Pre-6 a.m. Globex Prices: March corn is down 3/4 cent, March soybeans are up 6 3/4 cents, and March KC wheat is up 5 1/4 cents.
CME Globex Recap: Early Thursday, Dow Jones futures are up, with European markets mixed to higher and Asian markets higher. The bond market is higher.
The soy complex early Thursday continued the bullish run led by soybeans and meal. Old and new crop soybeans rose, setting new contract highs along with meal. The February WASDE report seemed to be forgotten soon after release, with markets back to trading bullish South American weather and the impending trouble at the Ukraine border.
Equities, energy and metals are showing little change early Thursday. Weather remains less than desired in South America, but corn and the soy complex are at very overbought levels.
OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 305.28 at 35,768.06 and the S&P 500 up 65.64 at 4,587.18 while the 10-Year Treasury yield ended down at 1.929%. Early Thursday, the March DJIA futures are up 50 points.
Asian markets are higher with Japan’s Nikkei up 116.21(+0.42%) and China’s Shanghai Composite up 5.96 points (+0.17%). European markets are mostly higher with London’s FTSE 100 up 9.06 points (+0.11%), Germany’s DAX up 18.58 points (+0.13%) and France’s CAC 40 down 8.63 points (+0.12%).
The March Euro is at 1.14, and the March U.S. Dollar Index is down 0.014% at 95.480. The March 30-Year T-Bond is down 8/32nds, while April gold is down 3.50 at $1,832.01 and March crude oil is down 0.33 at $89.99.
Soybeans on China’s Dalian Exchange are lower and soybean meal is higher.