Pre-6 a.m. Globex Prices: December corn is down 2 1/4 cents per bushel, November soybeans are down 3 1/4 cents, and September KC wheat is down 3 1/2 cents.
CME Globex Recap: Grain markets are mostly weaker overnight, pulling back from the strong start to the week on Monday. Bulls have been encouraged by the storm results across Iowa as well as dryness concerns around the Midwest. It would certainly appear bushels are being subtracted from the national total as opposed to being added with enough uncertainty being added to retain premium until combines roll next month.
Higher equities in Europe overnight with U.S. futures pointed toward a higher open later Tuesday morning. The U.S. Dollar Index made fresh two-year lows overnight which continues to add support to the commodity sector as a whole. Energy prices are mixed with crude oil weaker overnight but holding gains above its 200-day moving average. Gold and silver are both higher overnight, working back toward all-time highs from earlier in August.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 86.11 at 27,844.91 and the S&P 500 up 9.14 at 3,372.85 while the 10-Year Treasury yield ended at 0.683%. Early Tuesday, the September DJIA futures are up 33 points.
Asian markets are mixed with Japan’s Nikkei 225 down 45.67 (-0.2%) and China’s Shanghai Composite up 12.29 points (0.36%). European markets are higher with London’s FTSE 100 up 15.38 points (0.25%), Germany’s DAX up 69.58 points (0.54%) and France’s CAC 40 up 21.92 points (0.44%).
The September Euro is up 0.004 at 1.190 and the September U.S. dollar index is down 0.342 at 92.505. The September 30-Year T-Bond is up 7/32nds, while December gold is up $16.10 at $2,014.80 and September crude oil is down $0.13 at $42.76. Soybeans on China’s Dalian Exchange were up 0.06% while soybean meal was up 0.42%.