Recap for February 24

  • After a surge of new cases outside China were reported over the weekend, investors fled to haven assets Monday on worries coronavirus will put a major dent in global growth. Major U.S. equity markets tumbled Monday in response. The Dow Jones Industrial Average plunged 1,031.61 points, or 3.56%, to close at 27,960.80, only the third 1,000-point-or-more drop in history. The Standard & Poor’s 500 Index shed 111.86 points, or 3.35%, to close at 3,225.89, with all 11 sectors posting declines. The Nasdaq Composite sank 355.31 points, or 3.57%, to close at 9,221.28. The S&P and Nasdaq each lost their gains for 2020.
  • Coronavirus worries crept into agricultural markets Monday as investors pondered the effects on demand for grain and oilseeds. March corn dropped 4¾c to close at $3.72¼ per bu. Chicago March wheat fell 14¾c to close at $5.36¼ a bu. Kansas City March wheat lost 16¼c to close at $4.52¼ a bu. Minneapolis March wheat declined 12c to close at $5.14 a bu. March soybeans declined 16¼c to close at $8.74¼ a bu. March soybean meal lost $3.10 to close at $286.10 a ton. March soybean oil slipped 1.15c to close at 29.49c a lb.
  • The value of the U.S. dollar reversed course for a higher close Monday.
  • U.S. gold futures continued to surge Monday as traders turned to safe-haven investments in a big way. The February future was up $27.80 to close at $1,672.40 an oz.
  • U.S. crude oil futures declined again Monday as coronavirus-reduced fuel demand remained a threat. The April future was down $1.95 at $51.43 per barrel.

Recap for February 21

  • Wheat futures dropped, with corn and soybeans posting small losses on Friday. Futures rose early in the session on friendly 2020-21 supply-and-demand forecasts from the U.S.D.A.’s annual Agricultural Outlook Forum, only to drop and close closer for the day on technical pressure. Concern about the impact of the coronavirus on grain and soybean export demand continued to weigh. March corn dropped 1½c to close at $3.77 per bu. Chicago March wheat fell 9c to close at $5.51 a bu. Kansas City March wheat lost 5¼c to close at $4.68½ a bu. Minneapolis March wheat declined 3½c to close at $5.26 a bu. March soybeans declined 2¼c to close at $8.90½ a bu. March soybean meal lost $3.70 to close at $289.20 a ton. March soybean oil advanced 0.52c to close at 30.64c a lb.
  • Major U.S. equity markets tumbled Friday as concerns about the impact of the coronavirus on the global economy persisted. The Dow Jones Industrial Average fell 227.57 points, or 0.8%, to close at 28,992.41. The Standard & Poor’s 500 Index lost 35.48 points, or 1.1%, to close at 3,337.75. The Nasdaq Composite plunged 174.37 points, or 1.8%, to close at 9,576.59.
  • U.S. crude oil futures declined on Friday in part on concerns of reduced fuel demand due to the coronavirus. The April future was down 50c at $53.38 per barrel.
  • The value of the U.S. dollar declined on Friday after rising to near a three-year high on Thursday.
  • U.S. gold futures surged on Friday as traders sought safe-haven investments to avoid risk amid the coronavirus outbreak. The February future was up $28 to close at $1,644.60 an oz.

Recap for February 20

  • Grain and soy complex futures declined on Thursday. Concerns about when China will begin promised soybean and grain purchases amid issues with the coronavirus, and a rising U.S. dollar pressured agricultural futures in general. Soybeans had added pressure from forecasts of a large harvest in South America. Corn also was pressured by a U.S.D.A. projection of a jump in plantings this year. Wheat also succumbed to technical selling. March corn dropped 2c to close at $3.78½ per bu. Chicago March wheat fell 5¼c to close at $5.60 a bu. Kansas City March wheat lost 6c to close at $4.73¾ a bu. Minneapolis March wheat declined 6¾c to close at $5.29½ a bu. March soybeans declined 4½c to close at $8.92¾ a bu. March soybean meal edged 10c lower to close at $292.90 a ton. March soybean oil declined 0.22c to close at 30.12c a lb.
  • Major U.S. equity markets declined on Thursday, but closed well above session lows, amid continued uncertainty and worry about the impact of the coronavirus on global economic activity. The Dow Jones Industrial Average fell 128.05 points, or 0.4%, to close at 29,219.98. The Standard & Poor’s 500 Index lost 12.92 points, or 0.4%, to close at 3,373.23. The Nasdaq Composite dropped 66.21 points, or 0.7%, to close at 9,750.96.
  • U.S. crude oil futures advanced on Thursday. The April future was up 39c at $53.88 per barrel.
  • The value of the U.S. dollar continued to advance, rising for the seventh consecutive day and near a three-year high.
  • U.S. gold futures continued to advance despite gains in the dollar. The February future was up $9.10 to close at $1,616.60 an oz.

