No Turnaround for Soybeans

This morning, July corn was 1 cent lower, July beans were 9 cents lower, and July Chicago wheat was 2 cents lower. 

CME Globex Recap: Early Tuesday saw another round of double-digit losses by soybean contracts as the market continues to fall back from recent highs. Spillover pressure had both corn and wheat down a couple of cents.

Outside commodities were also lower while the U.S. dollar index remains firm. DJIA futures were also trading higher to start the day.

Outside Markets: The Dow Jones Industrial Average closed 8.01 points lower at 17,492.93, the NASDAQ Composite dipped 3.78 points to 4,765.78, and the S&P 500 lost 4.28 points to close at 2,048.04 Monday. DJIA futures were 43 points higher overnight.

Asian markets were mostly lower with Japan’s Nikkei 155.84 points (0.9%) while China’s Shanghai Composite fell 21.98 points (0.8%). European markets were higher with London’s FTSE 100 up 39.47 points (0.6%).

The U.S. dollar index rallied another 0.168 to 95.399. Crude oil fell $0.18 to $47.90 while Brent crude dipped $0.24 to $48.11. June gold was $8.60 lower at $1,242.90. China’s Dalian soybean futures were lower and Malaysian palm oil futures were higher overnight.

Source: AgFax

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