Recap for February 14

  • Winter wheat futures tumbled about 10c to 15c a bu in 2019 months on Thursday, while spring wheat, corn and soy complex futures also closed lower with mostly double-digit declines in soybean futures. Pressure on wheat came from technical selling and a marketing year low in export sales during the week ended Jan. 3, with Kansas City futures setting new contract lows and Chicago futures falling to six-week lows. Delayed weekly U.S.D.A. export sales data showed China canceled 807,000 tonnes of U.S. soybean purchases in the week ended Jan. 3, with “unknown destinations,” which often is China, canceling another 444,000 tonnes, resulting in a net sales reduction for the week of 612,000 tonnes against trade expectations of net soybean sales as high as 1 million tonnes. China’s soybean imports for the month of January were down 13%. At the same time, Argentina’s soybean crop was forecast above recent expectations. Corn mostly followed other futures lower. March corn declined 4c to close at $3.74¾ a bu. Chicago March wheat tumbled 15¼c to close at $5.07 a bu. Kansas City March wheat fell 12½c to close at $4.81½ a bu. Minneapolis March wheat lost 5c to close at $5.74¾ a bu. March soybeans fell 13c to close at $9.03½ a bu, March soybean meal dropped $4.60c and closed at $305.50 a ton and March soybean oil fell 0.10c and closed at 29.89c a lb.
  • U.S. crude oil futures were higher for a third consecutive day Thursday on indications that major oil producers, including Saudi Arabia, were holding to their pledges to reduce oil production. The March contract gained 51c to close at $54.41 per barrel.
  • Equity market closed mixed Thursday as disappointing retail sales data from the crucial holiday period sent retail stocks lower, while corporate earnings reports offered mixed signals. The Dow Jones Industrial Average declined 103.88 points to close at 25,439.39. The Standard & Poor’s 500 Index lost 7.30 points to close at 2,745.73. The Nasdaq Composite Index added 6.58 points to close at 7,426.95.
  • The U.S. dollar was weaker Thursday.
  • U.S. gold futures eased Thursday, the February contract closing $1 lower at $1,309.80 an oz.

Recap for February 13

  • An uptick in export activity saw soft red winter wheat futures rise for a fourth straight session Wednesday with further support from firming cash markets that spurred commodity fund buying. Hard red winter and spring wheat futures also advanced, while corn edged higher. Soybean futures eased as traders awaited updates from U.S.-China trade talks to determine whether the two sides were positioning to end the trade war. March corn advanced ½c to close at $3.78¾ a bu. Chicago March wheat added 2¼c to close at $5.22¼ a bu. Kansas City March wheat was up 2c to close at $4.94 a bu. Minneapolis March wheat gained 2½c to close at $5.79¾ a bu. March soybeans fell 1c to close at $9.16½ a bu, March soybean meal added 90c and closed at $310.10 a ton and March soybean oil fell 0.34c and closed at 29.99c a lb.
  • Investor optimism about trade negotiations between Washington and Beijing and reports that President Trump is likely to sign a border-security deal that would keep the government open past Friday supported U.S. equity markets Wednesday. The Nasdaq advanced just enough to exit bear-market territory with a rise of 20% from its Christmas Eve low. The Dow Jones Industrial Average advanced 117.51 points to close at 25,543.27 after earlier rising as much as 200 points. The Standard & Poor’s 500 Index added 8.30 points to close at 2,753.03. The Nasdaq Composite Index increased 5.76 points to close at 7,420.38.
  • The U.S. dollar was stronger Wednesday.
  • U.S. gold futures also advanced, the February contract closing up $1.60 at $1,310.80 an oz.
  • U.S. crude oil futures were higher, the March contract gaining 80c to close at $53.90 per barrel.

