Recap for September 23

  • Investors sent US equity markets sharply higher Thursday, signaling growing confidence the economic recovery can withstand both the drawdown of Federal Reserve pandemic stimulus efforts and fireworks in Chinese property markets. Along with the price of oil, energy company shares pulled higher, leading gains among the S&P 500’s 11 sectors with a 3.4% increase. The Dow Jones Industrial Average added 506.50 points, or 1.48%, closing at 34,764.82 and notching its biggest two-day rally since July. The Standard & Poor’s 500 Index added 53.34 points, or 1.21%, to close at 4,448.98. The Nasdaq Composite added 155.40 points, or 1.04%, to close at 15,052.24. All three indexes were higher for the week.
  • US crude oil futures’ recovery from an early-week downshift continued Thursday, pushing the commodity near a three-year high. The November contract was up $1.07 at $73.30 per barrel.
  • Wheat futures advanced across the board for the second straight day on Thursday. Support was drawn from indications of global demand seen in export sales of US wheat concurrent with continued concern over supply. Corn futures continued to advance with spillover support from oats, a commodity facing supply shortfalls due to drought in the Upper Midwest and Canada. Stronger wheat and corn futures helped soybean futures overcome harvest pressure. December corn added 3¾¢ to close at $5.29¼ a bu. Chicago December wheat jumped 12¢ to close at $7.17¾ a bu. Kansas City December wheat was up 14¢, closing at $7.20 a bu. Minneapolis December wheat advanced 8¢ to close at $9.11½ a bu. November soybeans edged up 1½¢ to close at $12.84¼ a bu. October soybean meal fell $1.30 to close at $336.60 per ton. October soybean oil added 0.71¢ to settle at 57.10¢ a lb.
  • The US dollar index maintained its see-saw pattern established this week with a lower close Thursday.
  • US gold futures declined Thursday despite the US dollar turning lower. The October contract was down $29 to $1,747.70 per oz.

Recap for September 22

  • Strong global wheat demand exemplified by analysts’ expectations ahead of Thursday’s weekly export sales report pushed wheat futures higher across the board Wednesday with spillover support from rising corn, soybean and outside markets such as crude oil. Technical and fund-buying amid crude oil and equity market rallies pushed soybean and soybean oil futures higher, while soymeal futures mostly eased. The same factors that lifted soybeans supported corn futures, offsetting some harvest pressure. December corn added 4½¢ to close at $5.25½ a bu. Chicago December wheat jumped 15½¢ to close at $7.05¾ a bu. Kansas City December wheat also was up 15½¢, closing at $7.06 a bu. Minneapolis December wheat advanced 15¾¢ to close at $9.03½ a bu. November soybeans were up 8¾¢ to close at $12.82¾ a bu. October soybean meal was steady at $337.90 per ton with later months mostly easing. October soybean oil added 1.07¢ to settle at 56.39¢ a lb.
  • US crude oil futures continued to recover Wednesday. The November contract was up $1.74 at $72.23 per barrel.
  • US equity markets turned higher Wednesday in a marked turnaround from Monday’s rout, which was triggered by fears that a default by highly indebted real-estate developer China Evergrande Group could cause a widespread pullback in riskier assets across markets. Further support came from the Federal Reserve as their two-day September meeting concluded. The central bank said if economic progress continues broadly as expected, “a moderation in the pace of asset purchases may soon be warranted.” Fed Chairman Jerome Powell added later that officials mostly were of the mind that “a gradual tapering process that concludes around the middle of next year is likely to be appropriate.” The Dow Jones Industrial Average added 338.48 points, or 1%, closing at 34,258.32. The Standard & Poor’s 500 Index added 41.45 points, or 0.95%, to close at 4,395.64. The Nasdaq Composite added 150.45 points, or 1.02%, to close at 14,896.85.
  • The US dollar index shifted back to the upside Wednesday, closing higher for the fourth time in the past five sessions.
  •  US gold futures edged higher Wednesday, extending the move into safe-haven assets in the wake of sharp declines in shares of a Chinese real estate company, which reverberated through equity and outside markets early this week. The October contract was up 60¢ to $1,776.70 per oz.

