6:00 a.m. CME Globex: December corn was 1 cent lower, November soybeans were 5 cents higher, and December Chicago (SRW) wheat was 1 cent lower.
CME Globex Recap: Chicago soybeans continued to rally overnight, once again supported by commercial buying interest. Corn and wheat took a breather, with contracts of both sitting quietly at session lows early Thursday morning.
Softs were mostly lower, interesting in that both cotton and orange juice were showing losses despite Hurricane Irma still churning toward Florida. Gold was firm once again while the U.S. dollar index posted a solid sell-off.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 54.33 points (0.3%) higher at 21,807.65, the NASDAQ Composite gained 17.74 points (0.3%) to 6,393.31, and the S&P 500 rallied 7.69 points (0.3%) to 2,465.54 Wednesday. DJIA futures were 17 points lower early Thursday morning.
Asian markets closed mostly lower with Japan’s Nikkei up 38.55 points (0.2%), Hong Kong’s Hang Seng off 90.84 points (0.3%), and China’s Shanghai Composite down 19.89 points (0.6%). European markets were trading mostly higher with London’s FTSE 100 up 18.36 points (0.3%), Germany’s DAX adding 115.64 points (1.0%), and France’s CAC 40 gaining 25.99 points (0.5%).
The euro rallied 0.0006 to 1.1923 while the U.S. dollar index fell 0.34 to 91.89. December 30-year T-Bonds were 14/32 higher at 156’25 while December gold gained $5.10 to $1,344.10. Crude oil was $0.15 lower at $49.01 while Brent crude added $0.24 to $54.44. China’s Dalian soybean futures were lower and Malaysian palm oil futures were higher overnight.