Recap for October 31

  • Wheat futures ended lower Tuesday, with the nearby Kansas City month sinking to a fresh contract low, in part as recent rains across the southern Plains was seen as beneficial for crop emergence. Poor export demand coupled with improving weather in South America added pressure as did the continual offering of cheap Russian supplies on the global market. Soybean futures were higher after the USDA early Tuesday indicated a flash sale of 239,492 tonnes of soybeans to Mexico for the current marketing season. Corn futures mostly notched modest gains, caught between tumbling wheat futures and strengthening soybean futures. December corn futures gained ½¢ to settle at $4.78¾ per bu; later months were narrowly mixed but mostly higher. Chicago December wheat lost 9¾¢ to close at $5.56¼ per bu. Kansas City December wheat fell 15¾¢ to close at $6.29¼ per bu. Minneapolis December wheat dropped 8½¢ to close at $7.09¼ per bu. November soybeans rose 4¼¢ to close at $12.87 per bu. December soybean meal added $4.50 to close at $431.00 per ton. December soybean oil lost 0.97¢ to close at 51.42¢ a lb.
  • US equity markets closed higher Tuesday but ended lower for a third consecutive month. Investors remained optimistic the Federal Reserve will not raise interest rates given the current strength in bond markets. The Feds will announce their decision Wednesday morning. The Dow Jones Industrial Average advanced 123.91 points, or 0.38%, to close at 33,052.87. The Standard & Poor’s 500 rose 26.98 points, or 0.65%, to close at 4,193.80. The Nasdaq Composite added 61.75 points, or 0.48%, to close at 12,851.24.
  • US crude oil prices dropped again on Tuesday. The December West Texas Intermediate light, sweet crude future declined $1.29 to close at $81.02. 
  • The US dollar index reversed course and strengthened on Tuesday. 
  • US gold futures declined as the dollar moved higher Tuesday. The December contract was down $11.30 to close at $1,994.30 per oz.

Recap for October 30

  • Profit taking and improved weather in South America pressured soybean futures lower on Monday. Rounds of technical buying and selling resulted in mixed wheat futures. Traders kept an eye on the Black Sea region as Ukraine engaged its alternative export route following rumors the country had ceased export operations last week. Corn futures eased on spillover pressure from wheat and soybeans. December corn futures edged down 2½¢ to settle at $4.78¼ per bu; later months were narrowly mixed. Chicago December wheat lost 9½¢ to close at $5.66 per bu. Kansas City December wheat was up 2¢ to close at $6.45 per bu. Minneapolis December wheat shed 2¢ to close at $7.17¾ per bu. November soybeans dropped 14½¢ to close at $12.82¾ per bu. December soybean meal fell $15.90 to close at $426.50 per ton. December soybean oil added 0.12¢ to close at 52.39¢ a lb; the May 2024 contract and beyond were lower.
  • US equity markets notched solid gains on Monday. Investor sentiment ahead of the Federal Reserve’s two-day meeting this week was that the strength in Treasury yields may prolong the Fed’s decision to pause its interest rate hikes. The official decision will be announced Wednesday. Also lending support to equities was a higher-than-expected third-quarter earnings report from McDonald’s. The Dow Jones Industrial Average jumped 511.37 points, or 1.58%, to close at 32,928.96. The Standard & Poor’s 500 advanced 49.45 points, or 1.20%, to close at 4,166.82. The Nasdaq Composite added 146.47 points, or 1.16%, to close at 12,789.48.
  • US crude oil prices fell on Monday. The December West Texas Intermediate light, sweet crude future was down $3.23 to close at $82.31. 
  • The US dollar index weakened Monday. 
  • US gold futures advanced. The December contract added $7.10 to close at $2,005.60 per oz.