Recap for September 21

  • Soybean futures firmed Tuesday, a day after dropping to three-month lows amid pressure from the nascent US harvest and from outside markets. Corn futures were lower a day after the USDA said crop conditions had improved. Softer corn prices weighed on wheat futures, as did news about wheat crops and exports from competing countries such as Russia, Ukraine and the European Union. December corn fell 4¾¢ to close at $5.17 a bu. Chicago December wheat fell 10½¢ to close at $6.90¼ a bu. Kansas City December wheat dropped 9½¢ to close at $6.90½ a bu. Minneapolis December wheat fell 6¼¢ to close at $8.87¾ a bu. November soybeans were up 11½¢ to close at $12.74 a bu. October soybean meal added $1.80 to close at $337.90 per ton. October soybean oil added 0.41¢ to settle at 55.32¢ a lb.
  • US crude oil futures began to recover after falling Monday along with most other commodities and markets. The expiring October contract was up 27¢ at $70.56 per barrel.
  • US equity markets were mixed Tuesday. Shares of a massive Chinese real estate company, which spurred a global selloff to open the week, declined again, dropping to a near 10-year low, but broader markets were steadier. Some investors viewed Monday as an overdue selloff and said the forward focus will shift to how markets fare as the pace of global economic recovery cools. The Dow Jones Industrial Average fell 50.63 points, or 0.15%, closing at 33,919.84 after trading higher most of the day. The Standard & Poor’s 500 Index eased 3.54 points, or 0.08%, to close at 4,357.73. The Nasdaq Composite added 32.49 points, or 0.22%, to close at 14,746.40.
  • The US dollar index declined Tuesday after forging higher the previous three sessions.
  • US gold futures advanced Tuesday as the dollar declined and some investors continued to move into safe-haven assets. The October contract was up $14.30 to $1,766.10 per oz.

Recap for September 20

  • US equity markets plunged to open the trading week on a rush out of riskier assets triggered by rising concerns over the property developer China Evergrande Group, which has the biggest debt burden of any publicly-traded real estate management or development company in the world. The Dow Jones Industrial Average plummeted 614.41 points, or 1.78%, closing at 33,970.47. The Standard & Poor’s 500 Index fell 75.26 points, or 1.70%, to close at 4,357.73. The Nasdaq Composite plunged 330.06 points, or 2.19%, to close at 14,713.90.
  • US crude oil futures opened the week lower amid broad declines in equity and commodity markets. The expiring October contract was down $1.68 at $70.29 per barrel.
  • Rising supplies amid advancing harvest sent soybean and corn futures lower. Soybean, corn and wheat futures also were under spillover pressure from falling crude oil and equity markets and from a stronger US dollar. A slow recovery from Hurricane Ida damage at the center-Gulf region also weighed on corn. December corn fell 5½¢ to close at $5.21¾ a bu. Chicago December wheat fell 8¢ to close at $7.00¾ a bu. Kansas City December wheat shed 13¢ to close at $7 a bu. Minneapolis December wheat fell 6½¢ to close at $8.94 a bu. November soybeans were down 21½¢ to close at $12.62½ a bu. October soybean meal fell $2.40 to close at $336.10 per ton. October soybean oil fell 1.38¢ to settle at 54.91¢ a lb.
  • The US dollar index advanced for a third consecutive day on Monday.
  • US gold futures advanced Monday as investors moved into safe-haven assets. The October contract was up $12.40 to $1,761.80 per oz.

Recap for September 17

  • US grain and oilseed futures closed the week on a downtrend for various reasons. Soybean futures wiped out gains from earlier in the week as hurricane-damaged terminals in the center-Gulf region continued to limit exports. Wheat futures closed lower Friday in a round of profit-taking, but tightening global supplies boosted some contracts nearly 3% for the week. Corn futures eased, consolidating in the wake of earlier gains and under pressure from what was expected to be a weekend of strong harvest progress. December corn fell 4¢ to close at $5.29½ a bu. Chicago December wheat fell 4¼¢ to close at $7.08¼ a bu. Kansas City December wheat fell 7½¢ to close at $7.13 a bu. Minneapolis December wheat fell 6¢ to close at $9.00½ a bu. November soybeans were down 12¢ to close at $12.84 a bu. October soybean meal fell $1.70 to close at $338.50 per ton. October soybean oil fell 0.54¢ to settle at 56.29¢ a lb.
  • US equity markets ended Friday and the week lower. Pressuring stocks were investor concerns over the spread of the COVID-19 Delta variant and the pace of the economic recovery. The latter was in question a day after a Labor Department report indicated initial unemployment claims rose to 332,000 in the week ended Sept. 11 from a pandemic low of 312,000 a week earlier. The Dow Jones Industrial Average declined 166.44 points, or 0.48%, closing at 34,584.88. The Standard & Poor’s 500 Index fell 40.76 points, or 0.91%, to close at 4,432.99. The Nasdaq Composite dropped 137.96 points, or 0.91%, to close at 15,043.97.
  • US crude oil futures eased Friday, the October contract was down 64¢ to $71.97 per barrel.
  • The US dollar index advanced for a second day Friday.
  • US gold futures declined Friday as the dollar rose and posted weekly losses despite continuing concerns about high inflation concurrent with slowing economic growth. The October contract was down $5.20 to $1,749.40 per oz.