Recap for February 12

  • Bargain buying helped U.S. soybean futures rebound from nearly three-week lows, as did optimism that negotiations in Beijing could spell the end of a protracted trade war with China. Corn futures bounced from four-week lows and nearby soft winter and spring wheat futures followed the firming trend in nearby months, while Kansas City wheat closed lower. March corn advanced 5½c to close at $3.78½ a bu. Chicago March wheat added 1¾c to close at $5.20 a bu, though later months were mixed. Kansas City March wheat slid 1¾c and closed at $4.92 a bu. Minneapolis March wheat advanced 3½c to close at $5.77¼ a bu, but later months were mixed. March soybeans advanced 12½c to close at $9.17½ a bu, March soybean meal added $4.30 and closed at $309.20 a ton, and March soybean oil climbed 0.09c and closed at 30.33c a lb.
  • Optimism that Washington and Beijing negotiators were making progress toward a broad outline of a trade agreement eased some of investors’ trepidations Tuesday, pushing U.S. equity markets higher. The Dow Jones Industrial Average advanced 372.65 points to close at 25,425.76. The Standard & Poor’s 500 Index added 34.93 points to close at 2,744.73 with 10 of the 11 major sectors advancing. The Nasdaq Composite Index increased 106.71 points to close at 7,414.62.
  • The U.S. dollar eased Tuesday.
  • U.S. gold futures strengthened as the dollar declined, the February contract closing at $1,309.20 an oz, up $2.20.
  • U.S. crude oil futures were boosted Tuesday by an improved appetite for risk assets and by a potential deal to stave off another government shutdown. The March contract gained 69c to close at $53.10 per barrel.

Recap for February 11

  • Improved crop weather for competitor Brazil pressured U.S. soybean futures Monday, as did concern over the approaching March 1 end to a truce with China on new tariffs. Corn futures followed soybeans lower with reports indicating sufficient South American rain to curb any yield losses. Soft winter wheat futures edged higher, rallying from early declines thanks to technical buying, fund-driven short-covering and recent export sales, but spring and hard red winter futures were narrowly mixed. March corn fell 1½c to close at $3.72¾ a bu. Chicago March wheat added 1c to close at $5.18¼ a bu. Kansas City March wheat fell ½c and closed at $4.93¾ a bu, but 2020 contracts were higher. Minneapolis March wheat advanced 5¼c to close at $5.73¾ a bu with later months mixed. March soybeans fell 9½c to close at $9.05 a bu, March soybean meal fell $1.20 and closed at $304.90 a ton, and March soybean oil fell 0.63c and closed at 30.24c a lb.
  • Trade tensions continued to smolder Monday, leaving U.S. equity markets mixed at the closing bell. Industrial sector gains from companies such as Norfolk Southern and Arconic led to a small rise for the S&P 500, with additional support from energy stocks. The index was pressured by communication company stocks. The Dow Jones Industrial Average fell 53.22 points to close at 25,053.11. The Standard & Poor’s 500 Index edged up 1.92 points to close at 2,709.80. The Nasdaq Composite Index added 9.71 points to close at 7,307.90.
  • The U.S. dollar strengthened Monday.
  • U.S. gold futures weakened as the dollar rose, the February contract closing at $1,307 an oz, down $6.70.
  • U.S. crude oil futures closed lower Monday. The March contract deleted 31c to close at $52.41 per barrel.

Recap for February 8

  • The U.S. Department of Agriculture’s projection for record-large U.S. soybean stocks amid an ongoing trade dispute with top importer China initially pressured U.S. soybean futures Friday, but the soy complex still eked out gains by closing. Wheat futures were mixed on the U.S.D.A.’s lower-than-expected winter wheat seedings estimate and indications that global supplies remain abundant. Corn closed lower after the U.S.D.A. indicated abundant supplies, lighter U.S. domestic demand and large upcoming harvests in South America. March corn fell 2¼c to close at $3.74¼ a bu. Chicago March wheat added 4c to close at $5.17¼ a bu, though later months were mixed. Kansas City March wheat fell 2c and closed at $4.94¼ a bu, with later months mixed. Minneapolis March wheat advanced 4c to close at $5.68½ a bu with later months also mixed. March soybeans rose 1¼c to close at $9.14½ a bu, March soybean meal added 60c and closed at $306.10 a ton, and March soybean oil gained 0.06c and closed at 30.87c a lb.
  • U.S. equity markets were mixed Friday after a day of uncertainty caused by growing investor discomfort over shaky economic data from the eurozone, renewed trade uncertainty and concerns about weakening corporate earnings. The Dow Jones Industrial Average fell 63.20 points to close at 25,106.33, paring losses at Friday’s close to record its seventh consecutive weekly gain. The Standard & Poor’s 500 Index edged up 1.83 points to close at 2,707.88. The Nasdaq Composite Index added 9.85 points to close at 7,298.20.
  • The U.S. dollar was stronger Friday.
  • U.S. gold futures also advanced Friday, the February contract closing at $1,313.70, up $4.30.
  • U.S. crude oil futures crept higher Friday as concerns about a global economic slowdown took a backseat to supply risks in investors’ views. The March contract added 8c to close at $52.72 per barrel.