Recap for December 6
- Strong export market demand signals sent most winter and spring wheat futures higher Monday, although three closest KC contracts (old crop) eased. Corn futures declined early Monday in a round of long liquidation, but mostly recovered in afternoon technical trading. Soybean futures were lower as profit-taking after three sessions of gains offset good export demand and a rally in crude oil that boosted soybean oil futures. December corn fell 2½¢ to close at $5.83½ a bu; later months were mixed, mostly higher. Chicago December wheat added 2½¢ to close at $7.97 a bu. Kansas City December eased ½¢ to close at $8.21½ a bu; later months were mixed, mostly higher. Minneapolis December wheat added 5¼¢ to close at $10.41½ a bu. January soybeans fell back 5¾¢, closing at $12.61½ a bu with later months mixed. December soybean meal dropped $8 to close at $359.70 per ton. December soybean oil advanced 0.69¢ to close at 57.79¢ a lb.
- Investors emboldened by ideas that the Omicron variant may cause milder illnesses than feared, sent US equity markets sharply higher Monday, the DJIA more than recouping the prior week’s losses, and the S&P 500 nearly doing the same. The Dow Jones Industrial Average climbed 646.95 points, or 1.87%, to close at 35,227.03. The Standard & Poor’s 500 Index added 53.24 points, or 1.17%, to close at 4,591.67. The Nasdaq Composite advanced 139.68 points, or 0.93%, to close at 15,225.15.
US crude oil futures advanced strongly Monday, the January contract up $3.23 to close at $69.49 per barrel.
- The US dollar index followed Friday’s decline with an advance Monday.
- US gold futures declined as the dollar strengthened Monday. The December contract was down $4.50, to $1,775.50 per oz.
Recap for December 3
- Soybean futures climbed Friday on renewed Chinese interest in US supplies and weather uncertainty in South America. Corn futures gained in a recovery from Omicron-based panic selling with crude oil’s strength underpinning the market even as that commodity declined today. Wheat futures were lower again Friday after a volatile week as Omicron’s economic impact continued to be discussed. December corn added 9¢ to close at $5.86 a bu. Chicago December wheat fell 12¢ to close at $7.94½ a bu. Kansas City December retreated 16½¢ to close at $8.22 a bu. Minneapolis December wheat fell 24¾¢ to close at $10.36¼ a bu. January soybeans soared 23¢, closing at $12.67¼ a bu. December soybean meal added $9.70 to close at $367.70 per ton. December soybean oil advanced 0.87¢ to close at 57.10¢ a lb.
- A broad tech-sector sell-off sent US equity markets lower to close a volatile week. All three major indexes recorded weekly losses, the Nasdaq most severely at 2.6%, resulting in its biggest two-week percentage decline since March. The S&P 500 fell 1.2% on the week, and the DJIA was down 0.9% for a fourth consecutive week of losses. The Dow Jones Industrial Average fell 59.71 points, or 0.17%, to close at 34,580.08. The Standard & Poor’s 500 Index fell 38.67 points, or 0.84%, to close at 4,538.43. The Nasdaq Composite fell 295.85 points, or 1.92%, to close at 15,085.47.
US crude oil futures turned lower Friday, the January contract was down 24¢ to close at $66.26 per barrel.
- The US dollar index closed the week with a decline.
- US gold futures advanced as the dollar fell back Friday. The December contract was up $21.30 to $1,782 per oz.
Recap for December 2
- It was the largest one-day point gain for the Dow industrials index since November as US equity markets rebounded from the Omicron-variant sell-off earlier in the week. The DJIA and S&P 500 each recouped their losses of a day earlier. The Dow Jones Industrial Average shot up 617.75 points, or 1.82%, to close at 34,639.79. The Standard & Poor’s 500 Index climbed 64.06 points, or 1.42%, to close at 4,577.10 with all 11 sectors advancing. The Nasdaq Composite gained 127.27 points, or 0.83%, to close at 15,381.32.
- Tunisia and Jordan purchased 252,000 tonnes of wheat Thursday while Saudi Arabia tendered for 535,000 tonnes for delivery in May and July 2022. Those signals of robust global demand amid tight supplies of high-quality wheat sent wheat futures sharply higher. Wheat’s rally supported corn futures. Soybean futures were higher in recovery mode after nearing three-week lows two days earlier and with support from good Chinese demand for US supplies. December corn added 5¢ for a second day to close at $5.77 a bu. Chicago December wheat jumped 28¢ to close at $8.06½ a bu. Kansas City December advanced 24¼¢ to close at $8.38½ a bu. Minneapolis December wheat added 24¢ to close at $10.37 a bu. January soybeans added 16¢, closing at $12.44¼ a bu. December soybean meal added $1.50 to close at $358 per ton; later months were mixed but mostly higher. December soybean oil advanced 1.18¢ to close at 56.23¢ a lb.
US crude oil prices turned higher Thursday, the January contract was up 93¢ to close at $66.50 per barrel.
- The US dollar index continued higher Thursday.
- US gold futures declined as the dollar maintained an upside trajectory Thursday. The December contract was down $20.90 to $1,760.70 per oz.
