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    DTN Grain Open: Commodity Market Prices Drop on Omicron Concerns

    Grain elevator and train at Canton, Kansas Photo: K-State Research and Extension - Creative Commons

    Pre-6 a.m. Globex Prices: March corn was down 8 cents, January soybeans were down 12 1/2 cents and March KC wheat was down 16 cents.

    CME Globex Recap: Early Tuesday, Dow Jones futures and European stocks are trading lower after Moderna’s CEO told the Financial Times existing vaccines are less effective on the omicron variant and it could take months to develop a more effective vaccine. On Monday, Pfizer’s chief scientific officer said a new vaccine could be ready within 100 days, if needed and depending on regulatory approvals.

    According to CNBC.com, Federal Reserve Chairman Jerome Powell is expected to tell the U.S. Senate the omicron variant poses a risk to the Fed’s effort to achieve stable prices and maximum employment. January crude oil is trading lower ahead of this week’s OPEC meeting.

    OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 236.60 at 35,135.94 and the S&P 500 up 60.65 at 4,655.27 as the 10-Year Treasury yield increased to 1.53%. Early Tuesday, December Dow Jones futures are trading down 469 points.

    Asian markets are mostly lower with Japan’s Nikkei 225 index down 1.63% and China’s Shanghai Composite Index up 0.03%. European markets are lower with the spot futures of the London FTSE 100 trading down 1.34%, spot futures of Germany’s DAX trading down 1.25% and spot futures of France’s CAC Index trading down 1.19%.

    The December euro is up $0.0090 at $1.1366. The December U.S. Dollar Index is down 0.62 at 95.72. The March 30-year T-bond is up 1 20/32nds, while February gold is up $14.30 at $1,796.60 and January crude oil is down $1.84 at $68.11.

    On China’s Dalian exchange, January corn was up 0.1%, January soybeans were down 0.8%, January soybean meal was up 0.5% and January soybean oil was down 2.1%. September common wheat on China’s Zhengzhou exchange was unchanged. February Malaysian palm oil is trading down 3.8%.

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