Pre-6 a.m. Globex Prices: December corn is up 3 cents, November soybeans are down 5 cents and September KC wheat is up 6 cents.
CME Globex Recap: Early Wednesday, Dow Jones futures are starting higher a second day as Asia and Europe follow the lead of Tuesday’s U.S. rebound. Rising cases of coronavirus remain a concern, but markets will also be watching more earnings reports Wednesday, including one for Johnson and Johnson.
The hits keep coming to the biofuels industry. Late Tuesday, a group of bipartisan U.S. Senators introduced a bill to repeal the national mandate for corn-based ethanol.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 549.95 at 34,511.99 and the S&P 500 up 64.57 at 4,323.06 as the 10-Year Treasury yield settled at 1.21%. Early Wednesday, September Dow Jones futures are trading up 189 points.
Asian markets are higher with Japan’s Nikkei 225 index up 0.58% and China’s Shanghai Composite Index up 0.73%. European markets are higher with the spot futures of the London FTSE 100 trading up 1.42%, spot futures of Germany’s DAX trading up 0.70% and spot futures of France’s CAC Index trading up 1.25%.
The September euro is down $0.0007 at $1.1788. The September U.S. Dollar Index is up 0.04 at 93.02. The September 30-year T-bond is down 21/32nds, while August gold is down $2.90 at $1,808.50 and September crude oil is up $0.75 at $67.95.
On China’s Dalian exchange, September corn was up 0.1%, September soybeans were up 0.5%, September soybean meal was up 0.2% and September soybean oil was up 0.8%. July common wheat on China’s Zhengzhou exchange was down 0.0%. September Malaysian palm oil is trading down 0.3%.