Pre-6 a.m. Globex Prices: December corn is up 5 1/2 cents per bushel, November soybeans are up 8 cents, and December KC wheat is up 3 cents.
CME Globex Recap: Grain markets are marching higher overnight as bulls drive prices higher following worse than expected crop condition ratings for both corn and soybeans on Monday’s crop progress report. Bushels are coming off U.S. fall crops with the market still in discovery mode when it comes to determining actual crop size.
Stronger equity markets overnight with U.S. futures pointing toward another record high later Tuesday morning. Energy markets are mostly firmer with the exception of spot crude oil which is posting light losses. Fixed income markets are softer overnight while the U.S. Dollar Index is off around a quarter percent. Precious metals are weaker with the downtrend in gold becoming more pronounced since hitting record highs in early August.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 378.13 at 28,308.46 and the S&P 500 up 34.12 at 3,397.16 while the 10-Year Treasury yield ended at 0.646%. Early Tuesday, the September DJIA futures are up 157 points.
Asian markets are mixed with Japan’s Nikkei 225 up 311.26 (1.35%) and China’s Shanghai Composite down 12.06 points (-0.36%). European markets are higher with London’s FTSE 100 up 9.05 points (0.15%), Germany’s DAX up 73.22 points (0.56%) and France’s CAC 40 up 31.89 points (0.64%).
The September Euro is up 0.004 at 1.180 and the September U.S. dollar index is down 0.229 at 93.060. The September 30-Year T-Bond is down 34/32nds, while December gold is down $8.20 at $1,931.00 and October crude oil is down $0.03 at $42.59. Soybeans on China’s Dalian Exchange were down 1.16% while soybean meal was up 1.09%.