Recap for October 23

  • Strong export demand continued to push most corn, soybean and wheat futures higher on Friday. Enduring drought concerns and a bevy of export tenders helped winter wheat futures notch the biggest gains of the day, pushing back toward six-year highs. Spring wheat futures also advanced. Corn futures got a boost from expectations of more Chinese import quotas and millions of tonnes of additional purchases of US corn. Soybean futures traded negative most of Friday before recovering to their highest levels since July 2016. December corn rose 3¢ to close at $4.19¼ a bu, although September 2021-forward contracts were lower for a second day. Chicago December wheat jumped 10¢ to close at $6.32¾ a bu. Kansas City December wheat rose 9½¢, closing at $5.69¾ a bu. Minneapolis December wheat advanced 3¢, closing at $5.77½ a bu. November soybeans added 10¢ to settle at $10.83¾ a bu. December soybean meal was up $4 at $386.40 a ton; later months were mixed in a narrow range. December soybean oil rose 0.42¢ to close at 34.11¢ a lb.
  • US equity markets were mixed to close the week. Markets are expected to lack clear direction in the final days before the Nov. 3 US election, money managers said Friday. Instead, investors will likely focus on a multitude of coming economic and corporate earnings reports as rising cases of COVID-19 threaten to derail the recovery. The Dow Jones Industrial Average fell 28.09 points, or 0.1%, to close at 28,335.57. The Standard & Poor’s 500 Index added 11.90 points, or 0.34%, to close at 3,465.39 and closed lower on the week, snapping a three-week win streak. The Nasdaq Composite rose 42.28 points, or 0.37%, to close at 11,548.28.
  • US crude oil futures closed lower Friday. The December contract was down 79¢ at $39.85 a barrel.
  • The US dollar index closed lower to end the week, having lost momentum tied to optimism for another US fiscal stimulus package.
  • US gold futures edged higher as the dollar weakened. The October future rose 90¢ to close at $1,902 per oz.

Recap for October 22

  • Cash market gains and strong export demand sent nearby soybean futures to four-year highs before retreating to a modest gain at the close of trading Thursday. Export vigor also propelled nearby corn higher. Wheat futures declined in continued technical sell-off from nearly six-year highs on Tuesday. December corn rose 2½¢ to close at $4.16¼ a bu, although September 2021 and forward were lower. Chicago December wheat fell 7¢ to close at $6.22¾ a bu. Kansas City December wheat fell 9½¢, closing at $5.60¼ a bu. Minneapolis December wheat declined 8¢, closing at $5.74½ a bu. November soybeans added 1¾¢ to settle at $10.73¾ a bu, although later months were mostly unchanged. December soybean meal was up $3.60 at $382.40 a ton; later months were mixed in a narrow range. December soybean oil rose 0.49¢ to close at 33.69¢ a lb.
  • US equity markets closed higher Thursday on the prospect of a new stimulus bill and a Labor Department report indicating the number of Americans applying for unemployment benefits fell to 787,000 last week, the lowest since March. The Dow Jones Industrial Average added 152.84 points, or 0.54%, to close at 28,363.66. The Standard & Poor’s 500 Index added 17.93 points, or 0.52%, to close at 3,453.49. The Nasdaq Composite rose 21.31 points, or 0.19%, to close at 11,484.69.
  • US crude oil futures closed higher Thursday with support from stimulus bill optimism. The December contract was up 61¢ at $40.64 a barrel.
  • The US dollar index reversed course for a higher close Thursday with support from the jobless claims report and other data indicating sales of previously-owned homes were at a 14-year high.
  • US gold futures dipped as the dollar advanced. The October future fell $23.50 to close at $1,901.10 per oz.

