Pre-6 a.m. Globex Prices: December corn is up 1 3/4 cents, November soybeans are up 6 3/4 cents and September KC wheat is up 8 1/2 cents.
CME Globex Recap: Early Thursday, Dow Jones futures are trading higher, in line with higher prices for Asia and European markets. On Wednesday, the Federal Reserve concluded its two-day meeting and kept the federal funds rate target near zero, as expected and will maintain its current level of purchases of Treasury and mortgage-backed securities.
Late Wednesday, AP reported the Senate voted to start work on a $1 trillion infrastructure bill. The bill still has a long way to go before anything is passed. The U.S. Commerce Department will release an estimate of second-quarter real GDP at 7:30 a.m. CDT.
OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average down 127.59 at 34,930.93 and the S&P 500 down 0.82 at 4,400.64 as the 10-Year Treasury yield settled at 1.26%. Early Thursday, September Dow Jones futures are trading up 148 points.
Asian markets are higher with Japan’s Nikkei 225 index up 0.73% and China’s Shanghai Composite Index up 1.49%. European markets are higher with the spot futures of the London FTSE 100 trading up 0.60%, spot futures of Germany’s DAX trading up 0.17% and spot futures of France’s CAC Index trading up 0.59%.
The September euro is up $0.0034 at $1.1884. The September U.S. Dollar Index is down 0.28 at 92.04. The September 30-year T-bond is down 1/32nd, while August gold is up $21.20 at $1,820.90 and September crude oil is up $0.54 at $72.93.
On China’s Dalian exchange, September corn was down 0.1%, September soybeans were down 0.3%, September soybean meal was up 0.7% and September soybean oil was down 1.3%. July common wheat on China’s Zhengzhou exchange was down 0.4%. September Malaysian palm oil is trading up 2.9%.