Pre-6 a.m. Globex Prices: March corn is down 2 1/4 cents per bushel, March soybeans are down 15 3/4 cents, and March KC wheat is down 8 3/4 cents.
CME Globex Recap:
Grain markets are sharply weaker overnight, taking no direction from the stronger energy sector. Minneapolis wheat and soy meal are leading losses overnight. Minneapolis is caught in a liquidation trend while meal is only one day removed from contract highs.
Mixed trade in equities overnight with U.S. futures holding marginal gains. The energy sector is rallying solidly overnight with crude oil futures up 1.5% and pushing over $79.00 per barrel. The geopolitical unrest in Kazakhstan and tensions in Ukraine remain front-and-center. While difficult to know the true cause of anything over there, it appears from a far Russian President Putin is attempting to put the band back together.
The U.S. Dollar Index is flat overnight, continuing to chop inside the recent range. Metals are solidly weaker overnight with silver leading the way lower, down 3.9%.
OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average down 392.54 at 36,407.11 and the S&P 500 down 92.96 at 4,793.54 while the 10-Year Treasury yield ended at 1.705%. Early Thursday, the March DJIA futures are up 88 points.
Asian markets are lower with Japan’s Nikkei 225 down 844.29 (-2.88%) and China’s Shanghai Composite down 9.1 points (-0.25%). European markets are lower with London’s FTSE 100 down 33.21 points (-0.44%), Germany’s DAX down 152.12 points (-0.93%) and France’s CAC 40 down 82.85 points (-1.12%).
The March Euro is down 0.001 at 1.130 and the March U.S. dollar index is up 0.028 at 96.210. The March 30-Year T-Bond is down 21/32nds, while February gold is down $27.30 at $1,797.80 and February crude oil is up $1.17 at $79.02.
Soybeans on China’s Dalian Exchange were down 0.8% while soybean meal was down 0.84% and corn was down 0.59%.
