Recap for January 17

  • Soybean futures declined Wednesday on improvements in South American growing areas and shipments of Brazilian soybeans to China, an indicator US supplies had stiff competition. Pressure from increased global supplies sent corn futures to a three-year low on Wednesday. The prompt Chicago wheat futures edged higher while all other contracts declined as the US dollar strengthened and adjacent markets exerted pressure. The March corn future dropped 1¼¢ to close at $4.42¼ per bu. Chicago March wheat edged up ½¢ to close at $5.82½ per bu, but all following months were lower. Kansas City March wheat dropped 7½¢ to close at $5.94 per bu. Minneapolis March wheat was down 10½¢ to close at $6.80¼ per bu. March soybeans dropped 21½¢ to close at $12.05¾ per bu. March soybean meal fell $12½ to close at $358.70 per ton. March soybean oil was up 0.45¢ to close at 47.70¢ a lb.
  • US equity markets declined further Wednesday, a sell-off attributed to pessimism about the Federal Reserve’s interest rate course that offset a Commerce Department report showing US retail sales rose a seasonally adjusted 0.6% in December from a month earlier, a larger-than-expected gain came following a healthy 0.3% increase in November. The Dow Jones Industrial Average dropped 94.45 points, or 0.25%, to close at 37,266.67. The Standard & Poor’s 500 dropped 26.77 points, or 0.56%, to close at 4,739.21. The Nasdaq Composite fell 88.73 points, or 0.59%, to close at 14,855.62.
  • US crude oil prices were mixed Wednesday. The February West Texas Intermediate light, sweet crude future was up 16¢ to close at $72.56 per barrel while the March contract was down 4¢ to close at $72.48 per barrel and subsequent months were also lower. 
  • The US dollar index closed higher again Wednesday for a third consecutive trading session. 
  • US gold futures closed lower again Wednesday. The February contract dropped $23.70 to close at $2,006.50 per oz.

Recap for January 16

  • Export inspections on the high end of trade expectations and record-high soybean crush in December supported soybean futures Tuesday in volatile trading that included conflicting data on South American production. Corn futures continued lower one trading day after the USDA estimated record high 2023 US corn production and global supplies larger than expected. Weak global demand and spillover pressure from corn kept wheat futures on a downside trajectory out of the long holiday weekend. The March corn future dropped 3½¢ to close at $4.43½ per bu. Chicago March wheat was down 14¢ to close at $5.82 per bu. Kansas City March wheat dropped 13¾¢ to close at $6.01½ per bu. Minneapolis March wheat was down 8¾¢ to close at $6.90¾ per bu. March soybeans were up 3¢ to close at $12.27¼ per bu; the September contract and beyond eased. March soybean meal added $9 to close at $371.10 per ton. March soybean oil was down 1¢ to close at 47.25¢ a lb.
  • US equity markets closed lower Tuesday and the three major indexes were lower for 2024 as investor optimism on the Federal Reserve’s interest rate path gave way to increased market scrutiny that halted the recent bond rally. The Dow Jones Industrial Average dropped 231.86 points, or 0.62%, to close at 37,361.12. The Standard & Poor’s 500 dropped 17.85 points, or 0.37%, to close at 4,765.98. The Nasdaq Composite fell 28.41 points, or 0.19%, to close at 14,944.35.
  • US crude oil prices declined Tuesday. The February West Texas Intermediate light, sweet crude future was down 28¢ to close at $72.40 per barrel. 
  • The US dollar index closed higher Tuesday, bookending the holiday weekend with stronger closes after weakening earlier last week. 
  • US gold futures closed lower Tuesday. The February contract dropped $21.40 to close at $2,030.20 per oz.

