6:00 a.m. CME Globex: May corn was down 1/4 cent, May soybeans were down 1 1/2 cents, and May Chicago wheat was down 2 1/4 cents.
CME Globex Recap: Corn, soybeans, and wheat are all a little lower early once again, weighed down by favorable weather, available supplies, and a general lack of bullish motivation. Crude oil is trading lower after API reported another increase in last week’s oil inventory.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed down 237.85 points at 20,668.01. The NASDAQ Composite was down 107.70 points at 5,793.83 and the S&P 500 was down 29.45 points at 2,344.02 Tuesday. DJIA futures were down 37 points early Wednesday morning.
Asian markets were lower with Japan’s Nikkei down 414.50 points (-2.1%), Hong Kong’s Hang Seng down 272.71 points (-1.1%), and China’s Shanghai Composite down 16.39 points (-0.5%). European markets were also lower Wednesday with London’s FTSE 100 down 65.09 points (-0.9%), Germany’s DAX down 91.70 points (-0.8%), and France’s CAC 40 down 41.87 points (-0.8%).
The U.S. dollar index was up 0.12 at 99.87 while the June euro was down 0.00200 at 1.08275. June 30-year T-Bonds were up 25/32nds at 150’22 while April gold was up $0.50 at $1,247.00. May crude oil was down $0.72 at $47.52 while Brent crude was down $0.80 at $50.16. Soybeans at the Dalian Exchange were steady to higher and Malaysian palm oil futures are up 0.6%.