Recap for October 21

  • Dry condition concerns in key South American production areas supported corn and soybean futures Wednesday. Wheat futures were mixed with winter wheat declining under pressure from profit-takers after five days of gains. Declines were limited by dry soils in the Black Sea region. Spring wheat futures advanced. December corn rose 5¢ to close at $4.13¾ a bu, although December 2021 and forward months were lower. Chicago December wheat fell 2¼¢ to close at $6.29¾ a bu, with later months mostly higher. Kansas City December wheat fell 1¼¢, closing at $5.69¾ a bu. Minneapolis December wheat added 4¾¢, closing at $5.82½ a bu. November soybeans added 8¢ to settle at $10.72 a bu. December soybean meal was up $6.90 at $378.80 a ton. December soybean oil fell 0.11¢ to close at 33.20¢ a lb.
  • US equity markets declined Wednesday amid ongoing negotiations for a second economic stimulus package related to the pandemic. The Dow Jones Industrial Average fell 97.97 points, or 0.35%, to close at 28,210.82. The Standard & Poor’s 500 Index fell 7.56 points, or 0.22%, to close at 3,435.56. The Nasdaq Composite fell 31.80 points, or 0.28%, to close at 11,484.69.
  • US crude oil futures closed lower Wednesday. The December contract was down $1.67 at $40.03 a barrel.
  • The US dollar index closed lower again Wednesday.
  • US gold futures advanced as the dollar declined. The October future added $14.20 to close at $1,924.60 per oz.

Recap for October 20

  • Soybean futures advanced 1% as the strong pace of overseas buying offset some much-needed rain over Brazil, a competitor. Exports provided a boost to corn futures as well. Since Sept. 1, there have been only four trading days without USDA reporting a sale of corn or soybeans. Wheat futures were higher as dry weather remained a major concern despite some precipitation over wheat-growing areas of the United States and Russia. December corn rose 3½¢ to close at $4.08¾ a bu. Chicago December wheat rose 5¢ to close at $6.32 a bu. Kansas City December wheat added 8¢, closing at $5.71 a bu. Minneapolis December wheat added 8½¢, closing at $5.77¾ a bu. November soybeans added 9¾¢ to settle at $10.64 a bu. December soybean meal was down $1.30 at $371.90 a ton. December soybean oil rose 0.78¢ to close at 33.31¢ a lb.
  • Optimism for a government spending package tied to the pandemic pushed US equity markets higher Tuesday. The Dow Jones Industrial Average added 113.37 points, or 0.40%, to close at 28,308.79. The Standard & Poor’s 500 Index rose 16.20 points, or 0.47%, to close at 3,443.12. The Nasdaq Composite advanced 37.61 points, or 0.33%, to close at 11,516.49.
  • US crude oil futures closed higher Tuesday. The expiring November contract was up 63¢ at $41.46 a barrel.
  • The US dollar index closed lower again Tuesday.
  • US gold futures advanced as the dollar declined. The October future added $4 to close at $1,910.40 per oz.

Recap for October 19

  • Concerns stemming from dry conditions in wheat-producing countries around the world sent wheat futures higher Monday, with soft red winter futures hitting nearly-six-year highs. Bullish export expectations supported corn and soybean futures in spite of harvest pressure. December corn rose 3¼¢ to close at $4.05¼ a bu. Chicago December wheat rose 1¾¢ to close at $6.27 a bu. Kansas City December wheat added 4¼¢, closing at $5.63 a bu. Minneapolis December wheat added 9½¢, closing at $5.69¼ a bu. November soybeans added 4¼¢ to settle at $10.54¼ a bu. December soybean meal was up $5.70 at $373.20 a ton. December soybean oil fell 0.46¢ to close at 32.53¢ a lb.
  • After opening the day higher, US equity indexes retreated throughout Monday as a Democratic-imposed deadline for a deal on a fresh stimulus package approached with little sign of progress. The Dow Jones Industrial Average dropped 410.89 points, or 1.44%, to close at 28,195.42. The Standard & Poor’s 500 Index fell 56.89 points, or 1.63%, to close at 3,426.92. The Nasdaq Composite declined 192.67 points, or 1.65%, to close at 11,478.88.
  • US crude oil futures closed lower Monday. The expiring November contract was down 5¢ at $40.83 a barrel with the December future down 6¢ at $41.06.
  • The US dollar index closed lower Monday.
  • US gold futures advanced. The October future added $5.60 to close at $1,906.40 per oz.