Recap for December 2

  • Wheat futures were higher Wednesday as bargain buyers saw an opportunity when some contracts fell to two-month lows a day earlier. A weaker US dollar offered additional support, but gains were limited by competition for global export business. Corn futures overcame overnight fund selling and improved South American weather to close higher. Recent beneficial rains in Brazil weighed on US soybean futures. December corn was up 4¼¢ to settle at $4.19 a bu. Chicago December wheat added 12½¢ to close at $5.78 a bu. Kansas City December wheat rose 13¢ to $5.50½ a bu. Minneapolis December wheat was up 5¾¢ at $5.40¼ a bu. January soybeans dropped 9¢ to settle at $11.53 a bu. December soybean meal was down $4 to settle at $389.50 a ton. December soybean oil rose 0.07¢ to close at 37.47¢ a lb, though later months were mixed and mostly lower.
  • Major US equity markets were mixed Wednesday. The D.J.I.A. and S&P 500 eked out gains despite an ADP jobs report indicating that 307,000 jobs were added in the United States in November, below analysts’ expectations of 440,000 and down from October’s gain of 404,000. Pressure came from the FAANG stocks (Facebook, Apple, Amazon, Netflix, Google), which account for about 22% of the S&P 500’s market capitalization. But investor optimism for a new fiscal stimulus package for coronavirus relief helped push that index to its 28th record close of the year. The Dow Jones Industrial Average added 59.87 points, or 0.20%, to close at 29,883.79. The Standard & Poor’s 500 Index rose 6.56 points, or 0.18%, to close at 3,669.01. The Nasdaq Composite dipped 5.74 points, or 0.05%, to close at 12,349.37.
  • US crude oil were higher Wednesday. An independent analyst pegged at 60% the likelihood of a 1-million-barrel-a-day rise in January for OPEC Plus and a further 1 million barrels in June. The January contract settled up $0.73 at $45.28 a barrel.
  • The US dollar index maintained its downward trend Wednesday, giving some support to wheat futures.
  • US gold futures continued to rise as the dollar eased. The December contract added $11.60 at $1,825.70 per oz.

Recap for December 1

  • Better crop condition ratings for the US winter wheat crop, coupled with strong export competition and increasing estimates of the Australian harvest, weighed on US wheat futures Tuesday, sending some contracts to two-month lows. Corn and soybean futures also declined under pressure from improved crop weather in competitors Brazil and Argentina and fund-driven liquidation. December corn fell 5¢ to settle at $4.14¾ a bu. Chicago December wheat fell 14¾¢ to close at $5.65½ a bu. Kansas City December wheat fell 8¼¢ to $5.37½ a bu. Minneapolis December wheat was unchanged at $5.34½ a bu, but all later months were lower. January soybeans dropped 6½¢ to settle at $11.62 a bu. December soybean meal was up 40¢ to settle at $393.50 a ton, but all later months edged lower. December soybean oil fell 0.48¢ to close at 37.40¢ a lb.
  • November optimism for coronavirus vaccines and economic recovery extended into December, sending the S&P 500 and Nasdaq indexes to fresh record highs. The Dow Jones Industrial Average was up 185.28 points, or 0.63%, to close at 29,823.92. The Standard & Poor’s 500 Index rose 40.82 points, or 1.13%, to close at 3,662.45, its 27th record close of 2020. The Nasdaq Composite added 156.37 points, or 1.28%, to close at 12,355.11, its 46th record close of the year.
  • US crude oil futures eased again Tuesday in the interim before the Organization of the Petroleum Exporting Countries meets with Russian energy officials regarding first-quarter crude oil production. Adding to the pressure was indications from the American Petroleum Institute that US crude oil inventories unexpectedly increased in the latest week. The January contract settled down 79¢ at $44.79 a barrel.
  • The US dollar index slipped lower Tuesday.
  • US gold futures were considerably higher as the dollar advanced. The December contract added $38.40 at $1,814.10 per oz.

Recap for November 30

  • Wheat futures were down across the board Monday after the Russian Agriculture Ministry indicated the country, a major export competitor to the United States, may increase its grain export quota planned for Feb. 15 to June 30 to 17.5 million tonnes from 15 million tonnes. A higher forecast for wheat production in Australia and month-end selling by funds also weighed on wheat futures. Corn futures also were lower despite strong export sales. Despite closing the month with sharp losses on profit-taking and rainy South American weather, soybean futures were higher for the month, the January contract was up 11% in November. December corn fell 5¾¢ to settle at $4.19¾ a bu. Chicago December wheat fell 16¼¢ to close at $5.80¼ a bu. Kansas City December wheat fell 15¾¢ to close at $5.45¾ a bu. Minneapolis December wheat fell 16¼¢ to settle at $5.34½ a bu. January soybeans shed 23¼¢ to settle at $11.68½ a bu. December soybean meal fell $5.40 to settle at $393.10 a ton. December soybean oil fell 0.82¢ to close at 37.88¢ a lb.
  • Stocks slipped Monday, but closed November with sizable gains reflecting the monthlong rally fueled in part by coronavirus vaccine optimism. November was the D.J.I.A.’s best month since January 1987. The S&P 500 had its best month since April, rising 11%, and the Nasdaq was up 12% for the month. The Dow Jones Industrial Average lost 271.73 points, or 0.91%, to close at 29,638.64. The Standard & Poor’s 500 Index fell 16.72 points, or 0.46%, to close at 3,621.63. The Nasdaq Composite was down 7.11 points, or 0.06%, to close at 12,198.74.
  • US crude oil futures eased Monday after the Organization of the Petroleum Exporting Countries pushed to Thursday its decision on first-quarter production. The January contract settled down 19¢ at $45.34 a barrel.
  • The US dollar index edged higher to open the week.
  • US gold futures declined Monday as the dollar advanced. The December contract was down $6.20 at $1,775.70 per oz.

