Recap for February 1

  • Wheat complex futures posted mixed closes Thursday with Minneapolis and  front-end Chicago soft red winter contracts advanced in technical buying and short-covering moves. Kansas City hard red winter wheat futures declined Thursday as the US Department of Agriculture posted net export sales for the week ended Jan. 25 within pre-report expectations but down 29% from the previous week, down 9% from the four-week average and a three-week low. Soybean futures were also brought lower by export sales figures — at 64,500 tonnes in the week ended Jan. 25, it was the lowest weekly number for 2023-24 since the marketing year began Sept. 1 — and concerns about falling prices in competitor Brazil coupled with economic concerns for the world’s largest buyer, China. Corn futures tagged on to soybeans’ tumble with losses limited by strong export sales of 1.2 million in the latest reported week. The March corn future subtracted 1¢ to close at $4.47¼ per bu. Chicago March wheat added 6¼¢, closing at $6.01½ per bu, with gains diminishing through March 2025 and declining thereafter. Kansas City March wheat pulled lower by 1¼¢ to close at $6.20¾ per bu. Minneapolis March wheat climbed 3¾¢ to close at $6.96 per bu. March soybeans sank 19¢ to close at $12.03¼ per bu. March soybean meal shed $6.60 to close at $361.70 per ton. March soybean oil fell 0.42¢ to close at 45.60¢ a lb.
  • Stocks posted a robust rebound Thursday from declines precipitated by ideas about the pace and starting point of the Federal Reserve’s interest rate cuts. The Dow Jones Industrial Average added 369.54 points, or 0.97%, to close at 38,519.84. The Standard & Poor’s 500 added 60.54 points, or 1.25%, to close at 4,906.19. The Nasdaq Composite added 197.63 points, or 1.30%, to close at 15,361.64.
  • US crude oil prices were lower Thursday. The March West Texas Intermediate light, sweet crude future was down $2.03 to close at $73.82 per barrel.
  • The US dollar index continued lower a third day Thursday. 
  • US gold futures advanced. The February contract added $4.60 to close at $2,053 per oz.

Recap for January 31

  • Stock traded choppily Wednesday as investors weighed a growing confidence in the US economy versus a cautionary stance toward the US central bank’s monetary policy path in 2024. In the end, stocks and US equity indices took a turn to the downside after Federal Reserve Chairman Jerome Powell said the Fed was leaving rates unchanged, as expected, but essentially took a March cut off the table, too. The Dow Jones Industrial Average subtracted 317.01 points, or 0.82%, to close at 38,150.3. The Standard & Poor’s 500 shed 79.32 points, or 1.61%, to close at 4,845.65. The Nasdaq Composite dropped 345.89 points, or 2.23%, to close at 15,164.01.
  • Under pressure from European wheat futures, which weakened Monday on poor export demand, US wheat complex futures turned decidedly lower Wednesday in technical trading a day after posting mixed closes. Mixed on Wednesday were US corn futures, which hovered just above three-year lows as traders awaited new fundamental news for direction. Underpinning corn was crude oil’s declines and a fourth consecutive monthly decline in Chinese manufacturing activity, which deepened concerns about the health of the No. 2 global economy. US soybean futures trended lower most of the day but turned higher in technical trading. March soybeans have dropped 75¾¢ a bu, or 5.8%, in January. The March corn future edged up ½¢ to close at $4.48¼ per bu, though most forward contracts eased. Chicago March wheat dropped 10¼¢, closing at $5.95¼ per bu. Kansas City March wheat pulled back 8¾¢ to close at $6.22 per bu. Minneapolis March wheat descended 7½¢ to close at $6.92¼ per bu. March soybeans added 3½¢ to close at $12.22¼ per bu. March soybean meal added $5.30 to close at $368.30 per ton. March soybean oil added 0.02¢ to close at 46.02¢ a lb, but all deferred futures eased.
  • US crude oil prices were lower Wednesday. The March West Texas Intermediate light, sweet crude future was down $1.97 to close at $75.85 per barrel.
  • The US dollar index weakened for a second day on Wednesday. 
  • US gold futures advanced again Wednesday as the dollar continued lower. The February contract added $16.90 to close at $2,048.40 per oz.

