DTN Grain Open: Markets Rally Sharply to Open Week

Pre-6 a.m. Globex Prices: May corn is up 4 1/4 cents per bushel, May soybeans are up 14 1/4 cents, and May KC wheat is up 4 1/2 cents.

CME Globex Recap: Grain markets are higher across the board with gains led by soybean oil and soybeans, although they too have come off the highs with the energy complex setting back slightly.

Mixed equity trade around the globe overnight with U.S. futures pointing toward a slightly lower open Monday morning. Earlier Sunday evening, the energy complex rallied sharply on the weekend news of Saudi Arabian energy facilities being attacked by Iranian-backed fighters from Yemen.

Energy prices have come well off the highs with products even trading into negative territory but the rising tension along with the expectation for additional money printing is keeping commodities a popular bet. The U.S. Dollar Index is solidly higher overnight, rallying for the fourth session in a row and trading to the highest level since mid-November. Gold and copper are weaker overnight while silver futures are posting gains.

OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 572.16 at 31,496.30 and the S&P 500 up 73.47 at 3,768.47 while the 10-Year Treasury yield ended at 1.554%. Early Monday, the March DJIA futures are down 49 points.

Asian markets are lower with Japan’s Nikkei 225 down 121.07 (-0.42%) and China’s Shanghai Composite down 80.57 points (-2.3%). European markets are higher with London’s FTSE 100 down 14.58 points (-0.22%), Germany’s DAX up 130.46 points (0.94%) and France’s CAC 40 up 31.25 points (0.54%).

The March Euro is down 0.003 at 1.190 and the March U.S. dollar index is up 0.270 at 92.260. The June 30-Year T-Bond is down 22/32nds, while April gold is down $7.90 at $1,690.60 and April crude oil is up $0.04 at $66.13. Soybeans on China’s Dalian Exchange were up 2.56% while soybean meal was up 1.49% and corn was up 0.86%.

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