Recap for February 14

  • Wheat complex futures were lower again Wednesday, notching fresh contract lows after the value of the US dollar touched a three-month high during the trading session before ending lower for the day. Corn and soybean futures followed wheat futures lower, sinking to three-year lows, dragged further down by fund selling and ample global supplies. The March corn future dropped 6½¢ to close at $4.24¼ per bu. Chicago March wheat fell 12¢ to settle at $5.85½ per bu. Kansas City March wheat declined 6¾¢ to close at $5.87¾ per bu. Minneapolis March wheat lost 9¼¢ to close at $6.62½ per bu. March soybeans tumbled 15¾¢ to close at $11.70½ per bu. March soybean meal eased $1.50 to close at $343.30 per ton. March soybean oil fell 0.95¢ to close at 46.35¢ a lb.
  • US equity indexes Wednesday recovered a portion of losses incurred Tuesday that resulted mainly from higher-than-expected inflation data that was expected to slow or delay the Fed’s interest rate cuts. Today, Treasury yields declined as traders tried to determine when the Fed would begin to lower rates and “dip buyers” were active. The Dow Jones Industrial Average gained 151.52 points, or 0.40%, to close at 38,424.27. The Standard & Poor’s 500 added 47.45 points, or 0.96%, to close at 5,000.62. The Nasdaq Composite jumped 203.55 points, or 1.3%, to close at 15,859.15. 
  • US crude oil prices reversed course Wednesday after posting gains in the seven prior consecutive trading sessions. The March West Texas Intermediate light, sweet crude future dropped $1.23 to close at $76.64 per barrel.
  • The US dollar index declined on Wednesday. 
  • US gold futures were lower Wednesday. The February contract lost $2.60 to close at $1,990.30 per oz.

Recap for February 13

  • Wheat complex futures were mostly lower Tuesday, some hitting contract lows, as the dollar hit a three-month peak, international demand lulled during Lunar New Year and Russia extended its bargain basement grain prices. Technical trading slightly firmed corn futures, though prices hewed near three-year lows on ample global supplies, improving harvest prospects in South America and export competition. Soybean futures followed soymeal futures lower after the US soybean crush slowed in January from February’s record as frigid weather disrupted operations at several processing plants. The March corn future edged up ¼¢ to close at $4.30¾ per bu. Chicago March wheat was steady at a $5.97½ per bu close; later months eased for a second day. Kansas City March wheat fell 4¼¢ to close at $5.94½ per bu. Minneapolis March wheat fell 10¾¢ to close at $6.71¾ per bu. March soybeans dropped 6¾¢ to close at $11.86¼ per bu. March soybean meal fell $4.10 to close at $344.80 per ton. March soybean oil added 0.40¢ to close at 47.30¢ a lb.
  • US stocks and equity indexes declined Tuesday after a Department of Labor report indicated consumer prices rose 3.1% in January from a year earlier, versus a December gain of 3.4%, the lowest measure since June. The Consumer Price Index still was higher than the predicted 2.9%, which disappointed investors hoping the Fed will cut rates sooner rather than later. Core prices, a measure that excludes food and energy, were up 0.4%. The Dow Jones Industrial Average dropped 524.63 points, or 1.35%, to close at 38,272.75. The Standard & Poor’s 500 shed 68.67 points, or 1.37%, to close at 4,953.17. The Nasdaq Composite fell 286.95 points, or 1.8%, to close at 15,655.60. 
  • US crude oil prices were higher Tuesday for a seventh consecutive session. The March West Texas Intermediate light, sweet crude future was up 95¢ to close at $77.87 per barrel.
  • The US dollar index strengthened again on Tuesday. 
  • US gold futures were lower Tuesday. The February contract dropped $25.30 to close at $1,992.90 per oz.

