Pre-6 a.m. Globex Prices: May corn is up 2 1/2 cents, May soybeans are up 3 cents and July KC wheat is up 3 1/2 cents.
CME Globex Recap: Early Wednesday, Dow Jones futures are starting slightly higher and European markets are mostly higher after the International Monetary Fund increased its estimate of world GDP growth in 2021 from 5.5% to 6.0%.
Traders will be watching for minutes from the latest Federal Reserve meeting on Wednesday, due out at 1 p.m. CDT. May crude oil is trading a little lower early, caught between signs of increasing economic growth and persistent concerns about rising coronavirus infections.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 96.95 at 33,430.24 and the S&P 500 down 3.97 at 4,073.94 while the 10-Year Treasury yield ended at 1.66%. Early Wednesday, December Dow Jones futures are up 12 points.
Asian markets are mixed with Japan’s Nikkei 225 up 34.16 (0.1%) and China’s Shanghai Composite down 3.34 (-0.1%). European markets are trading higher with London’s FTSE 100 up 58.76 points (0.9%), Germany’s DAX up 6.46 points (0.04%) and France’s CAC 40 up 19.71 points (0.3%).
The June euro is up $.0012 at $1.1899. The June U.S. Dollar Index is down 0.05 at 92.30. The June 30-year T-bond is up 6/32nds, while June gold is down $5.20 at $1,737.80 and May crude oil is down $0.29 at $59.04.
China’s Dalian exchange showed May corn up 1.0%, May soybeans up 0.8%, September soybean meal up 0.4% and September bean oil up 1.6%. July common wheat on China’s Zhengzhou exchange was unchanged. June Malaysian palm oil is trading up 1.4%.