Pre-6 a.m. CDT prices, CME Globex: May corn is down 1 1/4 cents, May soybeans are down 5 1/2 cents and July KC wheat is up 5 1/2 cents.
CME Globex Recap: Dow Jones futures are higher early Wednesday with European and Asian markets mixed. The bond market is higher. Equities are slightly higher to begin; crude oil is up another $1.50. There is not much in the way of news about the Russia-Ukraine conflict. On Tuesday, the Consumer Price Index was revealed to be 8.5%, the highest rate of inflation in 40 years.
Weather features a drier pattern in both Brazil and Argentina and concerns are growing for the safrinha corn crop, especially in Mato Grosso. In the U.S., an active day of storms moved across the much of the central U.S., Northern Plains and Southeast, with heavy snow, rain and winds.
OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 87.72 at 34,220.36 and the S&P 500 down 15.08 at 4,397.45 while the 10-Year Treasury yield ended lower at 2.725%. Early Wednesday, the June DJIA futures are up 143 points.
Asian markets are mixed with Japan’s Nikkei up 508.51 (+1.93%) and China’s Shanghai Composite down 23.40 points (-0.73%). European markets are mixed, with London’s FTSE 100 up 18.49 points (+0.24%), Germany’s DAX down 50.54 points (-0.35%) and France’s CAC 40 up 14.02 points (+0.21%).
The June Euro is at 1.09, and the June U.S. Dollar Index is up 0.133 at 100.425. The June 30-Year T-Bond is down 22/32nds, while June gold is up 3.00 at $1979.10 and May crude oil is up 33 cents at $100.93.
Soybeans on China’s Dalian Exchange are lower and soybean meal is lower as well.