Recap for January 30

  • Bargain buying off multi-year lows sent corn and soybean futures higher Tuesday despite the absence of supportive supply-demand news. Corn futures were down 5% for the month while soybean futures were down 6% in the same period, a reflection of ample US supplies after 2023’s bumper crops and rising confidence in South American crops. Wheat complex futures followed the firm trend, bouncing off one-week lows. The March corn future added 7½¢ to close at $4.47¾ per bu. Chicago March wheat advanced 12¢, closing at $6.05½ per bu. Kansas City March wheat jumped 12½¢ to close at $6.30¾ per bu. Minneapolis March wheat climbed 6½¢ to close at $6.99¾ per bu. March soybeans soared 24½¢ to close at $12.18¾ per bu. March soybean meal added $8.70 to close at $363 per ton. March soybean oil added 0.45¢ to close at 46¢ a lb.
  • A fresh slate of company earnings reports left US equity markets mixed Tuesday. General Motors shares soared 7.8% after an unexpectedly optimistic profit outlook. United Parcel Service shares dropped 8.2% after its report said revenue declined in the fourth quarter and it would slash 12,000 jobs this year. The Dow Jones Industrial Average added 133.86 points, or 0.35%, to close at 38,467.31. The Standard & Poor’s 500 eased 2.96 points, or 0.06%, to close at 4,924.97. The Nasdaq Composite dropped 118.15 points, or 0.76%, to close at 15,509.9.
  • US crude oil prices were higher Tuesday. The March West Texas Intermediate light, sweet crude future was up $1.04 to close at $77.82 per barrel.
  • The US dollar index weakened Tuesday. 
  • US gold futures advanced Tuesday as the dollar declined. The February contract added $6.10 to close at $2,031.50 per oz.

Recap for January 29

  • Growing potential for large South American harvests and worries about demand amid top global soy buyer China’s struggles with a real estate crisis sent US soybean futures below $12 a bu to two-year lows on Monday. Crude oil weakness and US dollar strength sent corn futures to a one-week low. The dollar plus spillover pressure from soybeans and corn weighed on wheat complex futures as the European Commission raised its forecasts for European Union stocks of common wheat. The March corn future dropped 6¢ to close at $4.40¼ per bu. Chicago March wheat dropped 6¾¢, closing at $5.93½ per bu. Kansas City March wheat fell 6½¢ to close at $6.18¼ per bu. Minneapolis March wheat fell 10¼¢ to close at $6.93¼ per bu. March soybeans dropped 15¢ to close at $11.94¼ per bu. March soybean meal added $5.30 to close at $354.30 per ton. March soybean oil fell 1.38¢ to close at 45.55¢ a lb.
  • Investors positioning themselves ahead of a busy week of earnings reports sent US equity indexes higher and the DJIA and S&P posted fresh record-high closes Monday. The Dow Jones Industrial Average added 224.02 points, or 0.59%, to close at 38,333.45. The Standard & Poor’s 500 added 36.96 points, or 0.76%, to close at 4,927.93. The Nasdaq Composite added 172.68 points, or 1.12%, to close at 15,628.04.
  • US crude oil prices were lower Monday. The March West Texas Intermediate light, sweet crude future was down $1.23 to close at $76.78 per barrel.
  • The US dollar index opened the week on the upside with a stronger close. 
  • US gold futures advanced Monday. The February contract added $8.10 to close at $2,025.40 per oz.

Recap for January 26

  • Wheat futures dropped lower in technical selling profit taking and signals the global export business may be cooling off. Soybean futures dipped to a one-week low Friday after the Buenos Aires Grains Exchange on Thursday raised its estimate of Argentina’s soybean crop to 52.5 million tonnes, up about 1% from its previous forecast. Corn futures dropped lower Friday after the BAGE a day earlier increased its estimate of Argentina’s corn crop to 56.5 million tons, up nearly 3% from its previous forecast. The March corn future dropped 5½¢ to close at $4.46¼ per bu. Chicago March wheat dropped 12¢, closing at $6.00¼ per bu. Kansas City March wheat fell 12¼¢ to close at $6.24¾ per bu. Minneapolis March wheat fell 5½¢ to close at $7.03½ per bu. March soybeans shed 13¾¢ to close at $12.09¼ per bu. March soybean meal fell $9.20 to close at $349 per ton. March soybean oil added 0.40¢ to close at 46.93¢ a lb.
  • A week of upside momentum for US equity markets that included several fresh record highs ended with mixed closes Friday but weekly gains. Intel’s tepid projections pushed shares of the company down 12%, their largest decrease since July 2020, and other tech company shares, such as Advanced Micro Devices, Nvidia and Micron Technology, all finished lower. The Dow Jones Industrial Average added 60.30 points, or 0.16%, to close at 38,109.43. The Standard & Poor’s 500 dropped 3.19 points, or 0.07%, to close at 4,890.97. The Nasdaq Composite shed 55.13 points, or 0.36%, to close at 15,455.36.
  • US crude oil prices were higher again on Friday. The March West Texas Intermediate light, sweet crude future added 65¢ to close at $78.01 per barrel.
  • The US dollar index weakened into the weekend. 
  • US gold futures eased Friday. The February contract lost 50¢ to close at $2,017.30 per oz.