Recap for January 11

  • Corn futures dropped to three-year lows after the USDA said 2023 US corn production was record high and Dec. 1 corn stocks were at their highest levels since 2018. Corn market pressure weighed on the wheat complex, as did the USDA’s report indicating wheat stocks increased to 1.410 billion bus as of Dec. 1, the largest since 2020. The Department also raised global wheat ending stocks, although that forecast remained at an eight-year low. Soybean futures descended to 26-month lows as the USDA’s larger-than-expected appraisal of the Brazilian crop more than offset Dec. 1 US soybean stocks at 3 billion bus, down from 3.021 billion a year earlier and the lowest since 2020.The March corn future dropped 10¾¢ to close at $4.47 per bu. Chicago March wheat was down 7¾¢ to close at $5.96 per bu. Kansas City March wheat pulled back ¾¢ to close at $6.15¼ per bu. Minneapolis March wheat was down ½¢ to close at $6.99½ per bu. March soybeans were down 12¼¢ to close at $12.24¼ per bu. March soybean meal slipped 10¢ lower to close at $362.10 per ton. March soybean oil was down 0.47¢ to close at 48.25¢ a lb.
  • US stock markets were mixed Friday, the Dow industrials index down on the day while the S&P 500 managed to draw close to a record high despite big declines in airline stocks and companies that rely on discretionary spending. Still, all three pulled out weekly gains after moving lower in the first week of 2024. The Dow Jones Industrial Average dropped 118.04 points, or 0.31%, to close at 37,592.98. The Standard & Poor’s 500 added 3.59 points, or 0.08%, to close at 4,783.83. The Nasdaq Composite added 2.57 points, or 0.02%, to close at 14,972.76.
  • US crude oil prices were higher again to close the week amid tensions in the Middle East. The February West Texas Intermediate light, sweet crude future added 66¢ to close at $72.68 per barrel. 
  • The US dollar index snapped a two-day losing streak Friday while the euro, yen, pound and franc all closed lower. 
  • US gold futures closed higher Friday. The February contract added $32.40 to close at $2,051.60 per oz. 

Recap for January 10

  • Weak export demand pressured wheat futures Thursday as traders adjusted positions ahead of fresh supply-demand figures and winter wheat seeding data coming Friday. Soybean futures were flat to slightly higher, consolidating near two-year lows ahead of Friday’s reports. Corn futures were lower under pressure from expectations the USDA could raise corn stocks up 11.4% from a year earlier. The March corn future dropped 1¾¢ to close at $4.57¾ per bu. Chicago March wheat was down 7¢ to close at $6.03¾ per bu. Kansas City March wheat dropped 8½¢ to close at $6.16 per bu. Minneapolis March wheat was down 7¾¢ to close at $7 per bu. March soybeans were steady at $12.36½ per bu; later months edged higher. March soybean meal was down $2.10 to close at $362.20 per ton. March soybean oil was up 0.47¢ to close at 48.72¢ a lb.
  • US equity markets dropped early, rallied late and posted mixed closes after the Department of Labor’s Consumer Price Index data indicated inflation rose more than expected in December. Core prices — which exclude volatile food and energy prices — rose 3.9% from a year ago, just above economists’ forecasts for a 3.8% increase. The Dow Jones Industrial Average added 15.29 points, or 0.04%, to close at 37,711.02. The Standard & Poor’s 500 fell 3.21 points, or 0.07%, to close at 4,780.24. The Nasdaq Composite added 0.54 point to close at 14,970.19.
  • US crude oil prices were higher Thursday. The February West Texas Intermediate light, sweet crude future was up 65¢ to close at $72.02 per barrel. 
  • The US dollar index continued lower Thursday. 
  • US gold futures eased again Thursday. The February contract fell $8.60 to close at $2,019.20 per oz.

Recap for January 9

  • Weak demand for US supplies continued to weigh on wheat futures, but the complex notched mixed closes in mostly narrow ranges Wednesday as traders adjusted positions ahead of Friday’s reports from the USDA. Position squaring also was behind mostly lower corn futures. US export demand concerns and rainy forecasts in dry Brazil pulled soy complex futures lower. The March corn future eased ¼¢ to close at $4.59½ per bu; later months were narrowly mixed, mostly lower. Chicago March wheat edged up ¾¢ to close at $6.10¾ per bu. Kansas City March wheat dropped 2½¢ to close at $6.24½ per bu. Minneapolis March wheat added 2¼¢ to close at $7.07¾ per bu; 2025 contracts were lower. March soybeans dropped 12¢ to close at $12.36½ per bu. March soybean meal was down $3.30 to close at $364.30 per ton. March soybean oil was down 0.20¢ to close at 48.25¢ a lb.
  • US equity markets continued to regain ground after a rough first week of 2024. The three major indices were higher Wednesday ahead of investors’ latest look at inflation on Thursday with the release of consumer price data for December. The Dow Jones Industrial Average added 170.57 points, or 0.45%, to close at 37,695.73. The Standard & Poor’s 500 was up 26.95 points, or 0.57%, to close at 4,783.45, within 0.3% of the index’s record high. The Nasdaq Composite added 111.94 points, or 0.75%, to close at 14,969.65.
  • US crude oil prices were lower Wednesday. The February West Texas Intermediate light, sweet crude future was down 87¢ to close at $71.37 per barrel. 
  • The US dollar index reverted Wednesday to the downside trend characterizing the sessions surrounding the weekend. 
  • US gold futures eased again Wednesday. The February contract fell $5.20 to close at $2,027.80 per oz.