Recap for February 9
- Soybean futures jumped Tuesday to a three-week high after the USDA cut its projection for ending stocks and raised the outlook for exports. Corn was lower as the USDA pegged carryout supplies higher than trade expectations. Wheat futures fell in tandem with corn despite unchanged ending stocks for the small grain. March corn fell 7½¢ and closed at $5.56¼ a bu. Chicago March wheat fell 6¼¢ to close at $6.49½ a bu. Kansas City March wheat fell 6¢, closing at $6.33½ a bu. Minneapolis March wheat fell 8¾¢, closing at $6.26½ a bu. March soybeans added 14¢, closing at $14.01¾ a bu. March soybean meal was up $2.10 to close at $438.70 a ton. March soybean oil was up 0.89¢ to close at 46.52¢ a bu.
- US equity markets saw mixed closes Tuesday, a day after the S&P 500 posted its eighth record-high close of 2021. Support was drawn from expectation that coronavirus vaccines will spur an economic recovery this year. Pressure stemmed from concerns that new variants of the novel coronavirus COVID-19 could push back reopenings, and the potential for a burst of inflation could initiate a sizable increase in government bond yields. The Dow Jones Industrial Average declined 9.93 points, or 0.03%, to close at 31,375.83. The Standard & Poor’s 500 Index declined 4.36 points, or 0.11%, to close at 3,911.23. The Nasdaq Composite added 20.06 points, or 0.14%, to close at 14,007.70.
- The upside advance in US crude oil prices continued Tuesday for a seventh consecutive session, the commodity’s longest win streak in two years. The March contract was up 39¢ to $58.36 per barrel.
- The US dollar index weakened Tuesday for a third consecutive session.
- US gold futures advanced as the dollar declined. The February contract was up $3.40 at $1,835.30 per oz.
Recap for February 8
- Position squaring ahead of Tuesday’s USDA World Agricultural Supply and Demand Estimates report proved supportive to corn, wheat and soy complex futures on Monday. Traders expect the USDA to tighten domestic and world stocks projections for all three commodities. Winter wheat futures garnered added support from potential crop damage from frigid weather over the weekend and forecast for the next 10 days across key parts of the growing area. March corn jumped 15¼¢ and closed at $5.36¾ a bu. Chicago March wheat advanced 14½¢ to close at $6.55¾ a bu. Kansas City March wheat advanced 14¼¢, closing at $6.39½ a bu. Minneapolis March wheat added 9¼¢, closing at $6.35¼ a bu. March soybeans soared 21¢, closing at $13.87¾ a bu. March soybean meal was up $6.10 to close at $436.60 a ton. March soybean oil was up 0.97¢ to close at 45.63¢ a bu.
- US equity markets advanced to record highs to start the week as investors bet a new round of stimulus spending would bolster the recovering economy. The Dow Jones Industrial Average added 237.52 points, or 0.76%, to close at 31,385.76. The Standard & Poor’s 500 Index added 28.76 points, or 0.74%, to close at 3,915.59. The Nasdaq Composite added 131.35 points, or 0.95%, to close at 13,987.64.
- US crude oil prices extended their rally to open the week. The March contract was up $1.12 to close at $57.97 per barrel.
- The US dollar index weakened Monday for a second consecutive session.
- US gold futures advanced as the dollar declined. The February contract was up $21 at $1,831.90 per oz.
Recap for February 5
- Forecasts for cold weather with the potential to damage dormant winter wheat crops sent wheat futures higher Friday. Soybean futures closed lower after trading higher much of the day on export optimism. Corn futures eased on mixed crop prospects for South American competitors. March corn eased 1½¢ and closed at $5.48½ a bu, but later months were mixed, mostly in a narrow range. Chicago March wheat advanced 3¾¢ to close at $6.41¼ a bu. Kansas City March wheat advanced 6½¢, closing at $6.25¼ a bu. Minneapolis March wheat added 4¼¢, closing at $6.26 a bu. March soybeans fell 5¾¢, closing at $13.66¾ a bu; later contracts were mixed in a narrow range. March soybean meal fell $2.60 to close at $430.50 a ton. March soybean oil was down 0.28¢ to 44.66¢ a bu with later months mixed.