Recap for November 27

  • Grain and soy complex futures advanced in Friday’s holiday-shortened trading session. A marketing year high in wheat export sales that were well above trade expectations during the week ended Nov. 19 propelled gains in wheat futures, led by Kansas City hard red winter contracts. Corn futures also advanced on strong export sales demand. Soy complex futures advanced on support from ongoing dry conditions in South American soybean areas even as weekly US soybean export sales were a marketing year low. December corn rose 5½¢ to settle at $4.25½ a bu. Chicago December wheat gained 8¼¢ to close at $5.96½ a bu. Kansas City December wheat jumped 17¾¢ to $5.61½ a bu. Minneapolis December wheat added 7¼¢ to settle at $5.50¾ a bu. January soybeans advanced 7¾¢ to settle at $11.91¾ a bu. December soybean meal added $1.60 to settle at $398.50 a ton. December soybean oil rose 0.52¢ to close at 38.70¢ a lb.
  • US stock prices advanced in an abbreviated trading session on Friday, with the Nasdaq and S&P indexes closing at record highs, and the DJIA up but short of its high close of 30,046.24 posted Nov. 24. Support on Friday came on broad gains in technology and health care stocks, with support most of the week from hope that coronavirus vaccines would result in economic gains in the coming months and that the transition of power at the US presidency level would proceed more smoothly than earlier indicated. The Dow Jones Industrial Average gained 37.90 points, or 0.13%, to close at 29,910.37. The Standard & Poor’s 500 Index added 8.70 points, or 0.24%, to close at 3,638.35. The Nasdaq Composite was up 111.44 points, or 0.92%, to close at 12,205.85.
  • US crude oil futures weakened after the holiday but posted solid gains for the holiday week ahead of a meeting of the Organization of Petroleum Exporting Countries this week. The January contract settled down 18¢ at $45.53 a barrel on Friday but was up 8% for the week.
  • The US dollar index declined Friday and was near a 2½-year low.
  • US gold futures also declined Friday despite the sinking dollar as optimism for a coronavirus vaccine reduced demand for safe-haven investments such as gold. The December contract was down $23.60 at $1,781.9 per oz.

Recap for November 24

  • US stock prices jumped Tuesday after President Trump said his aides would cooperate with President-elect Joe Biden’s transition team. That further boosted a recent rally brought on by promising results from tests of potential coronavirus vaccines. President Trump called the 30,000-point milestone a sacred number. The S&P500 also notched a fresh record. The Dow Jones Industrial Average soared 454.97 points, or 1.54%, to close at 30,046.24. The Standard & Poor’s 500 Index added 57.82 points, or 1.62%, to close at 3,635.41. The Nasdaq Composite was up 156.15 points, or 1.31%, to close at 12,036.79.
  • A surprise decline in winter wheat condition ratings in USDA’s weekly Crop Progress report led to a wheat futures rally Tuesday. Further support was drawn from a softer dollar, as well as technical trading as traders exited long corn/short wheat positions ahead of first day notice for deliveries. Technical selling and profit taking sent corn futures lower in nearby months. Soybean futures were mixed, mostly higher, on expectations of tight global supplies and crop weather uncertainty in South America. December corn fell ¾¢ to settle at $4.25¾ a bu, but slim gains were posted from July 2021 forward. Chicago December wheat jumped 12½¢ to close at $6.11¼ a bu. Kansas City December wheat was up 9¾¢ to $5.61 a bu. Minneapolis December wheat added 8¼¢ to close at $5.50¾ a bu. January soybeans eased ¼¢ at $11.91¼ a bu, though all later months edged higher. December soybean meal added $3.40 to close at $398.30 a ton. December soybean oil fell 0.49¢ to close at 38.06¢ a lb.
  • US crude oil futures advanced again Tuesday amid analysts’ expectations that US crude oil supplies would be unchanged in data due Wednesday from the Energy Department. The January contract was up $1.85 at $44.91 a barrel.
  • The US dollar index reversed course for a lower close Tuesday after starting the week higher.
  • US gold futures also declined, despite the faltering dollar. The December contract was down $33.20 at $1,804.60 per oz.

Recap for November 23

  • Soybeans futures closed higher Monday with support from supply concerns and dry South American weather. The latter also was supportive of corn futures. Wheat futures were mixed, but mostly higher in dearth of influential news. December corn added 3¼¢ to settle at $4.26½ a bu. Chicago December wheat added 5½¢ to close at $5.98¾ a bu. Kansas City December wheat was up 1¢ to close at $5.51¼ a bu. Minneapolis December wheat slipped 1½¢ to close at $5.42½ a bu. January soybeans were up 10½¢ at $11.91½ a bu. December soybean meal edged up 20¢ to $394.90 a ton. December soybean oil fell 0.11¢ to close at 38.55¢ a lb, though later months were mixed.
  • US equity markets closed higher to start the week on optimism for a third COVID-19 vaccine paving the way for economic recovery in 2021. The Dow Jones Industrial Average added 327.79 points, or 1.12%, to close at 29,591.27. The Standard & Poor’s 500 Index added 20.05 points, or 0.56%, to close at 3,577.59. The Nasdaq Composite added 25.66 points, or 0.22%, to close at 11,880.63.
  • US crude oil futures advanced Monday, the January contract was up 64¢ at $43.06 a barrel.
  • The US dollar index opened the week as the prior one ended, with a higher close.
  • US gold futures declined as the dollar advanced. The December contract was down $34.60 at $1,837.80 per oz.