Recap for February 26

  • Corn and soybeans pulled higher in short-covering Monday after earlier dropping to three-year lows. Wheat futures closed higher as traders adjusted positions ahead of Thursday’s first notice day for March deliveries and with spillover support from corn and soybeans. The May corn future was up 8¢ to close at $4.21½ per bu. Chicago May wheat added 5¾¢ to settle at $5.74¾ per bu. Kansas City May wheat advanced 11¢ to close at $5.76½ per bu. Minneapolis May wheat added 6¢ to close at $6.52¾ per bu. May soybeans rose 3½¢ to close at $11.45¼ per bu. May soybean meal added 60¢ to close at $328.60 per ton, though later months were mixed. May soybean oil added 0.42¢ to close at 45.02¢ a lb.
  • US equity markets slipped lower Monday but remained on track for February gains. Shares of Nvidia, which fueled a rally last week on blockbuster earnings, continued higher, but were not a catalyst to lift all boats. The Dow Jones Industrial Average subtracted 62.3 points, or 0.16%, to close at 39,069.23. The Standard & Poor’s 500 fell 19.27 points, or 0.38%, to close at 5,069.53. The Nasdaq Composite shed 20.57 points, or 0.13%, to close at 15,976.25. 
  • US crude oil prices were lower Monday. The April West Texas Intermediate light, sweet crude future declined $1.09 to close at $77.58 per barrel.
  • The US dollar index declined for an eighth straight trading day Monday. 
  • US gold futures declined Monday. The April contract dropped $10.50 to close at $2,038.90 per oz.

Recap for February 23

  • US equity indexes were mixed Friday, but all three posted weekly gains of 1.3% or more, notching a sixth weekly win of the eight weeks in 2024 so far. Support came from, among others, rising shares of Nvidia. The artificial-intelligence-focused Big Tech company’s shares soared 17% Thursday and Friday, its market valuation briefly climbing over $2 trillion, after the release Wednesday evening of an earnings report that indicated quarterly sales and forecast topped Wall Street expectations. The Dow Jones Industrial Average added 62.42 points, or 0.16%, to close at 39,131.53. The Standard & Poor’s 500 edged up 1.77 points, or 0.03%, to close at 5,088.8. The Nasdaq Composite shed 44.80 points, or 0.28%, to close at 15,996.82. 
  • Wheat complex futures declined Friday and Minneapolis contracts declined for the week. Broader grain market liquidation contributed to Friday’s losses, as did signs of profit taking and continued spillover corn pressure. Prompt corn futures dipped below $4 for the first time since November 2020, weighed down by large US and global supplies. US weekly exports that came in at the lowest levels since May pressured US soybeans along with the news that at least three cargo ships with Brazilian supplies were set to sail to the United States. The May corn future was down 5¢ to close at $4.13½ per bu. Chicago May wheat fell 10¼¢ to settle at $5.69 per bu. Kansas City May wheat declined 6¢ to close at $5.65½ per bu. Minneapolis May wheat dropped 8¾¢ to close at $6.46¾ per bu. May soybeans fell 10¾¢ to close at $11.41¾ per bu. May soybean meal dropped $3.40 to close at $328 per ton. May soybean oil lost 0.20¢ to close at 44.60¢ a lb.
  • US crude oil prices were lower Friday. The April West Texas Intermediate light, sweet crude future declined $2.12 to close at $76.49 per barrel.
  • The US dollar index declined for a seventh straight session Friday. 
  • US gold futures turned higher to close the week. The February contract jumped $18.90 to close at $2,038.60 per oz.

