Corn, soybean futures fall to fresh three-year lows

Home » Corn, soybean futures fall to fresh three-year lows

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.

Recap for February 16

Wheat futures slid to fresh contract lows Friday on continued pressure from weak export demand due to lower-priced supplies from Russia and Ukraine, and on prospects for higher US production in 2024. Corn futures were mixed, mostly higher, and soybean futures posted modest gains after both set three-year lows during the week on ample domestic and global supplies. The March corn future slipped 1¼¢ to close at $4.16½ per bu, but July and beyond were firmer. Chicago March wheat dropped 6½¢ to settle at $5.60½ per bu. Kansas City March wheat declined 8½¢ to close at $5.67¼ per bu. Minneapolis March wheat lost 3¼¢ to close at $6.54¾ per bu. March soybeans advanced 10¢ to close at $11.72¼ per bu. March soybean meal added $6.10 to close at $345.60 per ton. March soybean oil lost 0.41¢ to close at 45.59¢ a lb.

US equity indexes declined on Friday and ended the week with losses. Traders processed multiple pressuring economic reports from the week, including hotter-than-expected inflation data (likely to delay the Fed’s interest rate cuts) and contracting retail sales. The Dow Jones Industrial Average fell 145.13 points, or 0.37%, to close at 38,627.99. The Standard & Poor’s 500 dropped 24.16 points, or 0.48%, to close at 5,005.57. The Nasdaq Composite lost 130.52 points, or 0.82%, to close at 15,775.65.

US crude oil prices were higher Friday. The March West Texas Intermediate light, sweet crude future added $1.16 to close at $79.19 per barrel.

The US dollar index declined for a third session on Friday.

US gold futures advanced again on Friday. The February contract rose $9.40 to close at $2,011.50 per oz.

Recap for February 15

Grain futures dropped Thursday after the US Department of Agriculture forecast larger crop inventories for the 2024-25 marketing year amid waning global demand for US supplies. Both corn and soybean futures touched fresh three-year lows. Kansas City and Minneapolis wheat futures notched fresh contract lows while the Chicago March contract settled at its lowest level since late November. The March corn future dropped 6½¢ for a second straight day to close at $4.17¾ per bu. Chicago March wheat fell 18½¢ to settle at $5.67 per bu. Kansas City March wheat declined 12¢ to close at $5.75¾ per bu. Minneapolis March wheat lost 4½¢ to close at $6.58 per bu. March soybeans were down 8¼¢ to close at $11.62¼ per bu. March soybean meal was $3.80 lower to close at $339.50 per ton. March soybean oil lost 0.35¢ to close at 46¢ a lb.

US equity indexes brushed off a disappointing retail sales report, illuminating clinks in the consumer resilience armor, and closed higher on Thursday. The S&P 500 set another all-time high close, its eleventh record of the year. The Dow Jones Industrial Average jumped 348.85 points, or 0.91%, to close at 38,773.12. The Standard & Poor’s 500 added 29.11 points, or 0.58%, to close at 5,029.73. The Nasdaq Composite gained 47.03 points, or 0.30%, to close at 15,906.17.