Pre-6 a.m. CDT prices, CME Globex: December corn is down 2 cents per bushel, November soybeans are up 4 cents, and December KC wheat is up 3 3/4 cents.
CME Globex Recap: Grain futures are mixed overnight with corn and soymeal lower while wheat and the rest of the soy complex is firmer. Charts are starting to turn up for soybeans and oil with spring wheat futures close to doing the same.
Global equity markets were higher around the globe overnight with U.S. futures sharing the same sentiment early Thursday morning. Markets are holding together well despite comments and indications from Wednesday’s FOMC meeting suggesting QE tapering could begin as soon as the next meeting in November.
With the addiction to easy money policies present in financial markets, we are surprised to not see another “taper tantrum,” but there is plenty of time remaining before interest rates actually get raised. Energy markets are weaker as is the U.S. Dollar Index. Metals markets are weaker across the board overnight.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 338.48 at 34,258.32 and the S&P 500 up 41.45 at 4,354.19 while the 10-Year Treasury yield ended at 1.336%. Early Thursday, the December DJIA futures are up 175 points.
Asian markets are mixed with Japan’s Nikkei 225 down 200.31 (-0.67%) and China’s Shanghai Composite up 13.7 points (0.387%). European markets are higher with London’s FTSE 100 up 17.89 points (0.25%), Germany’s DAX up 133.42 points (0.89%) and France’s CAC 40 up 58.07 points (0.87%).
The December Euro is up 0.002 at 1.170 and the December U.S. dollar index is down 0.230 at 93.230. The December 30-Year T-Bond is up 2/32nds, while December gold is down $6.90 at $1,771.90 and November crude oil is down $0.28 at $71.95.
Soybeans on China’s Dalian Exchange were up 1.67% while soybean meal was up 0.58% and corn was up 0.65%.