- Investors pondering the possibility of a new stimulus package sent shares higher Friday, and the S&P 500 saw its best one-week gain since early November. The Dow Jones Industrial Average added 92.38 points, or 0.30%, to close at 31,148.24. The Standard & Poor’s 500 Index added 15.09 points, or 0.39%, to close at 3,886.83, a second consecutive record high. The Nasdaq Composite added 78.55 points, or 0.57%, to close at 13,856.30.
- US crude oil prices were higher at the end of the week. The March contract was up 62¢ to $56.85 per barrel.
- The US dollar index weakened Friday.
- US gold futures advanced as the dollar declined. The February contract was up $22 at $1,810.90 per oz.
Recap for February 4
- Concerns that US wheat was priced too high on the global market as the dollar strengthened sent wheat futures mostly lower Thursday. Soybean futures edged higher with support from strong weekly export data. Corn futures eased after striking 7½-year highs with support from strong demand from China. March corn dipped 2¢ and closed at $5.50 a bu, but later months were mostly higher. Chicago March wheat declined 10¾¢ to close at $6.37½ a bu. Kansas City March wheat fell 6¾¢, closing at $6.18¾ a bu; furthest months edged higher. Minneapolis March wheat subtracted 3¼¢, closing at $6.21¾ a bu; later contracts were mixed. March soybeans edged up 1¼¢, closing at $13.72½ a bu. March soybean meal fell $2.40 to close at $433.10 a ton. March soybean oil added 0.46¢ to close at 44.94¢ a bu.
- US equity markets closed higher Thursday after a jobless claims report indicated 779,000 people applied for initial benefits last week, a decline from the previous week that nonetheless remained at a historically high level. The Dow Jones Industrial Average added 332.26 points, or 1.08%, to close at 31,055.86. The Standard & Poor’s 500 Index added 41.57 points, or 1.09%, to close at 3,871.74, a fresh record high. The Nasdaq Composite added 167.20 points, or 1.23%, to close at 13,777.74.
- US crude oil prices advanced on indications of tightening global supplies and expectations for a strong recovery in demand by the spring. The March contract was up 54¢ to $56.23 per barrel.
- The US dollar index was higher Thursday for the third time in four sessions.
- US gold futures fell as the dollar advanced. The February contract was down $43.30 at $1,788.90 per oz.
Recap for February 3
- Corn futures advanced Wednesday in anticipation of what could be record-high weekly exports, increased weekly ethanol output and continued blockades of Argentine ports. Soybean futures advanced in anticipation of next week’s supply-and-demand report that could show a continued tightening of stocks. Spillover support from corn and soybeans, along with technical trading, sent wheat futures higher. March corn jumped 9¢, settling at $5.52 a bu. Chicago March wheat added 3½¢ to close at $6.48¾ a bu. Kansas City March wheat added 6½¢, closing at $6.25½ a bu. Minneapolis March wheat advanced 4¢, closing at $6.25 a bu. March soybeans advanced 16½¢, closing at $13.71¼ a bu. March soybean meal added $7.50 to close at $435.50 a ton. March soybean oil added 0.16¢ to close at 44.48¢ a bu; later months were mixed.
- Major US equity markets were mixed. The tech-focused Nasdaq eased, but the DJIA and S&P 500 each gained slightly as investors appeared to look past the GameStop-centered social media phenomenon and refocus on the economic recovery. The Dow Jones Industrial Average added 36.12 points, or 0.12%, to close at 30,723.60. The Standard & Poor’s 500 Index edged up 3.86 points, or 0.10%, to close at 3,830.17. The Nasdaq Composite eased 2.23 points, or 0.02%, to close at 13,610.54.
- US crude oil prices advanced, the March contract was up 93¢ to close at $55.69 per barrel.
- The US dollar index closed lower Wednesday, the first decline this week.
- US gold futures edged higher as the dollar dipped. The February contract was up $1.70 at $1,832.20 per oz.