Pre-6 a.m. Globex Prices: March corn was up 5 cents, January soybeans were up 10 cents and March KC wheat was up 7 cents.
CME Globex Recap: Early Wednesday, Dow Jones futures and European stocks are trading higher, a small roller coaster ride as investors continue to adjust to the recent threat of the omicron variant on scant information. Federal Reserve Chairman Jerome Powell told the Senate Banking Committee the economy is strong and the Fed will discuss ending bond purchases in December.
OPEC is set to meet Wednesday and Thursday and may consider withholding planned increases in production in January, given the new variant threat.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 236.60 at 35,135.94 and the S&P 500 up 60.65 at 4,655.27 as the 10-Year Treasury yield increased to 1.53%. Early Tuesday, December Dow Jones futures are trading up 289 points.
Asian markets are higher with Japan’s Nikkei 225 index up 0.41% and China’s Shanghai Composite Index up 0.36%. European markets are higher with the spot futures of the London FTSE 100 trading up 1.06%, spot futures of Germany’s DAX trading up 1.11% and spot futures of France’s CAC Index trading up 1.24%.
The December euro is up $0.0010 at $1.1337. The December U.S. Dollar Index is down 0.09 at 95.92. The March 30-year T-bond is down 29/32nds, while February gold is up $5.00 at $1,778.60 and January crude oil is up $2.78 at $68.96.
On China’s Dalian exchange, January corn was down 0.6%, January soybeans were down 1.1%, January soybean meal was down 1.0% and January soybean oil was down 1.9%. September common wheat on China’s Zhengzhou exchange was unchanged. February Malaysian palm oil is trading up 0.3%.
