Recap for October 14

  • Corn and soybean futures, which opened the week lower after the USDA forecast grain supplies above expectations, found buyer interest and chart support Thursday and closed higher. Wheat futures, underpinned by tightening supplies in exporting countries and strong demand from importers, moved higher. December corn advanced 4½¢ to close at $5.16¾ a bu. Chicago December wheat rose 6¢ to close at $7.24¾ a bu. Kansas City December rose 9¼¢, closing at $7.31 a bu. Minneapolis December wheat jumped 11¼¢ to close at $9.60 a bu. November soybeans were up 11¢ to close at $12.06¼ a bu. October soybean meal rose $3.70 to close at $317.10 per ton. October soybean oil added 0.58¢ to settle at 59.94¢ a lb.
  • US crude oil futures advanced Thursday, the November future up 87¢ to $81.31 per barrel.
  • Better-than-expected economic data that eased concerns about the recovering economy and positive earnings reports from companies such as Walgreens Boots Alliance, UnitedHealthGroup, Bank of America, Morgan Stanley, and Citigroup propelled US equity markets higher on Thursday. The broad-based rally pushed all of the S&P 500’s 11 sectors higher with materials and technology stocks gaining the most. The S&P 500 notched its best one-day performance since March 5. The Dow Jones Industrial Average jumped 534.75 points, or 1.56%, to close at 34,912.56. The Standard & Poor’s 500 Index rose 74.46 points, or 1.71%, to close at 4,438.26. The Nasdaq Composite advanced 251.79 points, or 1.73%, to close at 14,823.43.
  • The US dollar index declined for a second day Thursday after opening the week with two higher sessions.
  • US gold futures continued to advance as the US dollar declined. The October contract was up $3 to $1,796.70 per oz.

Recap for October 13

  • Wheat futures declined Wednesday in a round of profit-taking a day after rallying on the US Department of Agriculture’s assessment of the 2021-22 world wheat ending stocks at a five-year low of 277.18 million tonnes. Grain market pressure pushed corn futures down to four-week lows. Soybean futures continued to descend a day after the USDA forecast the 2021 US soybean crop at 4,448 million bus, and forecast soybean yields at 51.5 bus per acre, both above analysts’ pre-report expectations. December corn fell 10¼¢ to close at $5.12¼ a bu. Chicago December wheat retreated 15¼¢ to close at $7.18¾ a bu. Kansas City December fell 18¢, closing at $7.21¾ a bu. Minneapolis December wheat dropped 6¼¢ to close at $9.48¾ a bu. November soybeans declined 3¢ to close at $11.95¼ a bu. October soybean meal rose 50¢ to $313.40 per ton, though all later contracts eased. October soybean oil added 0.74¢ to settle at 59.36¢ a lb.
  • US crude oil futures eased Wednesday, the November future was down 20¢ to $80.44 per barrel.
  • US equity markets were mixed Wednesday with the DJIA easing and the S&P 500 snapping a three-session losing streak. Inflation concerns were a big focus of the session after the Labor Department said September’s Consumer Price Index, which measures what consumers pay for goods and services, rose by 5.4% from a year earlier, in unadjusted terms, the same rate as in June and July as the economy reopened, and slightly higher than in August.  The Dow Jones Industrial Average eased 0.53 point, closing at 34,377.81. The Standard & Poor’s 500 Index rose 13.15 points, or 0.30%, to close at 4,363.80. The Nasdaq Composite advanced 105.71 points, or 0.73%, to close at 14,571.64.
  • The US dollar index declined Wednesday after advancing the two previous trading days.
  • US gold futures continued to advance as the US dollar turned lower. The October contract jumped $35.40 to $1,793.70 per oz.

