Pre-6 a.m. Globex Prices: March corn is up 5 3/4 cents per bushel, March soybeans are up 12 cents, and March KC wheat is up 2 cents.
CME Globex Recap: Grains are mostly higher overnight with the soy complex once again leading gains on concerns in South America. Wheat markets have shown less enthusiasm for follow through strength after Monday’s disappointing session.
Higher equity markets around the globe overnight as most indices have now re-opened following the New Year celebrations. In a quest to bring down inflation, the Biden Administration announced additional support for independent meat packers to the tune of $1 billion on Monday. Energy markets are higher overnight with spot crude oil futures working on their ninth higher close in the last ten sessions.
The U.S. Dollar Index is higher, holding gains made the previous session as it bounces away from the bottom end of its trading range. Metals are mixed with copper slightly lower while gold and silver trade higher.
OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average up 246.76 at 36,585.06 and the S&P 500 up 30.38 at 4,766.18 while the 10-Year Treasury yield ended at 1.628%. Early Tuesday, the March DJIA futures are up 141 points.
Asian markets are mixed with Japan’s Nikkei 225 up 510.08 (1.77%) and China’s Shanghai Composite down 7.45 points (-0.2%). European markets are higher with London’s FTSE 100 up 89.57 points (1.21%), Germany’s DAX up 65.67 points (0.41%) and France’s CAC 40 up 74.01 points (1.03%).
The March Euro is up 0.001 at 1.130 and the March U.S. dollar index is up 0.009 at 96.220. The March 30-Year T-Bond is down 3/32nds, while February gold is up $7.50 at $1,807.60 and February crude oil is up $0.64 at $76.72.
Soybeans on China’s Dalian Exchange were up 1.45% while soybean meal was up 1.65% and corn was up 0.82%.