Recap for November 29

  • Wheat futures were mixed Tuesday, with some contracts rising on ideas China might ease a few COVID restrictions and reopen parts of its economy. Soybeans popped higher on the China hopes as well, while corn prices declined. December corn dipped 3¢ to close at $6.65¾ a bu; September 2023 and beyond edged higher. Chicago December wheat added 1¢ to close at $7.57¾ a bu; July 2023 and beyond eased. Kansas City December wheat added 3¾¢ to $9.01 a bu. Minneapolis December wheat dropped 11¢ to close at $9.40¼ a bu. January soybeans added 2¼¢ to close at $14.59½ a bu. December soybean meal dropped $5.10 to close at $408.50 per ton. December soybean oil added 0.47¢ to settle at 76.54¢ a lb; later months were mixed, the majority of contracts higher.
  • US equity markets closed mostly lower Tuesday under pressure from rare protests in major Chinese cities, Fed chairman’s upcoming Brookings Institution speech, and the S&P CoreLogic Case-Shiller National Home Price Index, which was down 2.6% in the third quarter and showed home prices fell 1% in September from August. The Dow Jones Industrial Average added 3.07 points, or 0.01%, to 33,852.53. The Standard & Poor’s 500 Index slipped 6.31 points, or 0.16%, to 3,957.63. The Nasdaq Composite lost 65.72 points, or 0.59%, to 10,983.78.
  • US crude oil continued to climb Tuesday. The January contract was up $0.96 to close at $78.20 per barrel. 
  • The US dollar index closed higher for a second straight day Tuesday.
  • US gold futures also advanced despite the stronger dollar, the December future was up $8.10 to $1,748.40 per oz.

Recap for November 28 

  • Protests in China over relentless COVID lockdown policies pulled wheat futures lower Monday with the Chicago March contract reaching its lowest level since Aug. 19. Corn futures were narrowly mixed, buoyed by spillover support from soybeans that surged following news of a large export sale. December corn ticked up ¾¢ to close at $6.68¾ a bu; later months were narrowly mixed but mostly higher. Chicago December wheat fell 18¾¢ to close at $7.59¾ a bu. Kansas City December wheat dropped 17¼¢ to $9.04¾ a bu. Minneapolis December wheat declined 6¢ to close at $9.51¼ a bu. January soybeans jumped 21¢ to close at $14.57¼ a bu. December soybean meal added $4.80 to close at $413.60 per ton. December soybean oil advanced 1.55¢ to settle at 76.07¢ a lb.
  • Mounting protests in China about the country’s Covid-19 policies coupled with fresh comments from Federal Reserve officials about upcoming interest rate increases kept US equity markets on a downward slide Monday. All three major indexes lost about 1.5% each. The Dow Jones Industrial Average fell 497.57 points, or 1.45%, to 33,849.46. The Standard & Poor’s 500 Index dropped 62.18 points, or 1.54%, to 3,963.94. The Nasdaq Composite lost 176.86 points, or 1.58%, to 11,049.50.
  • US crude oil climbed higher Monday. The January contract added $0.96 to close at $77.24 per barrel. 
  • The US dollar index strengthened Monday.
  • US gold futures declined on Monday. The December future lost $13.70 to $1,740.30 per oz.

Recap for November 25

  • On pressure from declining Russian wheat export prices, US wheat futures closed lower Friday, with the Chicago December contract reaching a three-month low during the holiday-shortened session. Harsh weather in South America gave corn futures a boost but minimally impacted the soy complex after Argentina announced plans to reinstate its preferential currency exchange for soybean exports through the end of the year. December corn gained 4¾¢ to close at $6.68 a bu. Chicago December wheat fell 18¢ to close at $7.75½ a bu. Kansas City December wheat dropped 8¼¢ to close at $9.22 a bu. Minneapolis December wheat dipped ½¢ to close at $9.57¼ a bu. January soybeans ticked up ¼¢ to close at $14.36¼ a bu. December soybean meal declined $0.90 to close at $408.80 per ton; the January 2023 contract was also lower but later months advanced. December soybean oil lost 0.39¢ to settle at 74.52¢ a lb.
  • US equity markets ended mixed in the post-Thanksgiving, Black Friday half-day session. The Dow Jones Industrial Average rose while the other major indexes settled lower. All equities posted gains for the week, riding the typical fourth-quarter wave fueled by consumer holiday spending. But investors kept watch on consumer behavior as they managed inflationary strains amidst rising, but potentially slowing, monetary policy demands. The Dow Jones Industrial Average advanced 152.97 points, or 0.45%, to 34,347.03. The Standard & Poor’s 500 Index slipped 1.14 points, or 0.03%, to 4,026.12. The Nasdaq Composite dropped 58.96 points, or 0.52%, to 11,226.36.
  • US crude oil declined on Friday. The January contract lost $1.66 to close at $76.28. 
  • The US dollar index weakened Friday.
  • US gold futures advanced on Friday. The December future was up $8.40 to $1,754 per oz.

