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.

Recap for September 14

  • Lower wheat production outlooks from France and Canada helped move wheat futures higher Tuesday. Corn contracts climbed a day after the USDA said crop conditions have slipped with only 4% of the crop harvested. Soybean futures were lower under harvest pressure that overcame news of a re-opened Cargill grain terminal at Westwego, La. December corn climbed 7¢ to close at $5.20¼ a bu. Chicago December wheat jumped 13¾¢ to close at $7.00¾ a bu. Kansas City December wheat was up 15½¢ to close at $7.01¾ a bu. Minneapolis December wheat added 11¼¢ to close at $8.87¼ a bu. November soybeans declined 2¼¢ to close at $12.82½ a bu. October soybean meal fell $3.50 to close at $338 a ton. October soybean oil added 0.94¢ to settle at 56.74¢ a lb.
  • US equity markets trended lower again Tuesday despite a Labor Department report indicating the Consumer Price Index rose a seasonally adjusted 0.3% in August from July. The figure was lower than the 0.4% expected by economists and the rise was slower than the 0.5% monthly increase in July, and down markedly from June’s 0.9% pace. The Dow Jones Industrial Average fell 292.06 points, or 0.84%, closing at 34,577.57. The Standard & Poor’s 500 Index fell 25.68 points, or 0.57%, to close at 4,443.05. The Nasdaq Composite fell 67.82 points, or 0.45%, to close at 15,037.76.
  • US crude oil futures edged higher Tuesday, the October contract was up 1¢ to close at $70.46 per barrel.
  • The US dollar index turned lower after posting an upside trend for most of the previous week.
  • US gold futures climbed as the dollar declined Tuesday. The October contract was up $12.70 to $1,805 per oz.

Recap for September 13

  • Soybean futures traded on both sides of unchanged Monday before posting small losses at the close as harvest pressure won out over positive export signals. Meanwhile stagnant corn export activity as harvest advanced sent corn futures lower. Easing global supply concerns weighed on nearby soft red winter and hard red spring wheat contracts, while later months and hard red winter contracts advanced. December corn dropped 4¼¢ to close at $5.13¼ a bu. Chicago December wheat declined 1½¢ to close at $6.87 a bu; July 2022 and beyond were higher. Kansas City December wheat added 3¾¢ to close at $6.86¼ a bu. Minneapolis December wheat fell 2¾¢ to close at $8.76 a bu; July 2022 and beyond were higher. November soybeans eased 1¾¢ to close at $12.84¾ a bu. October soybean meal was up $2 to close at $341.50 a ton. October soybean oil added 0.02¢ to settle at 55.80¢ a lb; later months were mixed.
  • Rising shares of energy companies such as Marathon Oil and Occidental Petroleum helped the DJIA and S&P 500 post week-opening gains Monday, after posting their steepest one-week declines since June last week. The Nasdaq pared declines before posting lower closes for the day. The Dow Jones Industrial Average added 261.91 points, or 0.76%, closing at 34,869.63. The Standard & Poor’s 500 Index added 10.15 points, or 0.23%, to close at 4,468.73. The Nasdaq Composite dropped 9.91 points, or 0.07%, to close at 15,105.58.
  • US crude oil futures advanced again Monday, the October contract up 73¢ to close at $70.45 per barrel.
  • The US dollar index opened the week as it closed the last: with an advance, its fifth in the past six trading sessions.
  • US gold futures edged higher even as the dollar advanced Monday. The October contract was up $2.40 to $1,792.30 per oz.

Recap for September 10

  • Soybean futures climbed at the end of the week after the US Department of Agriculture lowered its estimate of US soybean production to 4.374 billion bus, still the third largest season on record. Export optimism in the wake of several new sales also offered support. Corn futures posted gains with spillover support from soybeans that offset a refreshed corn production estimate of 14.996 billion bus in 2021, the second largest harvest on record. Easing global supply concerns pressured front months of winter wheat futures, but later winter contracts and spring wheat futures were higher. December corn gained 7½¢ to close at $5.17½ a bu. Chicago December wheat declined 3¾¢ to close at $6.88½ a bu; later months were mixed. Kansas City December wheat eased ¼¢ to close at $6.82½ a bu; later months were mixed. Minneapolis December wheat gained 6¼¢ to close at $8.78¾ a bu. November soybeans jumped 16¢ to close at $12.86½ a bu. October soybean meal was up $4.40 to close at $339.50 a ton. October soybean oil dropped 0.28¢ to settle at 55.78¢ a lb; August 2022 and beyond were higher.
  • US equity markets wavered early and turned lower late Friday, declining into the weekend and posting weekly losses, the worst since February in the case of the S&P 500. Declines reflected investors’ concerns about a volatile fall ahead, and some suggested the peak in economic growth may have passed.  The Dow Jones Industrial Average fell 271.66 points, or 0.78%, closing at 34,607.72. The Standard & Poor’s 500 Index fell 34.70 points, or 0.77%, to close at 4,458.58. The Nasdaq Composite dropped 132.76 points, or 0.87%, to close at 15,115.49.
  • US crude oil futures advanced Friday, the October contract was up $1.58 to close at $69.72 per barrel.
  • The US dollar index closed the week with an advance, its fourth in the past five trading sessions.
  • US gold futures eased as the dollar advanced Friday. The October contract was down $7.90 to $1,789.90 per oz.