Recap for October 29
- COVID-19 economic impact concerns continued to weigh on grain and oilseed futures Thursday. Selling overshadowed strong export demand. Improved global crop weather also pressured soybeans and wheat. December corn fell 3¢ to close at $3.98½ a bu, though December 2021 and forward edged higher. Chicago December wheat fell 5¢ to close at $6.03¾ a bu. Kansas City December wheat dropped 1¼¢, closing at $5.42 a bu. Minneapolis December wheat slid ¼¢, closing at $5.52¼ a bu. November soybeans were down 5½¢, settling at $10.51¾ a bu, but September 2021 and forward eked out gains. December soybean meal rose 20¢ to $376.90 a ton. December soybean oil fell 0.36¢ to close at 33.06¢ a lb.
- US equity markets began to rebound Thursday after a report indicated 751,000 Americans applied for unemployment benefits through the week ended Saturday, down from a seasonally adjusted 791,000 in the prior week. Further support came from data showing US gross domestic product for the third quarter rose at an annual pace of 33.1%, the biggest gain ever. The Dow Jones Industrial Average added 139.16 points, or 0.52%, to close at 26,659.11. The Standard & Poor’s 500 Index added 39.08 points, or 1.19%, to close at 3,310.11. The Nasdaq Composite added 180.72 points, or 1.64%, to close at 11,185.59.
- US crude oil futures eased Thursday. The December contract was down $1.22 at $36.17 a barrel.
- The US dollar index closed higher Thursday.
- US gold futures were lower; the December contract was down $11.20 to $1,868 per oz.
Recap for October 28
- Indications coronavirus case numbers were rising in the United States, Europe and elsewhere eroded investors’ confidence in the global economic recovery Wednesday. A stock sell-off ensued as many sought the relative safety of Treasuries and the US dollar. In a fourth-straight losing session, the Dow Jones Industrial Average jettisoned 943.24 points, or 3.43%, to close at 26,519.95. The Standard & Poor’s 500 Index fell 119.65 points, or 3.53%, to close at 3,271.03 in a third consecutive losing session. The Nasdaq Composite declined 426.48 points, or 3.73%, to close at 11,004.87 under pressure from Facebook, Alphabet and Twitter stock, all of which declined as the leaders of those companies faced US senators in a hearing over their gatekeeping of public discourse. All three were on pace to notch their worst weeks since the week that ended March 25.
- The broad sell-off Wednesday extended to wheat, corn and soy complex futures, all of which declined. Beneficial Brazilian rains added further pressure to soybean futures. Follow-through technical selling was a drag on corn futures. Losses in corn and soybean futures helped set a negative tone for wheat. December corn fell 14½¢ to close at $4.01½ a bu. Chicago December wheat fell 7¢ to close at $6.08¾ a bu. Kansas City December wheat dropped 6¢, closing at $5.43¼ a bu. Minneapolis December wheat slid 9½¢, closing at $5.52 a bu. November soybeans were down 25¢, settling at $10.57¼ a bu. December soybean meal fell $7.30 to $376.70 a ton. December soybean oil fell 0.69¢ to close at 33.42¢ a lb.
- US crude oil futures declined Wednesday. The December contract was down $2.18 at $37.39 a barrel.
- The US dollar index closed higher Wednesday.
- US gold futures slumped Wednesday. The expiring October future fell $32.60 to close at $1,876.20 per oz. The December contract fell $32.70 to $1,879.20 per oz.
Recap for October 27
- Wheat futures on Tuesday extended the previous day’s declines as some precipitation continued in the US southern Plains and forecasts indicated more was due next week. Further support was drawn from rain in the Black Sea region, home to several key wheat competitors. Meanwhile, improving South American weather took a toll on US soybean futures, and soybean meal and soybean oil each declined as well. Corn futures initially advanced on a flurry of export tenders indicating strong demand but closed lower. December corn fell 1¾¢ to close at $4.16 a bu. Chicago December wheat fell 4¼¢ to close at $6.15¾ a bu. Kansas City December wheat dropped 2¾¢, closing at $5.49¼ a bu. Minneapolis December wheat slid 3½¢, closing at $5.61½ a bu. November soybeans were down 5½¢, settling at $10.82¼ a bu. December soybean meal fell $5.60 to $384 a ton. December soybean oil fell 0.35¢ to close at 34.11¢ a lb.
- After opening the week with a tumble, US equity markets were mixed Tuesday on investor uncertainty regarding the global economic outlook. Support was drawn from Commerce Department data indicating orders for long-lasting factory goods increased for the fifth consecutive month in September, rising 1.9% from August. Pressure remained from Monday’s record seven-day average of new coronavirus cases. The Dow Jones Industrial Average shed 222.19 points, or 0.80%, to close at 27,463.19. The Standard & Poor’s 500 Index fell 10.29 points, or 0.30%, to close at 3,390.68. The Nasdaq Composite added 72.41 points, or 0.64%, to close at 11,431.35.
- US crude oil futures closed higher Tuesday despite analysts’ expectations that US crude oil stockpiles would be higher in data due Wednesday from the Energy Department. The December contract was up $1.01 at $39.57 a barrel.
- The US dollar index closed lower Tuesday.
- US gold futures continued to advance. The expiring October future rose $6.10 to close at $1,908.80 per oz. The December contract rose $6.20 to $1911.90
Recap for October 26
- Precipitation relieved some plantings concerns and sent wheat futures lower Monday after rain and snow fell across the US Plains. Corn futures weakened in technical selling. Export sales of soybeans offset profit-taking and crude oil weakness, sending nearby futures higher. December corn fell 1½¢ to close at $4.17¾ a bu. Chicago December wheat retreated 12¾¢ to close at $6.20 a bu. Kansas City December wheat tumbled 17¾¢, closing at $5.52 a bu. Minneapolis December wheat slid 12½¢, closing at $5.65 a bu. November soybeans added 4¢, settling at $10.87¾ a bu; later months were mixed. December soybean meal was up $3.20 at $389.60 a ton; later months were mixed. December soybean oil rose 0.35¢ to close at 34.46¢ a lb.
- Fading hopes for a second economic stimulus package sent US equity markets lower to start the week. Travel and leisure stocks were some of the day’s biggest losers after the average number of new coronavirus cases reported daily over the past week reached an all-time high of 68,767 on Monday. The Dow Jones Industrial Average shed 650.19 points, or 2.29%, to close at 27,685.38. The Standard & Poor’s 500 Index fell 64.42 points, or 1.86%, to close at 3,400.97. The Nasdaq Composite dropped 189.34 points, or 1.64%, to close at 11,358.94.
- US crude oil futures closed lower Monday. The December contract was down $1.29 at $38.56 a barrel.
- The US dollar index opened the week with a higher close.
- US gold futures edged higher despite the dollar’s advance. The October future rose 70¢ to close at $1,902.70 per oz.
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.