Pre-6 a.m. CDT prices, CME Globex: December corn is up 2 1/4 cents per bushel, January soybeans are up 7 3/4 cents, and December KC wheat is up 9 3/4 cents.
CME GLOBEX RECAP: Global equities are mixed to lower overnight with U.S. futures higher after the lower settlements Wednesday. Energy markets took a lot of the focus the previous session as the U.S. announced it was planning a release from the Strategic Petroleum Reserve. In addition, it was reported President Biden was asking the leaders of China and Japan to do the same from their own petroleum reserves.
The jawboning helped drive oil solidly under $80.00 per barrel, trading at $77.82 overnight. The important piece to remember is daily demand in the United States dwarfs any release the administration is likely to make, highlighting how the releases are not long-term solutions.
The U.S. Dollar Index is weaker overnight, posting follow through selling from Wednesday’s 1-1/2 year high. Metals are weaker across the board. Grain markets are higher across the board with gains being led by wheat contracts and soy meal.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 211.17 at 35,931.05 and the S&P 500 down 12.23 at 4,700.90 while the 10-Year Treasury yield ended at 1.604%. Early Thursday, the December DJIA futures are up 64 points.
Asian markets are lower with Japan’s Nikkei 225 down 89.67 (-0.3%) and China’s Shanghai Composite down 16.66 points (-0.47%). European markets are mixed with London’s FTSE 100 down 13.75 points (0.19%), Germany’s DAX up 3.14 points (0.02%) and France’s CAC 40 up 4.29 points (0.06%).
The December Euro is up 0.002 at 1.130 and the December U.S. dollar index is down 0.114 at 95.715. The December 30-Year T-Bond is up 7/32nds, while December gold is down $6.60 at $1,863.60 and December crude oil is down $0.54 at $77.82.
Soybeans on China’s Dalian Exchange were up 1.12% while soybean meal was up 0.49% and corn was up 0.16%.