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.

Recap for January 8

  • Fresh export demand and expectations of tight global supply indications in Jan. 12 USDA reports reignited a soybean futures rally Friday after profit-taking declines. Bets that those reports will show lower corn production forecasts and ending stocks helped nearby corn futures advance. Wheat futures were mixed, mostly lower on technical selling and profit taking after six-year highs earlier in the week. March corn advanced 2¼¢, settling at $4.96¼ a bu. Chicago March wheat fell 3½¢ to close at $6.38¾ a bu; later months were mixed. Kansas City March wheat dropped 3¾¢ to close at $5.94¾ a bu; later months were mixed. Minneapolis March wheat added 4½¢, closing at $6.07¾ a bu. January soybeans advanced 15¼¢, closing at $13.75¾ a bu. January soybean meal added $6.80 to close at $444.80 a ton. January soybean oil fell 0.59¢ to close at 43.76¢ a lb, but later months were mixed.
  • US equity markets advanced to fresh record closes as prospects for fiscal stimulus offset a monthly unemployment report that showed seven months of job growth ended in December. The Dow Jones Industrial Average advanced 56.84 points, or 0.18%, to close at 31,097.97. The Standard & Poor’s 500 Index added 20.89 points, or 0.55%, to close at 3,824.68. The Nasdaq Composite advanced 134.50 points, or 1.03%, to close at 13,201.98.
  • US crude oil prices closed higher Friday. The February future added $1.41 to close at $52.24 per barrel.
  • The US dollar index advance stretched to a third day Friday.
  • US gold futures were sharply lower in conjunction with the stronger US dollar. The February contract was down $78.20 at $1,835.40 per oz.