Pre-6 a.m. Globex Prices: December corn is down 28 cents, November soybeans are down 37 1/2 cents and July KC wheat is down 20 1/2 cents.
CME Globex Recap: Grain markets are sharply lower overnight as weather models flipped more favorably over the weekend for the 6-10 and 8-14 day period. Grains will now be forced to reconcile a more favorable forecast with areas which need improved weather following a tough start to June.
Global equity markets are mixed to higher to begin the week while energy prices are continuing to rally. Spot crude oil futures are over $71.00 per barrel overnight, the highest spot price for WTI since October 17, 2018. This should help commodity indices move to new highs for the month with the Bloomberg Commodity Index near the highest levels since 2015.
The energy strength should keep upward pressure on inflation statistics.
OUTSIDE MARKETS: Asian markets are mixed with Japan’s Nikkei 225 index up 0.74% and China’s Shanghai Composite Index down 0.58%. European markets are higher with the spot futures of the London FTSE 100 trading up 0.46%, spot futures of Germany’s DAX trading up 0.25% and spot futures of France’s CAC Index trading up 0.35%.
The September euro is up $0.0012 at $1.2114. The September U.S. Dollar Index is down 0.04 at 90.52. The September 30-year T-bond is up 1/16nds, while August gold is down $21.0 at $1,858.60 and July crude oil is up $0.56 at $71.47.
On China’s Dalian exchange, September corn was up 0.9%, July soybeans were up 0.5%, September soybean meal was up 0.6% and September soybean oil was down 0.2%. July common wheat on China’s Zhengzhou exchange was unchanged. August Malaysian palm oil is trading down 7.8%.