Recap for December 1
- US equity indexes traded higher early before Omicron-variant volatility rattled markets for a second day with the first case of the new variant reported in the United States (California). The S&P 500’s 3.1% loss for Tuesday and Wednesday was the benchmark index’s largest two-day percentage decline in more than a year. The Dow Jones Industrial Average fell back 461.68 points, or 1.34%, to close at 34,022.04. The Standard & Poor’s 500 Index deleted 53.96 points, or 1.18%, to close at 4,513.04. The Nasdaq Composite slid 283.64 points, or 1.83%, to close at 15,254.05.
- Wheat futures were higher early on easing Omicron concerns but ended mixed after the first US case of the coronavirus variant was reported. Corn firmed with support from early gains in grains, a technical bounce and easing Omicron-economy concerns. The latter also helped propel soybean futures higher, as did ideas of increased export sales. December corn added 5¢ to close at $5.72 a bu. Chicago December wheat rose 4¾¢ to close at $7.78½ a bu; later months were mixed. Kansas City December dropped 4¾¢ to close at $8.14¼ a bu. Minneapolis December wheat jumped 17¢ to close at $10.37 a bu; later months were mixed, mostly higher. January soybeans jumped 11¢, closing at $12.28¼ a bu. December soybean meal added $7.70 to close at $356.50 per ton. December soybean oil declined 0.06¢ to close at 55.05¢ a lb.
US crude oil prices continued to decline Wednesday. The January contract was down 61¢ to $65.57 per barrel.
- The US dollar index reversed course and shot higher Wednesday.
- US gold futures advanced Wednesday, atypically following the dollar’s path this week. The December contract was down $8 to $1,781.60 per oz.
Recap for November 30
- Concern over inflation and the Omicron coronavirus variant slowing the global economic recovery intensified US equity market losses Tuesday. Investors seeking safe harbor in government bonds pulled out of riskier assets. Nearly all S&P 500 stocks declined. All 11 of its sectors slid at least 1% with the financial, communications, industrials, consumer staples and material categories all down more than 2%. The Dow Jones Industrial Average deleted 652.22 points, or 1.86%, to close at 34,483.72. The Standard & Poor’s 500 Index slid 88.27 points, or 1.90%, to close at 4,567.00. The Nasdaq Composite fell back 245.14 points, or 1.55%, to close at 15,537.69.
- Wheat futures slumped across the board Tuesday under the weight of Omicron’s potential derailment of the economic recovery. Corn and soybean futures followed wheat lower with additional pressure from the sharp drop in crude oil prices and beneficial crop weather for South American competitors. December corn fell 14¢ to close at $5.67 a bu. Chicago December wheat plunged 33¾¢ to close at $7.73¾ a bu. Kansas City December plummeted 35¢ to close at $8.19 a bu. Minneapolis December wheat tumbled 22¼¢ to close at $10.20 a bu. January soybeans declined 24¼¢, closing at $12.17¼ a bu. December soybean meal added $1.10 to close at $348.80 per ton, but all forward contracts eased. December soybean oil declined 3.15¢ to close at 55.11¢ a lb.
US crude oil prices on Tuesday wiped out Monday’s gains under pressure from vaccine-Omicron concerns and the Fed’s expectations for future rate hikes. The January contract was down $3.77 to $66.18 per barrel.
- The US dollar index turned lower Tuesday.
- US gold futures declined Tuesday even as the dollar did the same. The December contract was down $8.70 to $1,773.60 per oz.
Recap for November 29
- Wheat futures were mostly lower, pressured by a strengthening US dollar and a forecast for a record-large wheat crop by the Australian government. Wheat’s declines and the stronger dollar weighed on corn futures. Beneficial weekend rains over key export competitors in South America pressured soybean futures, as did spillover pressure from wheat futures losses. December corn fell 5¾¢ to close at $5.81 a bu. Chicago December wheat dropped 18¢ to close at $8.07½ a bu. Kansas City December declined 11¢ to close at $8.54 a bu. Minneapolis December wheat added 2¾¢ to close at $10.42¼ a bu; later months were lower. January soybeans fell 11¼¢, closing at $12.41½ a bu. December soybean meal declined $8.50 to close at $347.70 per ton. December soybean oil declined 0.76¢ to close at 58.26¢ a lb.
- US equity markets closed higher Monday off the back of Friday’s selloff spurred by South Africa’s alarm bells about a fast-spreading strain of the coronavirus resulting in a fresh wave of travel restrictions and energy demand. Investors Monday were betting the Omicron COVID-19 variant will cause less damage to the global economic recovery than initially feared. The Dow Jones Industrial Average added 236.60 points, or 0.68%, to close at 35,135.94. The Standard & Poor’s 500 Index added 60.65 points, or 1.32%, to close at 4,655.27. The Nasdaq Composite surged 291.18 points, or 1.88%, to close at 15,782.83.
US crude oil prices advanced Monday, the January contract up $1.80 to $69.95 per barrel.
- The US dollar index was stronger on Monday.
- US gold futures declined Monday as the dollar climbed, the December contract down $3.20 to $1,782.30 per oz.