Recap for January 19 

  • Wheat futures rose at the end of the week in technical buying supported by improved global export demand as seen in the export sales report that topped analysts’ expectations. Still, wheat posted a third straight weekly loss. Soybeans were lower Friday and lower for a fifth straight week under pressure from improved Brazilian crop weather and concerns over US export demand. Corn futures were lower for a sixth straight week despite posting a higher close on Friday with support from net US corn sales at a five-week high, including China’s first US corn purchase in three weeks. The March corn future added 1½¢ to close at $4.45½ per bu; later months were mixed. Chicago March wheat added 7¾¢ to close at $5.93¼ per bu. Kansas City March wheat added 2¾¢ to close at $6.08 per bu. Minneapolis March wheat was up 7½¢ to close at $6.95½ per bu. March soybeans eased ¼¢ to close at $12.13¼ per bu; later contracts were mixed in a narrow range. March soybean meal fell $4.80 to close at $356.50 per ton; August-forward contracts advanced. March soybean oil fell 0.72¢ to close at 46.9¢ a lb.
  • US equity markets closed higher again Friday, the S&P 500 notching a fresh record high after more than 500 trading days without one. Tech company shares led the way after a positive earnings report earlier in the week from Taiwan Semiconductor Manufacturing Co. spurred a resurgence in stocks such as Nvidia, Advanced Micro Devices and Broadcom. The Dow Jones Industrial Average added 395.19 points, or 1.05%, to close at 37,863.8. The Standard & Poor’s 500 added 58.87 points, or 1.23%, to close at 4,839.81. The Nasdaq Composite added 255.32 points, or 1.7%, to close at 15,310.97.
  • US crude oil prices were lower Friday. The February West Texas Intermediate light, sweet crude future was down 67¢ to close at $73.41 per barrel. 
  • The US dollar index dipped lower Friday, ending a four-session win streak. 
  • US gold futures closed higher Friday. The February contract added $7.70 to close at $2,029.30 per oz. 

Recap for January 18

  • US wheat complex futures turned higher Thursday alongside Euronext wheat, bouncing off declines a day earlier that had some contracts at seven-week lows. Support for wheat also came from the World Trade Organization reporting wheat shipments via the Suez Canal fell by almost 40% in the first half of January to 500,000 tonnes due to Houthi rebels’ terrorist attacks in the Red Sea and Gulf of Aden. US soybean futures also bounced off of two-year lows in short covering and technical buying. And corn futures rose from three-year lows precipitated by large global supplies in a round of short covering. The March corn future added 1¾¢ to close at $4.44 per bu. Chicago March wheat added 3¢ to close at $5.85½ per bu. Kansas City March wheat added 11¼¢ to close at $6.05¼ per bu. Minneapolis March wheat was up 7¾¢ to close at $6.88 per bu; March and May 2025 were lower. March soybeans were up 7¾¢ to close at $12.13½ per bu; later months were mixed. March soybean meal added $2.60 to close at $361.30 per ton. March soybean oil fell 0.08¢ to close at 47.62¢ a lb; later months were mixed.
  • US equity markets closed higher Thursday with support from shares of information technology companies such as Taiwan Semiconductor, Qualcomm and Apple. The Dow Jones Industrial Average added 201.94 points, or 0.54%, to close at 37,468.61. The Standard & Poor’s 500 added 41.73 points, or 0.88%, to close at 4,780.94. The Nasdaq Composite added 200.03 points, or 1.35%, to close at 15,055.65.
  • US crude oil prices were higher Thursday. The February West Texas Intermediate light, sweet crude future was up $1.52 to close at $74.08 per barrel. 
  • The US dollar index closed higher again Thursday for a fourth consecutive trading session. 
  • US gold futures closed higher Thursday. The February contract added $15.10 to close at $2,021.60 per oz.

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.