Recap for February 20

  • Grain and soy complex futures declined on Thursday. Concerns about when China will begin promised soybean and grain purchases amid issues with the coronavirus, and a rising U.S. dollar pressured agricultural futures in general. Soybeans had added pressure from forecasts of a large harvest in South America. Corn also was pressured by a U.S.D.A. projection of a jump in plantings this year. Wheat also succumbed to technical selling. March corn dropped 2c to close at $3.78½ per bu. Chicago March wheat fell 5¼c to close at $5.60 a bu. Kansas City March wheat lost 6c to close at $4.73¾ a bu. Minneapolis March wheat declined 6¾c to close at $5.29½ a bu. March soybeans declined 4½c to close at $8.92¾ a bu. March soybean meal edged 10c lower to close at $292.90 a ton. March soybean oil declined 0.22c to close at 30.12c a lb.
  • Major U.S. equity markets declined on Thursday, but closed well above session lows, amid continued uncertainty and worry about the impact of the coronavirus on global economic activity. The Dow Jones Industrial Average fell 128.05 points, or 0.4%, to close at 29,219.98. The Standard & Poor’s 500 Index lost 12.92 points, or 0.4%, to close at 3,373.23. The Nasdaq Composite dropped 66.21 points, or 0.7%, to close at 9,750.96.
  • U.S. crude oil futures advanced on Thursday. The April future was up 39c at $53.88 per barrel.
  • The value of the U.S. dollar continued to advance, rising for the seventh consecutive day and near a three-year high.
  • U.S. gold futures continued to advance despite gains in the dollar. The February future was up $9.10 to close at $1,616.60 an oz.

Recap for February 19

  • After posting wide gains on Tuesday, wheat and corn futures weakened. In contrast, soybean futures, after edging lower on Tuesday, moved higher in Wednesday trading. March corn dropped 2½c to close at $3.80½ per bu. Chicago March wheat fell 1½c to close at $5.65¼ a bu. Kansas City March wheat tumbled 6c to $4.79¾ a bu. Minneapolis March wheat declined 3¾c to close at $5.36¼ a bu. March soybeans advanced 5c to close at $8.97¼ a bu. March soybean meal edged 80c higher to close at $293 a ton. January soybean oil declined 0.14c to close at 30.34c a lb.
  • Major U.S. equity markets advanced with S&P 500 and Nasdaq setting new record highs. While coronavirus continued to demand attention, the number of new confirmed cases today was lowest since late January. The Chinese government was considering cash infusions to assist industries affected by crisis. The Dow Jones Industrial Average rose 115.84 points, or 0.4%, to close at 29,348.03. The Standard & Poor’s 500 Index added 15.86 points, or 0.5%, to close at 3,386.15. The Nasdaq Composite added 84.44 points, or 0.9%, to close at 9,817.18.
  • U.S. crude oil futures advanced. The March future was up $1.24 to close at $53.29 per barrel.
  • The value of the U.S. dollar continued its impressive advance, rising for the sixth consecutive day.
  • U.S. gold futures advanced with the February future up $7.50 to close at $1,607.50 an oz.

Recap for February 18

  • A 4.5% gain atop the Chicago soft winter wheat board, along with significant rallies in Kansas City and Minneapolis futures, were precipitated mainly by Australia’s forecast Tuesday that its 2019-20 wheat harvest was sharply below expectations due to severe drought on the country’s east coast. That boosted the prospect for U.S. wheat imports. The wheat rally bolstered corn, but soybeans edged lower on a lack of details about China purchases four days after the phase one trade deal took effect. March corn gained 5¼c to close at $3.83 per bu. Chicago March wheat jumped 24c to close at $5.66¾ a bu. Kansas City March wheat added 20½c to close at $4.85¾ a bu. Minneapolis March wheat gained 14½c to close at $5.40 a bu. March soybeans lost 1½c to close at $8.92¼ a bu. March soybean meal added $1.10 to close at $292.20 per ton, though later months were mixed. March soybean oil eased 0.09c to close at 30.48c a lb.
  • U.S. equity indexes were mixed but mostly lower on Tuesday. Only the Nasdaq eked out a gain after Apple announced coronavirus in China would likely sink revenues below forecasts. The Dow Jones Industrial Average lost 165.89 points, or 0.56%, to close at 29,232.19. The Standard & Poor’s 500 Index fell 9.87 points, or 0.29%, to close at 3,370.29. The Nasdaq Composite rose 1.57 points, or 0.02%, to close at 9,732.74.
  • U.S. crude oil futures were nearly flat Tuesday, one session after breaking their streak of five consecutive weeks of losses. The March future was steady at $52.05 per barrel with later periods up or down 2c to 3c a barrel.
  • The U.S. dollar continued its win streak Tuesday with a higher close.
  • Fitting with the recent atypical trend, U.S. gold futures also continued to advance Tuesday, despite gains in the dollar. The February future was up $17.30 to close at $1,600 per oz.

