Pre-6 a.m. Globex Prices: March corn is down 1 cent per bushel, March soybeans are down 4 cents, and March KC wheat is down 3 1/2 cents.
CME Globex Recap: Grain markets are mostly weaker overnight with the exception of soybean oil, although all contracts are off the lows. Most ag markets are holding solid gains for the week and would be encouraging to hold them into the weekend.
Mixed to lower equity trade overnight although U.S. futures have stabilized and managed to trade slightly higher following the sharp selloff Thursday. The main equity bourses in the U.S. have sustained quite the selloff this week as concerns about rising borrowing costs take hold amid surging inflation.
Energy markets are solidly weaker overnight although have recovered well off the lows put in Thursday evening. The U.S. Dollar Index is slightly weaker, remaining between the 50 and 100-day moving averages. Metals are weaker across the board with copper down 1.00%.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 313.26 at 34,715.39 and the S&P 500 down 50.03 at 4,532.76 while the 10-Year Treasury yield ended at 1.833%. Early Friday, the March DJIA futures are up 52 points.
Asian markets are lower with Japan’s Nikkei 225 down 250.67 (-0.9%) and China’s Shanghai Composite down 32.5 points (-0.91%). European markets are lower with London’s FTSE 100 down 56.97 points (-0.75%), Germany’s DAX down 229.91 points (-1.44%) and France’s CAC 40 down 87.6 points (-1.22%).
The March Euro is up 0.002 at 1.130 and the March U.S. dollar index is down 0.085 at 95.640. The March 30-Year T-Bond is up 25/32nds, while February gold is down $7.90 at $1,834.70 and March crude oil is down $1.47 at $84.08.
Soybeans on China’s Dalian Exchange were up 0.91% while soybean meal was up 1.16% and corn was up 0.04%.