Pre-6 a.m. Globex Prices: March corn is up 5 cents, March soybeans are up 8 3/4 cents, and March KC wheat is down 1/4 cent.
CME Globex Recap: Early Friday, Dow Jones futures are lower, with European markets all lower and Asian markets mixed. The bond market is lower. Following Thursday’s late day swoon from new contract highs earlier in the morning, the grain and soy markets are modestly higher to begin.
Weather in the central U.S. features some much-needed rains for the Corn Belt and Plains. South American weather remains mostly bullish with overall heat and dryness set to return to southern Brazil and Argentina.
Equities are again slipping on impending interest rate increases, with the out-of-control inflation rising to 7.5% on a yearly basis, and the 20-year Treasury rising above 2%.
OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 526.47 at 35,241.59 and the S&P 500 down 83.10 at 4,504.08 while the 10-Year Treasury yield ended up at 2.03%. Early Friday, the March DJIA futures are down 137 points.
Asian markets are mixed with Japan’s Nikkei up 116.21(+0.42%) and China’s Shanghai Composite down 22.96 points (-0.66%). European markets are all lower with London’s FTSE 100 down 60.20 points (-0.78%), Germany’s DAX down 129.60 points (-0.83%) and France’s CAC 40 down 90.66 points (-1.28%).
The March Euro is at 1.14, and the March U.S. Dollar Index is up 0.297 at 95.845. The March 30-Year T-Bond is up 16/32nds, while April gold is down 9.50 at $1,826.90 and March crude oil is up 0.50 at $90.38.
Soybeans and soybean meal on China’s Dalian Exchange are higher.