Recap for November 22

  • Grain and oilseed futures declined Tuesday except for soybean oil. Wheat futures were at times higher in trading attributed to dismal winter wheat conditions ratings out late Monday. But wheat turned lower across the board as the industry continued to mull whether US mills had bought Polish or German wheat and the implications of the surge in demand for European supplies. With little fresh fundamental news, corn slipped on spillover pressure from wheat. Soybean prices fell on continued concern about pandemic restrictions holding back the Chinese economy and that country’s demand for US soybeans. December corn dipped 2¾¢ to close at $6.56¾ a bu. Chicago December wheat dropped 7¾¢ to close at $7.91½ a bu. Kansas City December wheat pulled back 8¾¢ to $9.25½ a bu. Minneapolis December wheat eased 2¢ to close at $9.46 a bu. January soybeans fell 7¢ to close at $14.29¾ a bu. December soybean meal dropped back $2.80 to close at $408.60 per ton. December soybean oil rose 0.84¢ to settle at 73.84¢ a lb.
  • With many out of offices for Thanksgiving, fewer shares on US equity indexes traded Tuesday than any day since Aug. 29, the Wall Street journal said, the sixth slowest trading volume day of 2022. Still, indexes closed higher despite investors’ struggle with the uncertainties of the Federal Reserve’s thus far aggressive interest rate increase path and the continued pandemic restrictions that are, in theory, preventing China’s economy from opening wide. The Dow Jones Industrial Average gained 397.82 points, or 1.18%, to 34,098.10. The Standard & Poor’s 500 Index rose 53.64 points, or 1.36%, to 4,003.58. The Nasdaq Composite added 149.90 points, or 1.36%, to 11,174.41.
  • After mixed close to open the week, US crude oil prices shifted firmly to the upside Tuesday, the January contracts up 91¢ to close at $80.95. 
  • The US dollar index paused a three-session rally for a lower close Tuesday.
  • US gold futures ticked higher Tuesday amid the dollar’s downturn. The December future was up 30¢ to $1,739.90 per oz.

Recap for November 21

  • A rallying US dollar made US commodities more expensive for exporters and weighed on corn and wheat futures Monday. Despite declines in crude oil and equities, soy complex futures managed gains, partly on signals of good demand for US supplies. December corn subtracted 8¼¢ to close at $6.59½ a bu. Chicago December wheat pulled back 4¢ to close at $7.99¼ a bu. Kansas City December wheat was steady at $9.34¼ a bu, though later months all declined. Minneapolis December wheat was down 3½¢ to close at $9.48 a bu. January soybeans added 8½¢ to close at $14.36¾ a bu. December soybean meal advanced $1 to close at $411.40 per ton. December soybean oil rose 0.26¢ to settle at 73¢ a lb.
  • “All eyes are on China,” a financial analyst told the Wall Street Journal Monday after fears a post-COVID normalization of China’s economy and its influence on the global economy could be delayed further. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28. The Standard & Poor’s 500 Index shed 15.40 points, or 0.39%, to 3,949.94. The Nasdaq Composite lost 121.55 points, or 1.09%, to 11,024.51.
  • US crude oil prices were mixed to open the holiday-shortened week, the expiring December future settled down 35¢ to $79.73 per barrel while the February and March contracts rose 8¢ and 23¢, respectively. 
  • The US dollar index strengthened for a third session Monday.
  • US gold futures’ descent endured while the dollar’s rallied carried forward. The December future was down $14.80 to $1,739.60 per oz.

Recap for November 18

  • Strength in soybean meal and oil futures spilled over to soybeans Friday in bargain buying after a two-day downturn. Traders continued to mull Thursday’s export sales report indicating just more than 3 million tonnes of US soybeans were sold, well above trade expectations, as well as the possibility farmers in drought-plagued Argentina might reduce the area seeded to soybeans. A firming US dollar pressured wheat futures mostly lower Friday with losses limited by Argentina’s drought-hit wheat harvest. Corn edged higher a day after the Black Sea export deal between Ukraine and Russia was extended. December corn added ¼¢ to close at $6.67¾ a bu; later months were mixed for a second day. Chicago December wheat fell 3½¢ to close at $8.03¼ a bu. Kansas City December wheat dropped 3¾¢ to close at $9.34¼ a bu; the furthest deferred contracts were down 12¢ a bu. Minneapolis December wheat was down 2¼¢ to close at $9.51½ a bu; December 2023 and beyond were higher. January soybeans added 11¼¢ to close at $14.28¼ a bu. December soybean meal advanced $4.70 to close at $410.40 per ton. December soybean oil rose 0.61¢ to settle at 72.74¢ a lb.
  • US equity markets operating in tumult for most of the week landed higher Friday. Stocks ripped higher the previous week on investor optimism that the Federal Reserve might curtail its aggressive upward tear on interest rates. That optimism faded a bit this week. The Dow Jones Industrial Average added 199.37 points, or 0.6%, to 33,745.69. The Standard & Poor’s 500 Index, with 9 of 11 sectors higher, gained 18.78 points, or 0.5%, to 3,965.34. The Nasdaq Composite crept 1.10 points higher (less than 0.1%) to 11,146.06.
  • US crude oil prices moved lower for a third session Friday, the December future down $1.56 to $80.08 per barrel. 
  • The US dollar index strengthened for a second day Friday.
  • US gold futures continued lower as the dollar maintained its upward trajectory. The December future was down $8.60 to $1,754.40 per oz.