Recap for January 27

  • U.S. equity indexes tumbled more than 1.5% Monday to a two-week low on concerns about the economic impact on transportation, energy, gambling, technology and other sectors as the “Wuhan coronavirus” spread, with cases detected in Asia, Australia, North America and Europe. China extended its Lunar New Year holiday two extra days, with Chinese markets also closed during that time. The Dow Jones Industrial Average dropped 453.93 points, or 1.57%, to close at 28,535.80. The Standard & Poor’s 500 Index fell 51.84 points, also 1.57%, to close at 3,243.63. And the Nasdaq Composite plunged 175.60 points, or 1.89%, closing at 9,139.31, posting its largest daily loss in five months.
  • U.S. crude oil futures dropped to a three-month low Monday on fears that the coronavirus may dampen demand for energy products, especially in China. The March future was down $1.05, or 2%, at $53.14 per barrel.
  • Fears of the coronavirus spreading also pressured agricultural futures Monday on concerns that slowing economic activity could dampen grain and oilseed export demand, but ag futures managed to close above session lows. Wheat futures posted narrowly mixed closes despite added pressure from disappointing weekly export inspection data. Corn futures declined and soy complex futures were mostly lower. March corn fell 6¾c to close at $3.80½ per bu. Chicago March wheat dropped 1¼c to close at $5.72¼ a bu. Kansas City March wheat slipped ½c to $4.86½ a bu. Minneapolis March wheat eased ¼c to close at $5.47¼ a bu. March soybeans dropped 4¾c to close at $8.97¼ a bu. March soybean meal eased 50c to close at $297.80 per ton. March soybean oil fell 0.50c to 31.52c a lb.
  • The U.S. dollar strengthened Monday.
  • U.S. gold futures advanced Monday as traders exited riskier markets and sought safe-haven investments. The February future gained $5.50 to close at $1,577.40 per oz.

Recap for January 24

  • Fears of the coronavirus spreading from China triggered broad-based selling of grain and oilseed futures. Soybeans hit a six-week low with additional pressure from expectations of a bumper crop in rival Brazil. March corn fell 6½c to close at $3.87¼ per bu. Chicago March wheat dropped 7c to close at $5.73½ a bu. Kansas City March wheat declined 6¼c to close at $4.86 a bu. Minneapolis March wheat was down 8¼c to close at $5.47½ a bu. March soybeans dipped 7½c to close at $9.02 a bu. March soybean meal shed 60c to close at $298.30 per ton. March soybean oil fell 0.46c to close at 32.02c a lb.
  • U.S. equity markets declined Friday as worries over the spread of the deadly coronavirus increased. The indexes opened higher, but turned lower when a second case of the virus was confirmed in the United States. The Dow Jones Industrial Average shed 170.36 points to close at 28,989.73. The Standard & Poor’s 500 Index subtracted 30.07 points to close at 3,295.47. And the Nasdaq Composite declined 87.57 points, closing at 9,314.91.
  • U.S. crude oil futures dropped Friday. The March future was down $1.40 at $54.19 per barrel.
  • The U.S. dollar strengthened Friday.
  • U.S. gold futures advanced Friday. The February future gained $6.50 to close at $1,571.90 per oz.

Recap for January 23

  • Improved export demand for comparatively-low-priced U.S. corn boosted futures to a three-month high Thursday. Meanwhile, soybeans eased to a one-month low as traders continued to wait for signs of increased sales to China. Wheat futures were underpinned by brisk global demand, but only Chicago soft red winter futures were higher. March corn rose 5c to close at $3.93¾ per bu. Chicago March wheat advanced 2¾c to close at $5.80½ a bu. Kansas City March wheat eased ¼c to $4.92¼ a bu. Minneapolis March wheat was up ¼c to close at $5.55¾ a bu. March soybeans dipped 4¼c to close at $9.09½ a bu. March soybean meal added $1 to close at $298.90 per ton. March soybean oil fell 0.54c to 32.48c a lb.
  • U.S. equity markets were mixed Thursday. The Dow industrials recouped most of its losses but still closed lower. That index’s decline was pared by the first advances in shares of Boeing in four days. The Nasdaq closed at a record high. The Dow Jones Industrial Average fell 26.18 points to close at 29,160.09. The Standard & Poor’s 500 Index added 3.79 points to close at 3,325.54. And the Nasdaq Composite added 18.71 points, closing at 9,402.48.
  • U.S. crude oil futures declined Thursday, in part on concerns that restricted travel due to the coronavirus may reduce fuel use. The March future was down $1.15 at $55.59 per barrel.
  • The U.S. dollar weakened Thursday.
  • U.S. gold futures advanced. The February future gained $8.70 to close at $1,565.40 per oz.

