Recap for December 13
- Soybeans futures’ boost from resumption of sales to China was short-lived, and prices fell to a one-week low Thursday as traders’ focus shifted to burdensome U.S. and global supplies. Lackluster exports and spillover weakness from soybeans pressured corn futures. Strong weekly export sales and indications of tightening global supplies boosted wheat futures. Chicago March wheat advanced 9½c to close at $5.36 a bu, its highest since Oct. 18. Kansas City March wheat added 8¾c to close at $5.20 a bu. Minneapolis March wheat added 5¼c to close at $5.88¼ a bu. January soybeans were down 13c to $9.07 a bu. January soybean meal retreated $1.40 to close at $309.40 a ton, and January soybean oil fell 0.16c and closed at 28.64c a lb. March corn was down 1c to close at $3.84¼.
- Investors focused on indications of improving trade relations, along with concerns about a creeping economic slowdown during choppy trading that left equity markets mixed at the close of trading Thursday. The Dow Jones Industrial Average advanced 70.11 points and closed at 24,597.38. The Standard & Poor’s 500 Index fell 0.53 point to close at 2,650.54. The Nasdaq Composite Index dipped 27.98 points to close at 7,070.33.
- Traders weighed declining U.S. stockpiles against higher production around
- the world and pushed U.S. crude oil futures higher Thursday. The January contract closed at $52.58 a barrel, up $1.58.
- The U.S. dollar edged higher Thursday.
- U.S. gold futures declined as the dollar improved, the December contract shedding $1.70 to close at $1,242.70 an oz.
Recap for December 12
- China bought at least 500,000 tonnes of U.S. soybeans in deals valued at more than $180 million on Wednesday, the country’s first purchase of U.S. soybeans since U.S. President Donald Trump and his Chinese counterpart Xi Jinping met in early December. Afterward, U.S. soybean futures hit a 4½-month high, but the market pared gains as news of the sale removed some of the uncertainty that had supported futures in recent days. March wheat contracts advanced on technical trading and signs of rising global prices. Corn futures edged higher. Chicago March wheat advanced 5½c to close at $5.26½ a bu. Kansas City March wheat added 6½c to close at $5.11¼ a bu. Minneapolis March wheat jumped 7¾c to close at $5.83 a bu. January soybeans were up 5c to close at $9.20 a bu. January soybean meal advanced $1.70 to close at $312.60 a ton, and January soybean oil added 0.08c and closed at 29.04c a lb. March corn was up ½c to close at $3.85¼.
- Recent volatility continued unabated Wednesday and major U.S. equity indexes closed higher after a rocky afternoon of trading. The DJIA and S&P had fallen for four of the previous five sessions. The Dow Jones Industrial Average advanced 157.03 points and closed at 24,527.27 after earlier rising as much as 458 points. The Standard & Poor’s 500 Index added 14.29 points to close at 2,651.07. The Nasdaq Composite Index grew 66.48 points to close at 7,098.31, notching a third consecutive advance.
- U.S. crude oil futures reversed gains and closed lower after reports that the Iranian oil minister noted discord among OPEC members at its meeting last week. The January contract closed at $51.15 a barrel, down 50c.
- The U.S. dollar fell Wednesday after the Labor Department said the Consumer Price Index, which measures what Americans pay for products, was unchanged in November after a 0.3% rise in October.
- U.S. gold futures improved as the dollar declined, the December contract adding $2.50 to close at $1,244.40 an oz.
Recap for December 11
- After sliding initially, U.S. grain futures perked up after release of the monthly supply-and-demand forecasts from the U.S. Department of Agriculture. Anticipation of Chinese purchases of U.S. agricultural products more than offset the report’s bearish global soybean stocks estimate and soy complex futures climbed modestly. Winter wheat futures ultimately fell on the U.S.D.A.’s lower U.S. wheat export forecast, while spring wheat contracts edged higher. The U.S.D.A.’s confirmation of lower corn usage for ethanol was not a surprise, and corn futures also edged higher. Chicago March wheat fell 4¼c to close at $5.21 a bu. Kansas City March wheat fell 5½c to close at $5.04¾ a bu. Minneapolis March wheat was steady at $5.75¼ a bu, and all other months edged higher. January soybeans were up 5¼c to close at $9.15 a bu. January soybean meal advanced 90c to close at $310.90 a ton, and January soybean oil added 0.20c and closed at 28.96c a lb. March corn was up ¾c to close at $3.84¾.
