DTN Grain Open: Markets Rally Back Following Thursday Lashing

Corn approaching V4 stage. Photo: Paul Kassel, Iowa State University Extension

Pre-6 a.m. Globex Prices: July corn is up 10 1/2 cents per bushel, July soybeans are up 56 cents, and July KC wheat is up 17 1/2 cents.

CME Globex Recap: Grain markets are all solidly higher overnight, led by the soy complex with soybean oil up 3-5%. Grains have been so incredibly volatile of late, it’s hard to take anything off the table with respect to this Friday close.

Mixed equity trade overnight with U.S. futures flat to slightly higher. For the week-to-date, the Dow Jones Industrial Average is off 3.3% which is on-track for its worst week since January. Investors have certainly had a shift in mentality following the two-day FOMC meeting earlier this week and a “taper tantrum” is probably an accurate description of the action since Wednesday.

Energy markets are weaker overnight with crude oil almost $2 per barrel off its highest set Wednesday. The U.S. Dollar Index has been bid most of the week but has reversed slightly overnight. Metals are higher overnight, led by silver which is up 2.4%.

OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 210.22 at 33,823.45 and the S&P 500 down 1.84 at 4,223.70 while the 10-Year Treasury yield ended at 1.511%. Early Friday, the September DJIA futures are up 17 points.

Asian markets are lower with Japan’s Nikkei 225 down 54.25 (-0.19%) and China’s Shanghai Composite down 0.51 points (-0.01%). European markets are lower with London’s FTSE 100 down 31.44 points (-0.44%), Germany’s DAX down 43.08 points (-0.27%) and France’s CAC 40 up 8 points (0.12%).

The September Euro is up 0.001 at 1.190 and the September U.S. dollar index is up 0.002 at 91.875. The September 30-Year T-Bond is up 12/32nds, while August gold is up $18.20 at $1,793.00 and July crude oil is down $0.22 at $70.82.

Soybeans on China’s Dalian Exchange were down -2% while soybean meal was down -2.38% and corn was down -1.98%. Malaysian palm oil closed up 2.3%.

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