Recap for February 19

  • After posting wide gains on Tuesday, wheat and corn futures weakened. In contrast, soybean futures, after edging lower on Tuesday, moved higher in Wednesday trading. March corn dropped 2½c to close at $3.80½ per bu. Chicago March wheat fell 1½c to close at $5.65¼ a bu. Kansas City March wheat tumbled 6c to $4.79¾ a bu. Minneapolis March wheat declined 3¾c to close at $5.36¼ a bu. March soybeans advanced 5c to close at $8.97¼ a bu. March soybean meal edged 80c higher to close at $293 a ton. January soybean oil declined 0.14c to close at 30.34c a lb.
  • Major U.S. equity markets advanced with S&P 500 and Nasdaq setting new record highs. While coronavirus continued to demand attention, the number of new confirmed cases today was lowest since late January. The Chinese government was considering cash infusions to assist industries affected by crisis. The Dow Jones Industrial Average rose 115.84 points, or 0.4%, to close at 29,348.03. The Standard & Poor’s 500 Index added 15.86 points, or 0.5%, to close at 3,386.15. The Nasdaq Composite added 84.44 points, or 0.9%, to close at 9,817.18.
  • U.S. crude oil futures advanced. The March future was up $1.24 to close at $53.29 per barrel.
  • The value of the U.S. dollar continued its impressive advance, rising for the sixth consecutive day.
  • U.S. gold futures advanced with the February future up $7.50 to close at $1,607.50 an oz.

Recap for February 18

  • A 4.5% gain atop the Chicago soft winter wheat board, along with significant rallies in Kansas City and Minneapolis futures, were precipitated mainly by Australia’s forecast Tuesday that its 2019-20 wheat harvest was sharply below expectations due to severe drought on the country’s east coast. That boosted the prospect for U.S. wheat imports. The wheat rally bolstered corn, but soybeans edged lower on a lack of details about China purchases four days after the phase one trade deal took effect. March corn gained 5¼c to close at $3.83 per bu. Chicago March wheat jumped 24c to close at $5.66¾ a bu. Kansas City March wheat added 20½c to close at $4.85¾ a bu. Minneapolis March wheat gained 14½c to close at $5.40 a bu. March soybeans lost 1½c to close at $8.92¼ a bu. March soybean meal added $1.10 to close at $292.20 per ton, though later months were mixed. March soybean oil eased 0.09c to close at 30.48c a lb.
  • U.S. equity indexes were mixed but mostly lower on Tuesday. Only the Nasdaq eked out a gain after Apple announced coronavirus in China would likely sink revenues below forecasts. The Dow Jones Industrial Average lost 165.89 points, or 0.56%, to close at 29,232.19. The Standard & Poor’s 500 Index fell 9.87 points, or 0.29%, to close at 3,370.29. The Nasdaq Composite rose 1.57 points, or 0.02%, to close at 9,732.74.
  • U.S. crude oil futures were nearly flat Tuesday, one session after breaking their streak of five consecutive weeks of losses. The March future was steady at $52.05 per barrel with later periods up or down 2c to 3c a barrel.
  • The U.S. dollar continued its win streak Tuesday with a higher close.
  • Fitting with the recent atypical trend, U.S. gold futures also continued to advance Tuesday, despite gains in the dollar. The February future was up $17.30 to close at $1,600 per oz.