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.

Recap for November 20

  • Nearby US soybean futures rose for a sixth straight session Friday, reaching a fresh four-year high on enduring concerns of dwindling US supplies and dry conditions in key South American crop areas. That dryness plus strong exports also helped corn futures edge mostly higher. Wheat futures were mixed as early strength from technical buying and spillover support from corn and soybean futures faded late in the session. Soybeans, corn and wheat ended off their session highs thanks to end-of-week profit-taking, but corn and soybeans notched solid weekly gains for a third consecutive week. December corn added ¾¢ to settle at $4.23¼ a bu; later months were mixed but mostly higher. Chicago December wheat added 1½¢ to close at $5.93¼ a bu, though later months were mixed and mostly lower. Kansas City December wheat was up 1½¢, closing at $5.50¼ a bu. Minneapolis December wheat slipped 2¼¢ to $5.44 a bu. January soybeans were up 3½¢ at $11.81 a bu; later months were mixed but mostly higher. December soybean meal edged up $1 to $393.70 a ton. December soybean oil fell 0.15¢ to close at 38.66¢ a lb.
  • US equity markets slipped Friday after a US Treasury decision to allow some emergency Federal Reserve programs to expire punctured some of the optimism generated by recent announcements of coronavirus vaccine tests. A robust rally sent the S&P 500 up 5.6% since the Nov. 3 presidential election, but that index and the Dow industrials ended the week lower while the Nasdaq gained 0.2% for the week. The Dow Jones Industrial Average dropped 219.75 points, or 0.75%, to close at 29,263.48. The Standard & Poor’s 500 Index dipped 24.33 points, or 0.68%, to close at 3,557.54. The Nasdaq Composite deleted 49.74 points, or 0.42%, to close at 11,854.97.
  • US crude oil futures advanced Friday, the January contract was up 52¢ at $42.15 a barrel.
  • The US dollar index reversed course for a higher close to end the week.
  • US gold futures advanced despite the higher dollar. The December contract was up $10.90 at $1,872.40 per oz.

Recap for November 19

  • Soybean futures slipped from a four-year peak but still closed mostly higher Thursday as late session buying on supply concerns mostly offset technical selling and profit taking earlier in the session. Corn futures retreated as some investors pocketed gains and in spite of healthy export sales. Wheat futures slipped as export sales fell below trade expectations, and on spillover weakness from soybeans and corn. December corn fell 3¼¢, landing at $4.22½ a bu. Chicago December wheat fell 6¢ to close at $5.91¾ a bu. Kansas City December wheat shed 9¢, closing at $5.48¾ a bu. Minneapolis December wheat slipped 4¢ to $5.46¼ a bu. January soybeans were up 1¾¢ at $11.77½ a bu; later months were mixed but mostly higher. December soybean meal eased $1.20 at $393.70 a ton. December soybean oil rose 0.35¢ to close at 38.81¢ a lb.
  • US stocks opened lower on Thursday and wobbled between gains and losses most of the session before closing higher with a boost from ideas that legislators would reopen discussions on a potential new COVID-19 stimulus. Energy and technology stocks led the indexes higher, including shares of Halliburton, Apple and Amazon. The Dow Jones Industrial Average advanced 44.81 points, or 0.15%, to close at 29,483.23. The Standard & Poor’s 500 Index added 14.08 points, or 0.39%, to close at 3,581.87. The Nasdaq Composite jumped 103.11 points, or 0.87%, to close at 11,904.71.
  • US crude oil futures eased Thursday, the January contract down 11¢ at $41.90 a barrel.
  • The US dollar index continued to ease Thursday.
  • US gold futures also declined again Thursday, the December contract down $12.40 at $1,861.50 per oz.

Recap for November 18

  • Wheat futures rose on Wednesday, part of a short-covering bounce that received an extra kick of spillover support from corn and soybeans. Tightening supplies and sharply higher soybean oil prices sent soybean futures to a fresh four-year peak. Corn followed with additional support from strong export demand. December corn gained 5½¢ to settle at $4.25¾ a bu. Chicago December wheat added 2½¢ to close at $5.97¾ a bu. Kansas City December wheat added 5¼¢, closing at $5.57¾ a bu. Minneapolis December wheat edged up 1½¢ to $5.50¼ a bu. January soybeans were up 6¢ at $11.75¾ a bu. December soybean meal eased 90¢ at $394.90 a ton. December soybean oil rose 0.96¢ to close at 38.46¢ a lb.
  • US equity markets closed lower Wednesday as more municipalities considered or implemented lockdown restrictions meant to slow the spread of COVID-19. The Dow Jones Industrial Average fell 344.93 points, or 1.16%, to close at 29,438.42. The Standard & Poor’s 500 Index fell 41.74 points, or 1.16%, to close at 3,567.79. The Nasdaq Composite declined 97.74 points, or 0.82%, to close at 11,801.60.
  • US crude oil futures advanced Wednesday, the December contract up 39¢ at $41.82 a barrel.
  • The US dollar index was lower again Wednesday.
  • US gold futures also declined Wednesday, the December contract down $11.20 at $1,873.90 per oz.