Recap for January 15

  • Russia’s plan to double the tax on its wheat exports boosted Chicago wheat futures Friday. Nearby corn futures dipped on profit-taking two days after soaring to a 7½-year high. Soybean futures fared similarly with further pressure from a soybean crush report that came in below market expectations. March corn declined 2¾¢, settling at $5.31½ a bu; September and beyond were 1½¢ to 3¾¢ higher. Chicago March wheat added 5½¢ to close at $6.75½ a bu. Kansas City March wheat was up 6½¢ to close at $6.43 a bu. Minneapolis March wheat added 2¾¢, closing at $6.43¼ a bu. March soybeans slumped 13¾¢, closing at $14.16¾ a bu, though declines weren’t as severe beginning in August, and November-forward contracts were 1¼¢ to 7¢ a bu higher. March soybean meal eased $1.70 to close at $463.20 a ton; November and beyond were $1.50 to $4.20 higher. March soybean oil retreated 1.26¢ to 41.85¢ a lb.
  • US equity markets closed lower Friday a day after President-elect Biden said his COVID-19 relief plan would cost $1.9 trillion. Additional pressure was ascribed to the December retail sales report, which showed restaurants and online sectors declined a seasonally adjusted 0.7% from November, thus the third consecutive month of declines. The Dow Jones Industrial Average declined 177.26 points, or 0.57%, to close at 30,814.26. The Standard & Poor’s 500 Index dipped 27.29 points, or 0.72%, to close at 3,768.25. The Nasdaq Composite dropped 114.14 points, or 0.87%, to close at 12,998.50.
  • US crude oil prices closed the week with a decline. Analysts attributed the decline to uncertainty due to tougher restrictions on global mobility and spiraling coronavirus cases. The February future dipped $1.21 to close at $52.36 per barrel.
  • The US dollar index maintained its weeklong up-down pattern with a higher close Friday.
  • US gold futures declined in typical dynamic with the stronger dollar. The February contract was down $21.50 at $1,829.90 per oz.

Recap for January 14

  • Strong demand underscored in this week’s USDA supply-demand report pushed nearby March soybean futures up 1.7% Thursday (up 4% for the week). Corn futures rallied with help from an EPA announcement that it would not address exempting some oil refineries from biofuel blending laws. Gains in corn buoyed wheat futures, which were higher despite weekly export sales below the range of market forecasts. March corn added 9¾¢, settling at $5.34¼ a bu. Chicago March wheat advanced 9½¢ to close at $6.70 a bu. Kansas City March wheat was up 10¾¢ to close at $6.36½ a bu. Minneapolis March wheat added 11¾¢, closing at $6.40½ a bu. January soybeans jumped 25½¢, closing at $14.36½ a bu. January soybean meal rose $2.50 to close at $464.90 a ton. January soybean oil advanced 0.59¢ to close at 43.27¢ a lb.
  • US equity markets closed lower Thursday in advance of President-elect Joe Biden’s speech in which he was expected to announce a request to Congress for a $1.9 trillion stimulus package for pandemic relief. The indexes were higher most of the day before giving up gains in the hour before closing bells. The Dow Jones Industrial Average slipped 68.95 points, or 0.22%, to close at 30,991.52. The Standard & Poor’s 500 Index eased 14.30 points, or 0.38%, to close at 3,795.54. The Nasdaq Composite declined 16.31 points, or 0.12%, to close at 13,112.64.
  • US crude oil prices advanced Thursday. The February future rose 66¢ to close at $53.57 per barrel.
  • The US dollar index closed lower Thursday.
  • US gold futures dipped, the February contract was down $3.50 at $1,851.40 per oz.

Recap for January 13

  • After the USDA estimated smaller-than-expected 2020 corn and soybean crops and said some key commodity stockpiles were smaller than previously thought, US corn, soybean and wheat futures rallied Tuesday. Corn surged as much as 5%, soybeans added nearly 4% and winter wheat futures gained almost 5%. March corn jumped 25¢ (the daily trading limit), settling at $5.17¼ a bu. Chicago March wheat advanced 30¼¢ to close at $6.65 a bu. Kansas City March wheat was up 28½¢ to close at $6.22½ a bu. Minneapolis March wheat added 14½¢, closing at $6.20¾ a bu. January soybeans surged 47½¢, closing at $14.22 a bu. January soybean meal added $19.40 to close at $471.20 a ton. January soybean oil was unchanged at 43.13¢ a lb, later months were mixed.
  • US equity markets edged higher Tuesday, but declines in the shares of some technology companies limited gains. The Dow Jones Industrial Average added 60 points, or 0.19%, to close at 31,068.69. The Standard & Poor’s 500 Index edged up 1.58 points, or 0.04%, to close at 3,801.19. The Nasdaq Composite added 36 points, or 0.28%, to close at 13,072.43.
  • US crude oil prices advanced again Tuesday. The February future added 96¢ to close at $53.21 per barrel.
  • The US dollar index closed lower for the first time in five sessions.
  • US gold futures dipped even as the US dollar weakened. The February contract was down $6.60 at $1,844.20 per oz.

Recap for January 11

  • Crop-boosting South American rains sent soybean futures lower Monday. Also a factor were a firmer US dollar and position-squaring ahead of a bevy of USDA reports coming Tuesday, both of which helped pull corn and wheat futures back from multi-year peaks. March corn dropped 4¢, settling at $4.96¼ a bu; December 2021 and further were higher. Chicago March wheat fell 4¢ to close at $6.34¾ a bu. Kansas City March wheat eased ¾¢ to close at $5.94 a bu. Minneapolis March wheat fell 1¾¢, closing at $6.06 a bu. January soybeans fell 1¼¢, closing at $13.74½ a bu. January soybean meal added $7 to close at $451.80 a ton. January soybean oil fell 0.63¢ to close at 43.13¢ a lb, with sharp losses across all months.
  • US equity markets closed lower Monday as investors reckoned with new fears for more stringent regulation over technology firms that have driven much of the stock market’s recovery. The Dow Jones Industrial Average fell 89.28 points, or 0.29%, to close at 31,008.69. The Standard & Poor’s 500 Index fell 25.07 points, or 0.66%, to close at 3,799.61. The Nasdaq Composite fell 165.54 points, or 1.25%, to close at 13,036.43.
  • US crude oil prices edged higher Monday to a 10-month high after a volatile session of gains and losses. Pressure came from demand concerns in the wake of a wave of new coronavirus cases in China, Europe and South America. Support came from the belief OPEC is committed to responding to consumption dips with production adjustments. The February future added 1¢ to close at $52.25 per barrel.
  • The US dollar index opened the week with a fourth straight higher close.
  • US gold futures advanced despite the stronger US dollar. The February contract was up $15.40 at $1,850.80 per oz.