DTN Grain Open: There’s No Stopping Wheat

    Wheat Heads.

    6:00 a.m. CME Globex: March corn was unchanged, March soybeans were 6 cents lower, and March Chicago wheat was 1 cent higher.

    CME Globex Recap: As expected, soybeans were under pressure overnight into Friday morning while corn was holing near unchanged. Wheat, on the other hand, continued to rally as Kansas City HRW took its turn carrying the baton. This despite light renewed buying in the U.S. dollar index that has been beaten up the last 2 1/2 days.

    Outside markets were mixed with energies mostly higher, metals lower, and softs mixed. Cotton was down slightly after posting a solid week so far. DJIA futures were also lower as the Big Board looks to get a bump past 20,000 following the release of December jobs data early Friday.

    OUTSIDE MARKETS: The Dow Jones Industrial Average closed 42.87 points (0.2%) lower at 19,899.29. The NASDAQ Composite gained 10.93 points (0.2%) to 5,487.94 and the S&P 500 dipped 1.75 points to close at 2,269.00 Thursday. DJIA futures were 10 points lower early Friday morning.

    Asian markets were mixed with Japan’s Nikkei down 66.36 points (0.3%), Hong Kong’s Hang Seng gained 46.32 points (0.2%), and China’s Shanghai Composite fell 11.09 points (0.4%). European markets were lower Friday with London’s FTSE 100 down 3.46 points, Germany’s DAX off 18.35 points (0.1%), and France’s CAC 40 down 22.18 points (0.4%).

    The U.S. dollar index was 0.23% higher at 101.63 while the euro was down 0.12% at 1.0594. March 30-year T-Bonds were up 12/32 at 152’28 while February gold lost $2.80 to $1,178.50. Crude oil rallied $0.39 to $54.15 while Brent crude was $0.43 higher at $57.32. Dalian soybean futures and Malaysian palm oil futures were both lower overnight.

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