Pre-6 a.m. Globex Prices: March corn was up 8 1/4 cents, March soybeans were up 15 3/4 cents and March KC wheat was up 17 cents.
CME Globex Recap: Early Wednesday, Dow Jones futures are trading a little higher, trying to stabilize after Tuesday’s 1.5% loss. This is earnings report season and Goldman Sachs was one of Tuesday’s disappointments with several more reports due out Wednesday. Rising interest rates are also a concern after the yield on 10-year T-Notes hit a new two-year high Tuesday. According to the Wall Street Journal, the yield on Germany’s 10-year bond turned positive for the first time in over two and a half years.
OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 543.34 at 35,368.47 and the S&P 500 down 85.74 at 4,577.11 as the 10-Year Treasury yield ended at a new two-year high of 1.86%. Early Wednesday, March Dow Jones futures are trading up 25 points.
Asian markets are lower with Japan’s Nikkei 225 index down 2.80% and China’s Shanghai Composite Index down 0.33%. European markets are mixed with the spot futures of the London FTSE 100 trading down 0.07%, spot futures of Germany’s DAX trading down 0.02% and spot futures of France’s CAC Index trading up 0.57%.
The March euro is up $0.0015 at $1.1354. The March U.S. Dollar Index is down 0.12 at 95.60. The March 30-year T-bond is down 9/32nds, while February gold is up $4.60 at $1,817.0 and March crude oil is up $1.10 at $86.53.
On China’s Dalian exchange, May corn was up 0.4%, March soybeans were up 0.2%, May soybean meal was down 0.3% and May soybean oil was up 0.8%. March Malaysian palm oil is trading up 1.3%.