-Year Treasury yield ended at 1.446%. Early Tuesday, the March DJIA futures are down 95 points.
Asian markets are lower with Japan’s Nikkei 225 down 255.33 (-0.86%) and China’s Shanghai Composite down 42.81 points (-1.21%). European markets are higher with London’s FTSE 100 up 31.87 points (0.48%), Germany’s DAX up 19.87 points (0.14%) and France’s CAC 40 up 7.86 points (0.18%).
The March Euro is down 0.003 at 1.200 and the March U.S. dollar index is up 0.194 at 91.230. The June 30-Year T-Bond is down 0/32nds, while April gold is up $3.20 at $1,726.20 and April crude oil is up $0.07 at $60.71. Soybeans on China’s Dalian Exchange were down 0.6% while soybean meal was down 1.11% and corn was down 0.43%.