Recap for February 12

  • Soybean futures jumped higher Monday in a round of bargain buying off of last week’s three-year lows. Corn futures also notched bargain-buying gains to a lesser degree. Wheat complex futures were mixed, mostly lower, on ongoing global export price competition and weak export demand for US supplies. The March corn future added 1½¢ to close at $4.30½ per bu. Chicago March wheat added ¾¢, closing at $5.97½ per bu though most later months eased. Kansas City March wheat fell 2¾¢ to close at $5.98¾ per bu. Minneapolis March wheat fell 1¾¢ to close at $6.82½ per bu. March soybeans jumped 9½¢ to close at $11.93 per bu. March soybean meal added $2.10 to close at $348.90 per ton. March soybean oil declined 0.36¢ to close at 46.9¢ a lb.
  • US equity markets posted mixed closes to open the week. The DJIA continued to soar on strong economic data, bullish corporate earnings reports and an enduring rally in big technology company shares. The S&P 500 backed off its string of record-high closes ahead of more earnings reports this week and key inflation data coming Tuesday in the January Consumer Price Index. The Dow Jones Industrial Average added 125.69 points, or 0.33%, to close at 38,797.38. The Standard & Poor’s 500 eased 4.77 points, or 0.09%, to close at 5,021.84. The Nasdaq Composite fell 48.12 points, or 0.3%, to close at 15,942.55. 
  • US crude oil prices were higher Monday for a sixth consecutive session. The March West Texas Intermediate light, sweet crude future was up 8¢ to close at $76.92 per barrel.
  • The US dollar index strengthened Monday. 
  • US gold futures were lower Monday. The February contract dropped $5.10 to close at $2,018.20 per oz.

Recap for February 9

  • US equity indexes were mixed Friday with the DJIA declining but the S&P 500 closing for the first time above 5,000 points and notching its tenth record-high close of 2024. Driving the rally were shares of big tech companies such as Applied Materials, Nvidia, Alphabet, Amazon and Microsoft. The Dow Jones Industrial Average dropped 54.64 points, or 0.14%, to close at 38,761.69. The Standard & Poor’s 500 added 28.70 points, or 0.57%, to close at 5,026.61. The Nasdaq Composite added 196.95 points, or 1.25%, to close at 15,990.56. All three indexes posted weekly increases during 14 of the past 15 weeks.
  • Wheat complex futures posted mixed closes at the end of the week. Bargain buying and short covering was behind Kansas City and nearby Chicago gains with further support from a weaker US dollar. Corn and soybean futures hovered near three-year lows and closed lower Friday under pressure from improved crop weather and forecasts for larger supplies in South America. The March corn future dropped 4¼¢ to close at $4.29 per bu. Chicago March wheat added 8¼¢, closing at $5.96¾ per bu with later months mixed. Kansas City March wheat edged up ½¢ to close at $6.01½ per bu. Minneapolis March wheat also edged up ½¢ to close at $6.84¼ per bu, though all later months declined. March soybeans lost 10¢ to close at $11.83½ per bu. March soybean meal shed 30¢ to close at $346.80 per ton. March soybean oil declined 0.68¢ to close at 47.26¢ a lb.
  • US crude oil prices were higher Friday for a fifth consecutive session. The March West Texas Intermediate light, sweet crude future was up 62¢ to close at $76.84 per barrel.
  • The US dollar index weakened Friday. 
  • US gold futures were lower again Friday. The February contract dropped $8.90 to close at $2,023.30 per oz.

Recap for February 8

  • On Thursday, wheat complex futures declined under continued US dollar and Russian price pressure as the USDA raised forecasts for the June 1, 2024, carryover of hard red winter, soft red winter and white wheat. Soybean and soybean oil futures rose despite USDA’s bearish soy ending stocks thanks to the Department’s lower forecast for Brazilian production, a figure far higher than forecasts from Brazil’s own crop agency. Corn futures initially went higher after Brazil lowered its corn production forecast but closed lower on the USDA’s increased ending stocks projection. The March corn future dropped 1¢ to close at $4.33¼ per bu. Chicago March wheat shed 13½¢, closing at $5.88½ per bu. Kansas City March wheat fell 17¼¢ to close at $6.01 per bu. Minneapolis March wheat declined 12½¢ to close at $6.83¾ per bu. March soybeans gained 4½¢ to close at $11.93½ per bu. March soybean meal dipped $4.10 to close at $347.10 per ton. March soybean oil rose 1.18¢ to close at 47.94¢ a lb.
  • Amid a busy earnings season, shares of Walt Disney, Arm and Hershey advanced Thursday, helping push US equity markets higher. The DJIA and S&P 500 posted record-high closes for a second straight day. The Dow Jones Industrial Average added 48.97 points, or 0.13%, to close at 38,726.33, the index’s 11th record-high close of 2024. The Standard & Poor’s 500 crept up 2.85 points, or 0.06%, to close at 4,997.91, its ninth record-high close of 2024. The Nasdaq Composite added 37.07 points, or 0.24%, to close at 15,793.71. 
  • US crude oil prices were higher again Thursday for the fourth consecutive session. The March West Texas Intermediate light, sweet crude future was up $2.36 to close at $76.22 per barrel.
  • The US dollar index closed higher Thursday, reverting to a recent strengthening trend after a two-day downturn. 
  • US gold futures turned lower Thursday as the US dollar strengthened. The February contract dropped $3 to close at $2,032.20 per oz.