Markets Continue Race Higher06/06/2016
The morning of the 72nd anniversary of D-Day finds grains racing higher once again. The soybean complex continues to lead the charge, with old-crop posting a solid 20-cent plus rally. Spillover support has corn and wheat also trading higher. Outside markets are showing gains despite a stronger U.S. dollar index early Monday.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed 31.50 points lower at 17,807.06, the NASDAQ Composite lost 28.84 points to 4,942.52, and the S&P 500 dipped 6.13 points to close at 2,099.13 Friday. DJIA futures were 10 points higher overnight.
Asian markets were mixed with Japan’s Nikkei down 62.20 points (0.4%) while China’s Shanghai Composite lost 4.58 points (0.2%). European markets were also mixed with London’s FTSE 100 up 56.51 points (0.9%).
The U.S. dollar index gained 0.213 to 94.242. Crude oil rallied $0.46 to $49.08 while Brent crude was up $0.46 to $50.10. August gold was $0.20 higher at $1,243.10. China’s Dalian soybean futures and Malaysian palm oil futures were both quietly lower overnight.