Pre-6 a.m. Globex Prices: March corn was down 3 cents, March soybeans were down 1/4 cent and March KC wheat was down 12 1/4 cents.
CME Globex Recap: Early Wednesday, Dow Jones futures are trading higher in line with Europe ahead of Wednesday’s announcement from the Federal Reserve. Stocks also received a boost from a positive earnings report from Microsoft and have several more reports due Wednesday.
Many will be watching at 1 p.m. CST for the Federal Reserve’s post-meeting announcement and the Chairman’s news conference following the announcement. The federal funds rate is expected to stay unchanged, but the Fed will likely hint at an upcoming rate hike, possibly as soon as March.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 66.77 at 34,297.73 and the S&P 500 down 53.68 at 4,356.45 as the 10-Year Treasury yield increased to 1.78%. Early Wednesday, March Dow Jones futures are trading up 344 points.
Asian markets are mixed with Japan’s Nikkei 225 index down 0.44% and China’s Shanghai Composite Index up 0.66%. European markets are higher with the spot futures of the London FTSE 100 trading up 1.66%, spot futures of Germany’s DAX trading up 2.08% and spot futures of France’s CAC Index trading up 2.13%.
The March euro is down $0.0024 at $1.1292. The March U.S. Dollar Index is up 0.16 at 96.09. The March 30-year T-bond is steady, while February gold is down $5.30 at $1,847.20 and March crude oil is up $0.53 at $86.13.
On China’s Dalian exchange, May corn was up 0.8%, March soybeans were up 0.6%, May soybean meal was up 0.5% and May soybean oil was down 0.0%. March Malaysian palm oil is trading up 0.9%.