Recap for October 20

  • Soybean futures advanced 1% as the strong pace of overseas buying offset some much-needed rain over Brazil, a competitor. Exports provided a boost to corn futures as well. Since Sept. 1, there have been only four trading days without USDA reporting a sale of corn or soybeans. Wheat futures were higher as dry weather remained a major concern despite some precipitation over wheat-growing areas of the United States and Russia. December corn rose 3½¢ to close at $4.08¾ a bu. Chicago December wheat rose 5¢ to close at $6.32 a bu. Kansas City December wheat added 8¢, closing at $5.71 a bu. Minneapolis December wheat added 8½¢, closing at $5.77¾ a bu. November soybeans added 9¾¢ to settle at $10.64 a bu. December soybean meal was down $1.30 at $371.90 a ton. December soybean oil rose 0.78¢ to close at 33.31¢ a lb.
  • Optimism for a government spending package tied to the pandemic pushed US equity markets higher Tuesday. The Dow Jones Industrial Average added 113.37 points, or 0.40%, to close at 28,308.79. The Standard & Poor’s 500 Index rose 16.20 points, or 0.47%, to close at 3,443.12. The Nasdaq Composite advanced 37.61 points, or 0.33%, to close at 11,516.49.
  • US crude oil futures closed higher Tuesday. The expiring November contract was up 63¢ at $41.46 a barrel.
  • The US dollar index closed lower again Tuesday.
  • US gold futures advanced as the dollar declined. The October future added $4 to close at $1,910.40 per oz.

Recap for October 19

  • Concerns stemming from dry conditions in wheat-producing countries around the world sent wheat futures higher Monday, with soft red winter futures hitting nearly-six-year highs. Bullish export expectations supported corn and soybean futures in spite of harvest pressure. December corn rose 3¼¢ to close at $4.05¼ a bu. Chicago December wheat rose 1¾¢ to close at $6.27 a bu. Kansas City December wheat added 4¼¢, closing at $5.63 a bu. Minneapolis December wheat added 9½¢, closing at $5.69¼ a bu. November soybeans added 4¼¢ to settle at $10.54¼ a bu. December soybean meal was up $5.70 at $373.20 a ton. December soybean oil fell 0.46¢ to close at 32.53¢ a lb.
  • After opening the day higher, US equity indexes retreated throughout Monday as a Democratic-imposed deadline for a deal on a fresh stimulus package approached with little sign of progress. The Dow Jones Industrial Average dropped 410.89 points, or 1.44%, to close at 28,195.42. The Standard & Poor’s 500 Index fell 56.89 points, or 1.63%, to close at 3,426.92. The Nasdaq Composite declined 192.67 points, or 1.65%, to close at 11,478.88.
  • US crude oil futures closed lower Monday. The expiring November contract was down 5¢ at $40.83 a barrel with the December future down 6¢ at $41.06.
  • The US dollar index closed lower Monday.
  • US gold futures advanced. The October future added $5.60 to close at $1,906.40 per oz.

Recap for October 16

  • A week after rising to their highest levels since March 2018, soybean futures slumped Friday on more consistent rains likely to benefit the crop in top competitor Brazil. Wheat futures were mixed. Front-month soft red winter wheat futures advanced to their highest prices in nearly six years on continued global supply concerns linked to dryness in key growing regions. Corn futures eased after touching a 14-month high on ideas of big export sales to China. December corn fell 1¾¢ to close at $4.02 a bu; Sept. 2021-forward futures advanced. Chicago December wheat rose 7¢ to close at $6.25¼ a bu. Kansas City December wheat edged up ¾¢, closing at $5.58¾ a bu, later months were unchanged or narrowly lower. Minneapolis December wheat added 1¢, closing at $5.59¾ a bu; May 2021-forward futures were lower. November soybeans declined 12¼¢ to settle at $10.50 a bu. December soybean meal was down $4.60 at $367.50 a ton. December soybean oil fell 0.18¢ to close at 32.99¢ a lb.
  • US equity markets were mixed to close the week with some support from a report showing US retail sales rose for a fifth month in a row in September. The markets saw modest gains in a volatile week. The Dow Jones Industrial Average added 112.11 points, or 0.39%, to close at 28,606.31 points. The Standard & Poor’s 500 Index edged up 0.47-point, or 0.01%, to close at 3,483.81 points. The Nasdaq Composite declined 42.32 points, or 0.36%, to close at 11,671.56 points.
  • US crude oil futures closed lower Friday. The November contract was down 8¢ at $40.88 a barrel.
  • The US dollar index closed lower Friday.
  • US gold futures also declined. The October future dropped $2.40 to close at $1,900.80 per oz.

