Pre-6 a.m. Globex Prices: May corn is down 1 cent per bushel, May soybeans are up 3 1/2 cents, and May KC wheat is up 3 3/4 cents.
CME Globex Recap: Grain markets are mixed overnight with corn and Chicago wheat lower while soybeans, products and hard wheat contracts are higher. Export sales should help set the tone early.
Equity markets around the globe are lower overnight with U.S. futures pointing to a lower open ahead of comments from Federal Reserve Chair Jerome Powell. Investors will be looking for additional color on how the Federal Reserve views the recent run up in treasury yields and what their threshold might be with respect to monetary policy and inflation.
Congress continues to work on the $1.9 trillion stimulus package with the Senate expected to begin voting on amendments to the bill today Energy markets are weaker overnight with spot crude oil just over $61.00 per barrel while gasoline futures have retreated from the $2.00 per gallon level.
The U.S. Dollar Index is firmer overnight but still hasn’t been able to push through its 50-day moving average. Precious and industrial metals are weaker overnight.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 121.43 at 31,270.09 and the S&P 500 down 50.57 at 3,870.29 while the 10-Year Treasury yield ended at 1.47%. Early Thursday, the March DJIA futures are down 95 points.
Asian markets are lower with Japan’s Nikkei 225 down 628.99 (-2.13%) and China’s Shanghai Composite down 73.41 points (-2.05%). European markets are lower with London’s FTSE 100 down 77.3 points (-1.16%), Germany’s DAX down 95.24 points (-0.68%) and France’s CAC 40 down 26.67 points (-0.46%).
The March Euro is down 0.003 at 1.200 and the March U.S. dollar index is up 0.243 at 91.185. The June 30-Year T-Bond is up 4/32nds, while April gold is down $2.10 at $1,713.70 and April crude oil is down $0.12 at $61.16. Soybeans on China’s Dalian Exchange were down 0.55% while soybean meal was down 0.77% and corn was down 0.61%.