Pre-6 a.m. Globex Prices: March corn is down 5 cents per bushel, March soybeans are down 13 1/2 cents, and March KC wheat is up 6 1/4 cents.
CME Globex Recap: Grain prices are mostly weaker overnight, led by soymeal and soybeans while wheat contracts carve out gains.
Equity indices are lower around the globe overnight with U.S. futures pointed toward a solidly lower open Tuesday morning. Government bond yields are rallying with the 10-year Treasury note up to 1.834%, the highest level in two years while the yield on the two-year note was at the highest level since February 2020. The rise in rates has not deterred energy futures with crude oil futures making new seven-year highs overnight.
The last time crude oil was this high it brought on jaw-boning by the White House and an SPR release. The U.S. Dollar Index is firmer overnight, holding gains made since bouncing off the 100-day moving average last week. Metals are weaker across the board with copper down -0.62%.
OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average down 201.81 at 35,911.81 and the S&P 500 up 3.82 at 4,659.03 while the 10-Year Treasury yield ended at 1.772%. Early Tuesday, the March DJIA futures are down 236 points.
Asian markets are mixed with Japan’s Nikkei 225 down 76.27 (-0.27%) and China’s Shanghai Composite up 28.25 points (0.8%). European markets are lower with London’s FTSE 100 down 70.75 points (-0.93%), Germany’s DAX down 228.82 points (-1.44%) and France’s CAC 40 down 88.27 points (-1.23%).
The March Euro is down 0.002 at 1.140 and the March U.S. dollar index is up 0.189 at 95.350. The March 30-Year T-Bond is down 21/32nds, while February gold is down $6.20 at $1,810.30 and February crude oil is up $1.56 at $85.38.
Soybeans on China’s Dalian Exchange were up 0.31% while soybean meal was down -0.27% and corn was down -0.07%.