Recap for February 14

  • U.S. crude oil futures advanced Friday and posted gains for the week, in part on short covering, after five consecutive weeks of losses. The gains came despite ongoing concerns about the impact of the coronavirus on global fuel demand and a bearish rise in weekly U.S. crude oil inventories. The March future added 63c to settle at $52.05 per barrel.
  • Grain and soy complex futures mostly posted small losses Friday ahead of the three-day holiday weekend. Gains in the value of the U.S. dollar, which make U.S. exports more costly, and concerns about the impact of the coronavirus on the global economy and trade, continued to weigh on commodities. Wheat futures were pressured by lower corn and soybean futures as well as weakness in world wheat prices. Corn futures were pressured by technical selling and concerns about export demand. Soybean futures weakened on profit taking after nine consecutive sessions of gains and concerns about export demand. Phase one of the U.S.-China trade deal kicked in Feb. 15. Traders will be watching closely to see if China increases its purchases of U.S. grains and oilseeds as promised. March soybeans lost 2½c to close at $8.93¾ a bu. March soybean meal eased 80c to close at $291.10 per ton. March soybean oil was down 0.15c to 30.57c a lb. March corn shed 1¾c to close at $3.77¾ per bu. Chicago March wheat fell 1½c to close at $5.42¾ a bu. Kansas City March wheat declined ½c to close at $4.65½ a bu. Minneapolis March wheat lost 1¼ at $5.25½ a bu.
  • U.S. equity indexes posted narrow, mixed, changes on Friday ahead of the holiday weekend but set record highs earlier in the week. Concerns about the global economic impact of the coronavirus remained significant but were beginning to ease. The Dow Jones Industrial Average lost 25.22 points, or 0.09%, to close at 29,398.08. The Standard & Poor’s 500 Index advanced 6.22 points, or 0.18%, to close at 3,380.16. The Nasdaq Composite rose 19.21 points, or 0.20%, to close at 9,731.18.
  •  The U.S. dollar continued to strengthen Friday.
  • U.S. gold futures also continued to advance Friday, despite gains in the dollar. The February future was up $7.60 to close at $1,582.70 per oz.

Recap for February 13

  • Short-covering and ideas that China could step up purchases of U.S. supplies helped soybean futures rally from early declines to close higher on Thursday. Wheat and corn futures, weighed down by a rallying U.S. dollar and coronavirus fallout fears, closed lower. March soybeans added 3¾c to close at $8.96¼ a bu. March soybean meal added 20c to close at $291.90 per ton. March soybean oil was down 0.31c to close at 30.72c a lb. March corn shed 3½c to close at $3.79½ per bu. Chicago March wheat fell 3¼c to close at $5.44¼ a bu. Kansas City March wheat declined 5c to close at $4.66 a bu. Minneapolis March wheat lost 4½ at $5.26¾ a bu.
  • Recent rallies in U.S. equity markets took a pause Thursday on renewed coronavirus fears after Chinese officials said newly confirmed infections jumped nearly tenfold overnight in Hubei, the province at the epicenter of the contagion. The Dow Jones Industrial Average lost 128.11 points, or 0.4%, to close at 29,423.31. The Standard & Poor’s 500 Index declined 5.51 points, or 0.2%, to 3,373.94. The Nasdaq Composite fell 13.99 points, or 0.1%, to 9,711.97.
  •  U.S. crude oil futures strengthened to the highest levels since Jan. 31 on bullish ideas the coronavirus threat would not last much longer. The March future added 25c to settle at $51.42 per barrel.
  • The U.S. dollar continued to strengthen Thursday after its rally took a one-day respite earlier in the week.
  • U.S. gold futures continued to advance Thursday, mirroring the dollar in atypical fashion. The February future was up $7.70 to close at $1,575.10 per oz.