DTN Grain Open: Market Recovery Continues

    ©Debra L Ferguson Stock Images

    Pre-6 a.m. Globex Prices: December corn is down 3/4 cent per bushel, January soybeans are up 9 1/4 cents, and March KC wheat is up 9 3/4 cents.

    CME Globex Recap: Grain markets are mostly higher overnight, led by wheat and soybean meal as the recovery continues.

    Global equity markets were mixed to higher overnight with Asia lower reacting to Friday’s session in the U.S. while European indices are mostly higher. U.S. futures are trading higher as things have stabilized and calmed down from Friday’s hysteria. Little is known about the omicron coronavirus variant, but it would not appear that another round of draconian lockdowns would be more helpful than the continued vaccination regimen.

    Energy markets are sharply higher overnight, gaining back a portion of last week’s losses. The U.S. Dollar Index is modestly higher overnight, hanging just below last week’s 17-month highs. Metals are higher, led by copper which is up 1.84% overnight.

    OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 905.04 at 34,899.34 and the S&P 500 down 106.84 at 4,701.46 while the 10-Year Treasury yield ended at 1.482%. Early Monday, the December DJIA futures are up 197 points.

    Asian markets are lower with Japan’s Nikkei 225 down 467.7 (-1.63%) and China’s Shanghai Composite down 1.39 points (-0.04%). European markets are higher with London’s FTSE 100 up 57.22 points (0.81%), Germany’s DAX up 54.11 points (0.35%) and France’s CAC 40 up 40.1 points (0.59%).

    The December Euro is down 0.001 at 1.130 and the December U.S. dollar index is up 0.101 at 96.205. The December 30-Year T-Bond is down 28/32nds, while December gold is up $9.60 at $1,795.10 and January crude oil is up $3.25 at $71.40.

    Soybeans on China’s Dalian Exchange were down 0.43% while soybean meal was down 0.86% and corn was down 0.04%.

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