Recap for October 27

  • Strong demand for US supplies sent soybean futures higher Friday and soymeal futures touched contract highs. Corn firmed slightly on spillover support from soybeans. Wheat slipped lower on the news that three vessels departed Odesa, an apparent reopening of the alternate grain corridor after a three-day pause. December corn futures edged up 1½¢ to settle at $4.80¾ per bu. Chicago December wheat fell 4¢ to close at $5.75½ per bu. Kansas City December wheat dropped 11¾¢ to close at $6.43 per bu. Minneapolis December wheat shed 4½¢ to close at $7.19¾ per bu. November soybeans added 17¾¢ to close at $12.97¼ per bu. December soybean meal jumped $12.90 to close at $442.40 per ton. December soybean oil added 0.53¢ to close at 52.27¢ a lb.
  • US equity markets posted mixed closes Friday with the Nasdaq higher, but the market mood remained dark, the major indices posted weekly losses and the S&P 500 in its worst two-week decline of the year slipped into correction territory. The Dow Jones Industrial Average sank 366.71 points, or 1.12%, to close at 32,417.59. The Standard & Poor’s 500 dropped 19.86 points, or 0.48%, to close at 4,117.37. The Nasdaq Composite added 47.41 points, or 0.38%, to close at 12,643.01.
  • US crude oil prices were higher Friday. The December West Texas Intermediate light, sweet crude future added $2.33 to close at $85.54. 
  • The US dollar index weakened to close the week after a three-day rally. 
  • US gold futures advanced as the dollar turned lower. The expiring October contract added $1.40 to close at $1,988.60 per oz and the December contract added $1.10 to close at $1,998.50 per oz.

Recap for October 26

  • US equity markets declined Thursday amid retreating US Treasury yields and US gross domestic product data indicating the US economy grew at its fastest pace in nearly two years. The Dow Jones Industrial Average fell 251.63 points, or 0.76%, to close at 32,784.30. The Standard & Poor’s 500 dropped 49.54 points, or 1.18%, to close at 4,137.23. The Nasdaq Composite sank 225.62 points, or 1.76%, to close at 12,595.61, notching its worst two-day decline of 2023. Technology stocks a day earlier recorded their worst single-day performance in eight months.
  • Wheat complex futures were mostly higher on Thursday, some contracts rising from two-week lows on statements from three Black Sea-area groups contradicting Ukraine’s denial that the alternate Black Sea shipping corridor had been shut down. Corn futures eased slightly a day after sinking to three-week lows. Beneficial South American rains continued to pressure corn and soybean futures. December corn futures ticked down ¾¢ to settle at $4.79¼ per bu. Chicago December wheat added 11¢ to close at $5.79½ per bu. Kansas City December wheat gained 5¾¢ to close at $6.54¾ per bu. Minneapolis December wheat advanced 3½¢ to close at $7.24¼ per bu; December 2024 and beyond declined. November soybeans lost 8¾¢ to close at $12.79½ per bu. December soybean meal added 30¢ to close at $429.50 per ton, though all subsequent contracts declined. December soybean oil dropped 0.86¢ to close at 51.74¢ a lb.
  • US crude oil prices were lower Thursday. The December West Texas Intermediate light, sweet crude future fell $2.18 to close at $83.21. 
  • For a third straight day, the US dollar index closed higher Thursday. 
  • US gold futures advanced despite the dollar continuing to strengthen. The October contract expiring Friday added $3.10 to close at $1,987.20 per oz and the December contract added $2.50 to close at $1,997.40 per oz.

Recap for October 25

  • Favorable rains in the US southern Plains and cropping areas in South America weighed on wheat, corn and soybean futures Wednesday. Late-planted Argentinian wheat also got a boost from weekend rains, further pressuring US wheat futures. The US rains are a boon to hard red winter wheat crops in the central and southern Plains that were recently seeded in drought conditions in Kansas, Oklahoma and Texas. Precipitation will delay corn and soybean harvests, but combines made good progress in the week to date. December corn futures fell 4¢ to settle at $4.80 per bu. Chicago December wheat dropped 12¢ to close at $5.68½ per bu. Kansas City December wheat sank 14¢ to close at $6.49 per bu. Minneapolis December wheat declined 7½¢ to close at $7.20¾ per bu. November soybeans fell 7¢ to close at $12.88¼ per bu. December soybean meal dropped $5 to close at $429.20 per ton. December soybean oil advanced 1.28¢ to close at 52.60¢ a lb.
  • Declines in the shares of technology companies pressured US equity markets Wednesday and nine of the S&P 500’s sectors were lower. Treasury yields pushed higher, and investors were parsing mixed messages from earnings reports from such companies as Microsoft and Alphabet. The Dow Jones Industrial Average fell 105.45 points, or 0.32%, to close at 33,035.93. The Standard & Poor’s 500 dropped 60.91 points, or 1.43%, to settle at 4,186.77. The Nasdaq Composite dropped 318.65 points, or 2.43%, to close at 12,821.22.
  • US crude oil prices were higher Wednesday. The December West Texas Intermediate light, sweet crude future added $1.65 to close at $85.39. 
  • The US dollar index strengthened for a second day on Wednesday after a three-session downturn. 
  • US gold futures advanced despite the dollar continuing to strengthen. The October contract added $9.10 to close at $1,984.10 per oz.