Pre-6 a.m. Globex Prices: December corn is down 2 1/4 cents per bushel, November soybeans are down 6 1/2 cents, and September KC wheat is up 9 cents.
CME Globex Recap: Grain markets are mixed overnight with weaker corn prices and a lower soy complex while wheat markets are solidly higher overnight. It will be interesting to see if wheat can hold its double digit price gains into the day session.
Mixed equity trade overnight with U.S. futures mostly flat ahead of the conclusion of the two-day FOMC meeting. Experts think Fed Chair Powell will mostly use his post-meeting conference to try to keep markets calm, especially against a backdrop of rising Delta variant cases and the recent Chinese regulatory crackdown.
It will be difficult for Chairman Powell to ignore rising inflation indicators, however, or to continue to dismiss them as transitory. Energy markets are higher with crude oil continuing to grind higher. The U.S. Dollar Index is higher, trying to end a two-day losing streak. Metals markets are higher, being led by silver which is up 0.80%.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 85.79 at 35,058.52 and the S&P 500 down 20.84 at 4,422.30 while the 10-Year Treasury yield ended at 1.234%. Early Wednesday, the September DJIA futures are down 9 points.
Asian markets are lower with Japan’s Nikkei 225 down 388.56 (-1.39%) and China’s Shanghai Composite down 19.59 points (-0.58%). European markets are higher with London’s FTSE 100 up 12.43 points (0.18%), Germany’s DAX up 41.42 points (0.27%) and France’s CAC 40 up 50.21 points (0.77%).
The September Euro is down 0.000 at 1.180 and the September U.S. dollar index is up 0.009 at 92.445. The September 30-Year T-Bond is down 15/32nds, while August gold is up $0.20 at $1,800.00 and September crude oil is up $0.81 at $72.46.
Soybeans on China’s Dalian Exchange were up 0.87% while soybean meal was up 1.73% and corn was up 0.31%.