Recap for October 12

  • Soybean futures were sharply lower Tuesday after the US Department of Agriculture estimated the 2021 US soybean crop at 4,448 million bus in its monthly update to domestic and global supply and demand figures. The average of analysts’ pre-report estimates for the soybean harvest was 4,415 million bus. Corn futures declined under similar pressure after the USDA estimated the 2021 US corn crop at 15,019 million bus, well above analysts’ pre-report expectations, which averaged 14,973 million bus. Meanwhile, wheat futures were mostly higher on bullish report data estimating world wheat ending stocks the lowest in five years. December corn fell 10½¢ to close at $5.22½ a bu. Chicago December wheat advanced 2¼¢ to close at $7.34 a bu; May 2023 and beyond were lower. Kansas City December added 5¼¢, closing at $7.39¾ a bu. Minneapolis December wheat jumped 9½¢ to close at $9.55 a bu. November soybeans plummeted 30¢ to close at $11.98¼ a bu. October soybean meal fell $3.30 to $312.90 per ton. October soybean oil declined 1.67¢ to settle at 58.62¢ a lb.
  • US crude oil futures held near multiyear highs after a volatile trading session Tuesday. Light, sweet crude for November was 12¢ higher at $80.64 per barrel, extending a marked climb in recent weeks on a worldwide natural gas shortage. The December future was unchanged while January and February futures eased.
  • Losses in shares of communication and big technology companies sent US equity markets lower Tuesday. The Dow Jones Industrial Average dropped 117.72 points, or 0.34%, closing at 34,378.34. The Standard & Poor’s 500 Index fell 10.54 points, or 0.24%, to close at 4,350.65. The Nasdaq Composite declined 20.28 points, or 0.14%, to close at 14,465.92.
  • The US dollar index strengthened for a second straight session Tuesday.
  • US gold futures reverted to an upside trend despite the US dollar’s firmness. The October contract was up $3.70 to $1,758.30 per oz.

Recap for October 11

  • US crude oil futures climbed again Monday, topping $80 per barrel for the first time since late 2014 and extending its climb since Oct. 31, 2020, to 125%, partly on the back of a worldwide shortage of natural gas. Analysts said the sharp increase reflected investors’ bets that energy supply shortages will offset any slowdown in the global economy. The November contract was up $1.17, to $80.52 per barrel. Crude oil prices remained on track to outpace copper this year by the largest amount since 2002.
  • Wheat futures were mixed Monday, lower in the cases of spring wheat, hard red winter and the three nearby soft red winter contracts. The declines came despite an early flurry of bargain buying after some contracts struck a one-week low on Friday. Soybean futures declined amid signs of a large US harvest and ahead of a US production forecast expected to be bearish, although crude oil strength limited wide market swings. Corn futures edged higher early in the session and maintained gains at close. December corn added 2½¢ to close at $5.33 a bu. Chicago December wheat fell 2¼¢ to close at $7.31¾ a bu; July 2022 and beyond were higher. Kansas City December fell 3¢, closing at $7.34½ a bu. Minneapolis December wheat fell 1¢ to close at $9.45½ a bu. November soybeans were down 14¾¢ to close at $12.28¼ a bu. October soybean meal fell $1.30 to close at $316.20 per ton. October soybean oil declined 1.04¢ to settle at 60.29¢ a lb.
  • Worries about growth and inflationary effects signified in the oil price rally pressured US equity markets at the start of the week. The Dow Jones Industrial Average dropped 250.19 points, or 0.72%, closing at 34,496.06. The Standard & Poor’s 500 Index fell 30.15 points, or 0.69%, to close at 4,361.19. The Nasdaq Composite declined 93.34 points, or 0.64%, to close at 14,486.20.
  • The US dollar index strengthened Monday after closing the previous week with two declining sessions.
  • US gold futures continued lower as the US dollar turned higher. The October contract was down $1.70 to $1,754.60 per oz.

Recap for October 8

  • A round of pre-weekend technical selling sent winter wheat futures lower. Spring wheat futures, underpinned by tight supplies, advanced to fresh contract highs. Soybean futures traded higher most of Friday’s session before tumbling under pressure from export market concerns. The late downturn in soybeans spilled over to corn futures, which declined and ended the week down 2%. December corn fell 3½¢ to close at $5.30½ a bu. Chicago December wheat fell 7¼¢ to close at $7.34 a bu. Kansas City December fell 3¾¢, closing at $7.37½ a bu with the furthest deferred month advancing 5½¢ a bu. Minneapolis December wheat added 4¼¢ to close at $9.46½ a bu. November soybeans were down 4¼¢ to close at $12.43 a bu. October soybean meal fell $1.30 to close at $317.50 per ton. October soybean oil declined 0.57¢ to settle at 61.33¢ a lb.
  • US equity markets were lower Friday, but all three indexes held on to weekly gains despite a Labor Department report indicating the US economy added 235,000 jobs last month, far short of economists’ estimates for 720,000. It was the S&P 500’s best week since August. The Dow Jones Industrial Average dropped 8.69 points, or 0.03%, closing at 34,746.25. The Standard & Poor’s 500 Index eased 8.42 points, or 0.19%, to close at 4,391.34. The Nasdaq Composite fell 74.48 points, or 0.51%, to close at 14,579.54.
  • US crude oil futures advanced again Friday, the November contract was up $1.05 to $79.35 per barrel.
  • The US dollar index declined for a second day Friday after a two-day rally earlier in the week.
  • US gold futures continued lower despite the US dollar’s slippage. The October contract was down $1.60 to $1,756.30 per oz.