Recap for January 22

  • Wednesday’s tempestuous trade in wheat futures was in line with a 10-year trend of turbulence during January and February. Wheat initially traded higher with soft red winter futures approaching a 17-month high before breaking. Support was drawn from ideas of tightness, a French transportation strike, a drought-hit harvest in Australia and higher global prices indicated by rising offers for wheat in Russia. The mid-day decline was fueled by profit-taking and technical trading. Soybeans recovered from an earlier one-month low precipitated by doubts over Chinese purchases, but still closed lower with an eye toward a massive crop in rival Brazil. Corn futures edged higher nearby, but mostly eased in a narrow range. March corn rose 1¼c to close at $3.88¾ per bu. Chicago March wheat declined 3¾c to close at $5.77¾ a bu. Kansas City March wheat shed 7½c to close at $4.92½ a bu. Minneapolis March wheat fell 6¾c to close at $5.55½ a bu. March soybeans dipped 2¼c to close at $9.13¾ a bu. March soybean meal declined $1.20 to close at $297.90 per ton. March soybean oil fell 0.27c to 33.02c a lb.
  • U.S. equity markets were ultimately little changed on the day after initially rallying with help from shares of growth-oriented high-tech companies, including International Business Machines, Tesla and Apple. The latter said Wednesday it would take steps to develop a low-cost iPhone. The Dow Jones Industrial Average eased 9.77 points to close at 29,186.27. The Standard & Poor’s 500 Index edged up 0.96-point to close at 3,321.75. And the Nasdaq Composite added 12.96 points, closing at 9,383.77.
  • Despite expectations Thursday’s Energy Department report would show a decline in U.S. crude oil stockpiles, U.S. crude oil futures closed lower on Wednesday due to fears the coronavirus originated in China could sink demand for oil and jet fuel. The March future was down $1.64 at $56.74 per barrel.
  • The U.S. dollar edged higher Wednesday.
  • U.S. gold futures eased as the dollar edged up. The February future was down $1.20 at $1,556.70 per oz.

Recap for January 21

  • Concerns about tighter U.S. wheat supplies, specifically soft red winter, as well as higher international wheat prices, sent U.S. wheat futures higher on Tuesday. Traders awaiting indications China was ramping up purchases of U.S. agricultural commodities sent soybean and corn futures lower. March corn fell 1¾c to close at $3.87½ per bu. Chicago March wheat soared 11c to close at $5.81½ a bu. Kansas City March wheat jumped 5¾c to close at $5 a bu. Minneapolis March wheat gained 2½c to close at $5.62¼ a bu. March soybeans shed 13¾c to close at $9.16 a bu. March soybean meal declined $1.60 to close at $299.10 per ton. March soybean oil fell 0.60c to 32.75c a lb.
  • After the first reported U.S. case of Coronavirus, a dangerous pneumonia-like virus that originated in central China, stocks declined. The Dow Jones Industrial Average shed 152.06 points to close at 29,196.04. The Standard & Poor’s 500 Index dipped 8.83 points to close at 3,320.79. And the Nasdaq Composite declined 18.14 points, closing at 9,370.81.
  • The U.S. dollar weakened Tuesday.
  • U.S. gold futures also were weaker, the February future down $2.40 at $1,557.90 per oz.
  • After a choppy trading session that alternated between gains and declines, U.S. crude oil futures ultimately closed lower on ideas Coronavirus could decrease holiday travel, thus reducing oil demand, in China. The expiring February future was down 20c at $58.34 per barrel.