- Equity indexes lurched between gains and losses Tuesday, ending mixed with the Nasdaq closing higher. President Donald Trump’s tweet that “very productive conversations” surrounding trade were taking place, caused the D.J.I.A. to rally, as did shares of automakers after China agreed to cut tariffs on U.S. cars. But the 30-stock index slumped after Trump sparred with top Democratic leaders over border security funding. The Dow Jones Industrial Average changed directions seven times during the session, five in the last 90 minutes, before finally closing 53.02 points lower at 24,370.24. The Standard & Poor’s 500 Index lost 0.94 point to close at 2,636.78. The Nasdaq Composite Index advanced 11.31 points to close at 7,031.83.
- Uncertainty about whether an OPEC-led production cut will be enough to mop up a burgeoning crude supply glut and rebalance the market kept U.S. crude oil futures volatile Tuesday. The January contract closed at $51.65 a barrel, down 65c.
- As financial markets remained turbulent, investors seeking safe assets helped the U.S. dollar close higher Tuesday. Further support was derived from the Labor Department’s release Tuesday of the latest producer-price index data, a measure of the prices businesses receive for their goods and services, which increased 0.1% in November from a month earlier, following a more robust 0.6% increase in October and a 0.2% climb in September.
- U.S. gold futures declined as the dollar strengthened, the December contract falling $1.80 to close at $1,241.90 an oz.
Recap for December 10
- Major U.S. equity indexes closed higher Monday. After wobbling between gains and losses, advances among technology companies helped
- the blue-chip D.J.I.A. recoup an earlier 500-point loss that would have pulled it into correction territory. The Dow Jones Industrial Average added 34.31 points to close at 24,423.26. The Standard & Poor’s 500 Index gained 4.64 points to close at 2,637.72. The Nasdaq Composite Index advanced 51.27 points to close at 7,020.52.
- Wheat, soybean and corn futures closed lower Monday as grain markets positioned for Tuesday’s monthly supply-and-demand forecasts from the U.S. Department of Agriculture. Chicago March wheat fell 6c to close at $5.25¼ a bu. Kansas City March wheat fell 1¾c to close at $5.10¼ a bu. Minneapolis March wheat dropped 6¼c to close at $5.75¼ a bu. January soybeans were down 7c to close at $9.09¾ a bu. January soybean meal declined $1.20 to close at $310 a ton, and January soybean oil added 0.02c and closed at 28.76c a lb. March corn fell 1½c to close at $3.84.
- Global oil prices on Monday erased much of last week’s gains that followed an agreement by the Organization of the Petroleum Exporting Countries and its allies to rein in production. U.S. crude oil futures followed suit closing at $51 a barrel, down $1.61.
- The U.S. dollar closed higher.
- U.S. gold futures declined $3.10 to close at $1,243.70 an oz.
Recap for December 7
- Wheat futures surged Friday on support from a weakening U.S. dollar and better-than-expected export sales, ending at a 5½-week high. Solid export sales figures and pre-weekend short-covering boosted soybean futures. Corn closed higher and notched a second-straight weekly gain. Chicago March wheat advanced 15¾c to close at $5.31¼ a bu. Kansas City March wheat added 16½c to close at $5.12 a bu. Minneapolis March wheat added 12¼c to close at $5.81½ a bu. January soybeans were up 7¼c to close at $9.16¾ a bu. January soybean meal declined $1 to close at $311.20 a ton, and January soybean oil added 0.03c and closed at 28.74c a lb. March corn rose 2¾c to close at $3.85½.
- Major U.S. equity indexes closed lower Friday, notching weekly declines of more than 4% for the worst start to a December since 2008. Initial optimism over the possibility that the Federal Reserve may slow its pace of interest-rate increases were more than offset by renewed fears about the impact of tariffs on the U.S. economy. The Dow Jones Industrial Average sank 558.72 points to close at 24388.95. The Standard & Poor’s 500 Index lost 62.87 points to close at 2633.08. The Nasdaq Composite Index retreated 219.01 points to close at 6969.25.
- U.S. crude oil futures closed higher Friday on a deal to cut production at a meeting of the Organization of the Petroleum Exporting Countries and its allies in Vienna. The January contract gained $1.12 to close at $52.61 per barrel.
- The U.S. dollar weakened Friday.
- U.S. gold futures close higher Friday as the dollar weakened. The December contract added $11.30 to close at $1,249.40 per oz.