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.

Recap for November 26

  • South Africa’s alarm bells over a fast-moving new variant of the novel coronavirus triggered concerns travel and other restrictions may throw a roadblock in front of recovering economies. US equity markets were sharply lower as they closed early for the post-holiday weekend. The Dow Jones Industrial Average plummeted 905.04 points, or 2.53%, to close at 34,899.34. The Standard & Poor’s 500 Index dropped 106.84 points, or 2.27%, to close at 4,594.62. The Nasdaq Composite descended 353.57 points, or 2.23%, to close at 15,491.66.
     
  • US crude oil prices posted their largest one-day drop since April 2020 on fears a new COVID-19 variant could dampen economic growth, the December contract was down 10.24 to $68.15 per barrel.
     
  • Agricultural commodities didn’t go unscathed in the rush away from risk generated by news of a new coronavirus variant. Winter wheat futures declined, but losses were limited by concerns over tight global supplies of high-quality wheat. Those concerns lifted most spring wheat futures contracts. Downside moves in soybean and soybean oil futures were exaggerated by low trading volume after the holiday. Strong export sales helped corn futures overcome the day’s bearish sentiment. December corn added 7¢ to close at $5.86¾ a bu. Chicago December wheat retreated 11¼¢ to close at $8.25½ a bu. Kansas City December declined 8¼¢ to close at $8.65 a bu. Minneapolis December wheat added 2¾¢ to close at $10.39½ a bu; later months were mixed. January soybeans fell 13¾¢, closing at $12.52¾ a bu. December soybean meal declined $1.40 to close at $356.20 per ton. December soybean oil declined 1.92¢ to close at 59.02¢ a lb.
     
  • The US dollar index declined Friday.
     
  • US gold futures trended higher Friday with the December contract rising $1.20 to close at $1,785.50 an oz..

Recap for November 23

  • US wheat futures advanced Tuesday, some contracts to nine-year highs, as a drop in weekly crop condition ratings added to supply concerns and offset earlier profit-taking. Lightly traded corn futures extended Monday’s gains. Soybeans eased in pre-holiday position squaring. December corn added 3¾¢ to close at $5.80½ a bu. Chicago December wheat advanced 10¼¢ to close at $8.56 a bu. Kansas City December jumped 17¢ to close at $8.78¾ a bu. Minneapolis December wheat gained 14¾¢ to close at $10.38¼ a bu. January soybeans eased 1¼¢, closing at $12.73 a bu. December soybean meal declined $7.80 to close at $362.20 per ton. December soybean oil advanced 0.73¢ to close at 60.14¢ a lb.
     
  • Rising bond yields and expectations for economic growth sent shares of energy and financial companies higher Tuesday but pressured growth stocks that have lifted the market in recent months. The Dow industrials and S&P 500 advanced while the Nasdaq pulled back. The Dow Jones Industrial Average advanced 194.55 points, or 0.55%, to close at 35,813.80. The Standard & Poor’s 500 Index edged up 7.76 points, or 0.17%, to close at 4,690.70. The Nasdaq Composite declined 79.62 points, or 0.50%, to close at 15,775.14.
     
  • US crude oil prices closed higher again Tuesday, the December contract up $1.75 to $78.50 per barrel.
     
  • The US dollar index turned lower a day out from the Thanksgiving trading pause.
     
  • US gold futures declined Tuesday for a third consecutive session. The December contract was down $22.50 to $1,783.80 per oz.

Recap for November 22

  • Poorly timed Australian rains and rising Russian wheat prices sent US wheat futures higher to open the holiday week. Corn and soybean futures followed wheat higher with additional support from strong domestic demand from ethanol and soy processing plants. December corn added 6¢ for a second day, closing at $5.76¾ a bu. Chicago December wheat jumped 22¾¢ to close at $8.45¾ a bu. Kansas City December soared 27¢ to close at $8.61¾ a bu. Minneapolis December wheat advanced 13¼¢ to close at $10.23½ a bu. January soybeans advanced 11¢, closing at $12.74¼ a bu. December soybean meal eased $1.80 to close at $370 per ton; May 2022 and beyond were higher. December soybean oil advanced 1.25¢ to close at 59.41¢ a lb.
     
  • US equity markets were mixed on Monday. The S&P 500 pared gains and ultimately closed lower after President Biden said he would nominate Jerome Powell for a second term as chairman of the Federal Reserve. The Dow Jones Industrial Average edged up 17.27 points, or 0.05%, to close at 35,619.25. The Standard & Poor’s 500 Index slipped 15.02 points, or 0.32%, to close at 4,682.94. The Nasdaq Composite declined 202.68 points, or 1.26%, to close at 15,854.76.
     
  • US crude oil prices closed higher Monday, the December contract up 81¢ to $76.75 per barrel.
     
  • The US dollar index continued higher to open the holiday-shortened trading week.
     
  • US gold futures declined again Monday. The December contract was down $45.30 to $1,806.30 per oz.