Recap for September 21
- Soybean futures firmed Tuesday, a day after dropping to three-month lows amid pressure from the nascent US harvest and from outside markets. Corn futures were lower a day after the USDA said crop conditions had improved. Softer corn prices weighed on wheat futures, as did news about wheat crops and exports from competing countries such as Russia, Ukraine and the European Union. December corn fell 4¾¢ to close at $5.17 a bu. Chicago December wheat fell 10½¢ to close at $6.90¼ a bu. Kansas City December wheat dropped 9½¢ to close at $6.90½ a bu. Minneapolis December wheat fell 6¼¢ to close at $8.87¾ a bu. November soybeans were up 11½¢ to close at $12.74 a bu. October soybean meal added $1.80 to close at $337.90 per ton. October soybean oil added 0.41¢ to settle at 55.32¢ a lb.
- US crude oil futures began to recover after falling Monday along with most other commodities and markets. The expiring October contract was up 27¢ at $70.56 per barrel.
- US equity markets were mixed Tuesday. Shares of a massive Chinese real estate company, which spurred a global selloff to open the week, declined again, dropping to a near 10-year low, but broader markets were steadier. Some investors viewed Monday as an overdue selloff and said the forward focus will shift to how markets fare as the pace of global economic recovery cools. The Dow Jones Industrial Average fell 50.63 points, or 0.15%, closing at 33,919.84 after trading higher most of the day. The Standard & Poor’s 500 Index eased 3.54 points, or 0.08%, to close at 4,357.73. The Nasdaq Composite added 32.49 points, or 0.22%, to close at 14,746.40.
- The US dollar index declined Tuesday after forging higher the previous three sessions.
- US gold futures advanced Tuesday as the dollar declined and some investors continued to move into safe-haven assets. The October contract was up $14.30 to $1,766.10 per oz.
Recap for September 20
- US equity markets plunged to open the trading week on a rush out of riskier assets triggered by rising concerns over the property developer China Evergrande Group, which has the biggest debt burden of any publicly-traded real estate management or development company in the world. The Dow Jones Industrial Average plummeted 614.41 points, or 1.78%, closing at 33,970.47. The Standard & Poor’s 500 Index fell 75.26 points, or 1.70%, to close at 4,357.73. The Nasdaq Composite plunged 330.06 points, or 2.19%, to close at 14,713.90.
- US crude oil futures opened the week lower amid broad declines in equity and commodity markets. The expiring October contract was down $1.68 at $70.29 per barrel.
- Rising supplies amid advancing harvest sent soybean and corn futures lower. Soybean, corn and wheat futures also were under spillover pressure from falling crude oil and equity markets and from a stronger US dollar. A slow recovery from Hurricane Ida damage at the center-Gulf region also weighed on corn. December corn fell 5½¢ to close at $5.21¾ a bu. Chicago December wheat fell 8¢ to close at $7.00¾ a bu. Kansas City December wheat shed 13¢ to close at $7 a bu. Minneapolis December wheat fell 6½¢ to close at $8.94 a bu. November soybeans were down 21½¢ to close at $12.62½ a bu. October soybean meal fell $2.40 to close at $336.10 per ton. October soybean oil fell 1.38¢ to settle at 54.91¢ a lb.
- The US dollar index advanced for a third consecutive day on Monday.
- US gold futures advanced Monday as investors moved into safe-haven assets. The October contract was up $12.40 to $1,761.80 per oz.
Recap for September 17
- US grain and oilseed futures closed the week on a downtrend for various reasons. Soybean futures wiped out gains from earlier in the week as hurricane-damaged terminals in the center-Gulf region continued to limit exports. Wheat futures closed lower Friday in a round of profit-taking, but tightening global supplies boosted some contracts nearly 3% for the week. Corn futures eased, consolidating in the wake of earlier gains and under pressure from what was expected to be a weekend of strong harvest progress. December corn fell 4¢ to close at $5.29½ a bu. Chicago December wheat fell 4¼¢ to close at $7.08¼ a bu. Kansas City December wheat fell 7½¢ to close at $7.13 a bu. Minneapolis December wheat fell 6¢ to close at $9.00½ a bu. November soybeans were down 12¢ to close at $12.84 a bu. October soybean meal fell $1.70 to close at $338.50 per ton. October soybean oil fell 0.54¢ to settle at 56.29¢ a lb.