Recap for October 15

  • Wheat futures soared Thursday, some contracts to five-year highs (on a continuous nearby basis), powered by cuts to the wheat production outlook in Argentina, which added to a general concern over global supply reductions already on analysts minds due to dryness in the United States and in the Black Sea region. Corn followed wheat to 14-month highs. Confirmation of the enduring export pipeline to China boosted soybeans. December corn rose 7¼¢ to close at $4.03¾ a bu. Chicago December wheat rose 21½¢ to close at $6.18¼ a bu. Kansas City December wheat added 22¾¢, closing at $5.58 a bu. Minneapolis December wheat added 12¾¢, closing at $5.58¾ a bu. November soybeans jumped 6¢ to settle at $10.62¼ a bu, though later months were mixed. December soybean meal was up $8.50 at $372.10 a ton. December soybean oil fell 0.71¢ to close at 33.17¢ a lb.
  • The three major US equity markets closed lower for a third straight day Thursday amid a pullback from the technology stocks that have propelled markets this year, tighter coronavirus restrictions in Europe and a report indicating new applications for US unemployment benefits rose last week to the highest level since late August. The Dow Jones Industrial Average eased 19.80 points, or 0.07%, to close at 28,494.20 points. The Standard & Poor’s 500 Index was down 5.33 points, or 0.15%, to close at 3,483.34 points. The Nasdaq Composite declined 54.86 points, or 0.47%, to close at 11,713.87 points.
  • US crude oil futures closed higher Thursday. The November contract was up 8¢ at $40.96 a barrel.
  • The US dollar index closed higher Thursday.
  • US gold futures strengthened despite the higher dollar. The October future added $1.90 to close at $1,903.20 per oz.

Recap for October 14

  • Great Plains dryness and a similar lack of moisture in Black Sea competitors sent wheat futures higher at mid-week. Dry weather in Brazil and renewed exports to China pushed soybean futures higher. Corn futures advanced despite harvest pressure as export demand rose with a large sale also to China. December corn rose 5¼¢ to close at $3.96½ a bu. Chicago December wheat rose 2¾¢ to close at $5.96¾ a bu. Kansas City December wheat added 4¢, closing at $5.35¼ a bu. Minneapolis December wheat added 1¾¢, closing at $5.46 a bu. November soybeans jumped 12¼¢ to settle at $10.56¼ a bu. December soybean meal was up $7.60 at $363.60 a ton. December soybean oil rose 0.26¢ to close at 33.88¢ a lb.
  • The three major US equity indexes gave up early gains and closed lower Wednesday as investors poured over third-quarter earnings reports and watched the Congress-White House schism over a second coronavirus stimulus widen. The Dow Jones Industrial Average shed 165.81 points, or 0.58%, to close at 28,514 points. The Standard & Poor’s 500 Index subtracted 23.26 points, or 0.66%, to close at 3,488.67 points. The Nasdaq Composite declined 95.17 points, or 0.8%, to close at 11,768.73 points.
  • US crude oil futures continued to climb Wednesday. The November contract was up 84¢ at $41.04 a barrel.
  • The US dollar index continued its volatility streak and turned lower Wednesday.
  • US gold futures strengthened on the weakening dollar. The October future added $12.80 to close at $1,901.30 per oz.