Recap for February 22

  • Corn and soy complex futures declined Thursday with fresh three-year lows posted on corn and soybean contracts. Ample domestic corn and soybean supplies, growing South American supplies amid improved weather prospects, uncertainty about demand and technical selling brought pressure. Wheat futures were mixed with Kansas City and Minneapolis contracts lower but Chicago contracts posting small gains. Wheat futures garnered some support from expectations of new US sanctions on Russia, the world’s largest wheat exporter. The May corn future shed 5¾¢ to close at $4.18½ per bu. Chicago May wheat edged up 1¼¢ to settle at $5.79¼ per bu. Kansas City May wheat declined 3¢ to close at $5.71½ per bu. Minneapolis May wheat dropped 6¢ to close at $6.55½ per bu. May soybeans fell 12½¢ to close a $11.52½ per bu. May soybean meal lost $5.30 to close at $331.40 per ton. May soybean oil was down 0.62¢ to close at 44.80¢ a lb.
  • US equity indexes surged Thursday with the DJIA and the S&P500 closing at record highs. Market enthusiasm was spurred in part by better-than-expected fourth-quarter results from Nvidia that fueled optimism about growth prospects for artificial intelligence stocks. The Dow Jones Industrial Average added 456.54 points, or 1.18%, to close at 39,069.11. The Standard & Poor’s 500 added 105.23 points, or 2.11%, to close at 5,087.03. The Nasdaq Composite jumped 460.72 points, or 2.96%, to close at 16,041.62. 
  • US crude oil prices were higher Thursday. The April West Texas Intermediate light, sweet crude future advanced 70¢ to close at $78.61 per barrel.
  • The US dollar index declined for a sixth-straight session Thursday. 
  • US gold futures also declined Thursday. The February contract lost $2.60 to close at $2,019.70 per oz. 

Recap for February 21

  • Corn futures dropped to three-year lows Wednesday on plentiful domestic supply and signals South American export competitors will harvest strong crops this year. Wheat complex futures pulled lower under pressure from ample global supplies and strong export competition, except for the nearby Chicago future, which pulled higher as shippers looked to backfill sales to China. The soy complex futures followed corn’s lower trend. The March corn future shed 7¾¢ to close at $4.11 per bu. Chicago March wheat edged up ½¢ to settle at $5.83¼ per bu, though all forward contracts declined. Kansas City March wheat fell 8½¢ to close at $5.77¼ per bu. Minneapolis March wheat declined 6¼¢ to close at $6.59¼ per bu. March soybeans dropped 18¼¢ to close a $11.60¾ per bu. March soybean meal pulled back $5.60 to close at $342 per ton. March soybean oil lost 0.58¢ to close at 44.83¢ a lb.
  • US equity indexes posted mixed closes Wednesday with the Nasdaq continuing to falter under pressure from Nvidia shares ahead of the AI company’s highly anticipated earnings report. Investors also got a look at the minutes from the Federal Reserve’s January policy meeting, which indicated most Fed officials are reticent to cut interest rates too soon. The Dow Jones Industrial Average added 48.44 points, or 0.13%, to close at 38,612.24. The Standard & Poor’s 500 added 6.29 points, or 0.13%, to close at 4,981.80. The Nasdaq Composite lost 49.91 points, or 0.32%, to close at 15,580.87. 
  • US crude oil prices were higher Wednesday. The April West Texas Intermediate light, sweet crude future advanced 87¢ to close at $77.91 per barrel.
  • The US dollar index declined for a fifth-straight session Wednesday. 
  • US gold futures also declined despite the weak dollar. The February contract shed $5.20 to close at $2,022.30 per oz.

Recap for February 20

  • Wheat futures, led by Chicago contracts, rallied Tuesday off of the previous week’s contract lows with the support of a weaker dollar and geopolitical tension. Corn futures also were higher, though prices hovered near multi-year lows. Spillover strength from those commodities helped pull soybeans higher. The March corn future added 2¼¢ to close at $4.18¾ per bu. Chicago March wheat soared 22¼¢ higher to settle at $5.82¾ per bu. Kansas City March wheat jumped 18½¢ to close at $5.85¾ per bu. Minneapolis March wheat advanced 10¾¢ to close at $6.65½ per bu. March soybeans added 6¾¢ to close at $11.79 per bu. March soybean meal added $2 to close at $347.60 per ton. March soybean oil lost 0.18¢ to close at 45.41¢ a lb.
  • Under continued pressure from last week’s reports, US equity markets faltered again Tuesday under pressure from tech giant Nvidia ahead of the company’s earnings report as investors ponder whether the artificial intelligence frenzy has staying power. The Dow Jones Industrial Average fell 64.19 points, or 0.17%, to close at 38,563.80. The Standard & Poor’s 500 dropped 30.06 points, or 0.60%, to close at 4,975.51. The Nasdaq Composite lost 144.87 points, or 0.92%, to close at 15,630.78. 
  • US crude oil prices were lower Tuesday. The expiring March West Texas Intermediate light, sweet crude future fell $1.01 to close at $78.18 per barrel while the April contract dropped $1.42 to close at $77.04 per barrel.
  • The US dollar index declined for a fourth-straight session Tuesday. 
  • US gold futures advanced again Tuesday as the dollar continued lower. The February contract rose $16 to close at $2,027.50 per oz.