- US equity markets ended Friday and the week lower. Pressuring stocks were investor concerns over the spread of the COVID-19 Delta variant and the pace of the economic recovery. The latter was in question a day after a Labor Department report indicated initial unemployment claims rose to 332,000 in the week ended Sept. 11 from a pandemic low of 312,000 a week earlier. The Dow Jones Industrial Average declined 166.44 points, or 0.48%, closing at 34,584.88. The Standard & Poor’s 500 Index fell 40.76 points, or 0.91%, to close at 4,432.99. The Nasdaq Composite dropped 137.96 points, or 0.91%, to close at 15,043.97.
- US crude oil futures eased Friday, the October contract was down 64¢ to $71.97 per barrel.
- The US dollar index advanced for a second day Friday.
- US gold futures declined Friday as the dollar rose and posted weekly losses despite continuing concerns about high inflation concurrent with slowing economic growth. The October contract was down $5.20 to $1,749.40 per oz.
Recap for September 16
- Tighter prospects for global supply after adjusted production projections in Canada, France and Russia pushed most wheat futures higher, although deferred soft red winter wheat months were lower. Corn futures pulled back after reaching a two-week high. Soybean futures traded both sides of even for much of Thursday but ended higher in nearby months as fresh export sales offset pressure from the assessment of US export capacity in the Gulf following hurricanes Ida and Nicholas. December corn fell 4¢ to close at $5.29½ a bu. Chicago December wheat added ¾¢ to close at $7.13 a bu; most later months declined. Kansas City December wheat was up 4½¢ to close at $7.20½ a bu. Minneapolis December wheat added 1¾¢ to close at $9.06½ a bu. November soybeans were up 1½¢ to close at $12.96 a bu; later months were mixed. December soybean meal rose $4.50 to close at $344.10 per ton. December soybean oil fell 1.48¢ to settle at 56.84¢ a lb.
- Uncertainty about the pace of the economic recovery and a rise in Delta variant COVID-19 cases weighed on US equity markets Thursday. China’s stock-market pullback also added pressure. The Dow Jones Industrial Average declined 63.07 points, or 0.18%, closing at 34,751.32. The Standard & Poor’s 500 Index fell 6.95 points, or 0.16%, to close at 4,473.75. The Nasdaq Composite eased 20.39 points, or 0.13%, to close at 15,181.92.
- US crude oil futures stuck close to the flatline Thursday, the October contract was steady at $72.61 per barrel, and later contracts were up 4¢ to 7¢ a barrel.
- The US dollar index followed two down days with an advance Thursday.
- US gold futures declined Thursday as the dollar advanced. The October contract was down $38 to $1,754.60 per oz.
Recap for September 15
- Wheat futures advanced Wednesday after decreased expectations for Russian winter wheat production were reported, increasing concerns about global supply. Higher wheat and crude oil prices helped corn futures higher. Corn and wheat strength spilled over to soybean and soybean oil prices, while soybean meal futures declined. December corn jumped 13¼¢ to close at $5.33½ a bu. Chicago December wheat added 11½¢ to close at $7.12¼ a bu. Kansas City December wheat was up 14¼¢ to close at $7.16 a bu. Minneapolis December wheat added 17½¢ to close at $9.04¾ a bu. November soybeans were up 12¢ to close at $12.94½ a bu. October soybean meal fell $2.10 to close at $335.90 per ton. October soybean oil added 1.57¢ to settle at 58.31¢ a lb.
- US stocks climbed Wednesday as investors looked to measure the strength of the economic recovery. The S&P 500 recovered some of the losses that mounted over the previous seven sessions, but still closed 1.2% off its record-high close in early September. The Dow Jones Industrial Average jumped 236.82 points, or 0.68%, closing at 34,814.39. The Standard & Poor’s 500 Index added 37.65 points, or 0.85%, to close at 4,480.70. The Nasdaq Composite climbed 123.77 points, or 0.82%, to close at 15,161.53.
- US crude oil futures continued to climb on Wednesday, the October contract up $2.15 to close at $72.61 per barrel.
- The US dollar index declined Wednesday for a second straight day after posting an upside trend for most of the previous week.
- US gold futures declined Wednesday despite the weakening dollar. The October contract was down $12.40 to $1,792.60 per oz.