Recap for October 4

  • Wheat futures shook off the week’s rally and ended lower Wednesday, pressured mostly by profit-taking. Corn futures consolidated ahead of the USDA’s weekly export sales report. Soybean futures ticked slightly higher, supported by an easing US dollar. December corn futures ticked down 1½¢ to settle at $4.86 per bu. Chicago December wheat declined 8½¢ to close at $5.60 per bu. Kansas City December wheat dropped 16¾¢ to close at $6.66½ per bu. Minneapolis December wheat was down 13¾¢ to close at $7.11¾ per bu. November soybeans rose ¼¢ to close at $12.73 per bu, but later months were mixed. October soybean meal added $5.50 to close at $368.70 per ton; later months were mixed but mostly higher. October soybean oil fell 1.02¢ to close at 58.43¢ a lb.
  • US equity markets recovered from a brutal sell-off Tuesday and closed higher Wednesday. Investors continued to process a bearish jobs report on Tuesday and the historical ousting of California Representative Kevin McCarthy as the Speaker of the House. The Dow Jones Industrial Average advanced 127.17 points, or 0.39%, to close at 33,129.55. The Standard & Poor’s 500 added 34.30 points, or 0.81%, to settle at 4,263.75. The Nasdaq Composite jumped up 176.54 points, or 1.35%, to close at 13,236.01.
  • US crude oil prices tumbled Wednesday. The November West Texas Intermediate light, sweet crude future fell $5.01 to close at $84.22 per barrel. 
  • The US dollar index eased on Wednesday. 
  • US gold futures continued their descent Wednesday. The October contract lost $6.10 to close at $1,818.50 per oz.

Recap for October 3

  • After a hotter-than-expected jobs report, investors shook off burgeoning ideas the Federal Reserve may soon cool their hawkish approach to tamping down inflation, and equity markets ended sharply lower by Tuesday’s closing bell. The latest Job Opening and Labor Turnover Survey (JOLTS) report indicated 9.6 million jobs were available at the end of August, a jump of 9% compared to 8.83 million openings in July. In response to the sliding stocks, 10-year and 30-year treasury yields rose to 16-year highs. The Dow Jones Industrial Average fell 430.97 points, or 1.29%, to close at 33,002.38. The Standard & Poor’s 500 sank 58.94 points, or 1.37%, to settle at 4,229.45. The Nasdaq Composite tumbled 248.31 points, or 1.87%, to close at 13,059.47.
  • Wheat futures were mostly higher Tuesday, finding support in a surprise sale of 220,000 tonnes of US soft red winter wheat to China for delivery in the current marketing year. But corn and soybean futures were lower, pressured by the advancing US harvest. December corn futures slipped 1¼¢ to settle at $4.87½ per bu. Chicago December wheat added 3¾¢ to close at $5.68½ per bu. Kansas City December wheat gained 6½¢ to close at $6.83¼ per bu. Minneapolis December wheat was up 9½¢ to close at $7.18¾ per bu; later months were mixed but mostly higher. November soybeans were down 4¼¢ to close at $12.72¾ per bu. October soybean meal deleted $4.40 to close at $363.20 per ton; later months were mixed. October soybean oil declined 0.40¢ to close at 59.45¢ a lb.
  • US crude oil prices advanced Tuesday. The November West Texas Intermediate light, sweet crude future gassed up 41¢ to close at $89.23 per barrel. 
  • The US dollar index continued to climb Tuesday. 
  • US gold futures were lower again on Tuesday. The October contract dropped $5.40 to close at $1,824.60 per oz.

Recap for October 2

  • Wheat futures rebounded from three-year lows Monday on technical buying and reports indicating diminished exports from Argentina and Ukraine. Corn and soybean futures rose on spillover support from wheat, but soybean gains were tempered by a report indicating Brazil’s soybean plantings were ahead of last year’s pace. December corn futures advanced 12¢ to settle at $4.88¾ per bu. Chicago December wheat jumped 23¼¢ to close at $5.64¾ per bu. Kansas City December wheat added 13¢ to close at $6.76¾ per bu. Minneapolis December wheat was up 9½¢ to close at $7.18¾ per bu. November soybeans ticked up 2¢ to close at $12.77 per bu. October soybean meal deleted $8.30 to close at $367.60 per ton. October soybean oil shot up 2.41¢ to close at 59.85¢ a lb.
  • Stock indexes closed mixed on Monday as the new month and quarter kicked off. Support came after US lawmakers over the weekend averted a government shutdown, at least for a while. Pressure came in part from rising treasury yields. The Dow Jones Industrial Average fell 74.15 points, or 0.22%, to close at 33,433.35. The Standard & Poor’s 500 edged up 0.34 point, or 0.01%, to end at 4,288.39. The Nasdaq Composite added 88.45 points, or 0.67%, to close at 13,307.77.
  • US crude oil prices declined on Monday. The November West Texas Intermediate light, sweet crude future was down $1.97 to close at $88.82 per barrel. 
  • The US dollar index firmed at the start of the new trading week. 
  • US gold futures were lower again on Monday. The October contract dropped $18.10 to close at $1,830 per oz.

Recap for September 29

  • Grain and oilseed futures closed lower Friday, sharply in most cases, after the US Department of Agriculture released reports in which it estimated larger-than-forecast domestic stockpiles of soybeans, which dragged the oilseed and corn futures lower, pegged the 2023 wheat harvest at 1.812 billion bus, 78 million bus larger than the previous estimate and estimated Sept. 1 wheat stocks at 1.780 billion bus, up slightly from 1.778 billion bus a year earlier due to poor export demand for US supplies. December corn futures fell 11¾¢ to settle at $4.76¾ per bu. Chicago December wheat plummeted 37¼¢ to close at $5.41½ per bu. Kansas City December wheat lopped off 21¼¢ to close at $6.63¾ per bu. Minneapolis December wheat sank 37¾¢ to close at $7.09¼ per bu. November soybeans were down 25½¢ to close at $12.75 per bu. October soybean meal shed $16.50 to close at $375.90 per ton. October soybean oil fell 1.09¢ to close at 57.44¢ a lb.
  • Stocks initially rallied Friday morning on ideas that encouraging inflation data would stop the Federal Reserve’s aggressive interest rate path. By the closing bells, the Dow industrials and S&P 500 indices were lower on the day and the latter down 4.9% for December, its worst month since December 2022. That index remained up 12% in 2023, down from a 20% gain on the year at its 2023 closing high at the end of July. The Dow Jones Industrial Average fell 158.84 points, or 0.47%, to close at 33,507.50. The Standard & Poor’s 500 eased 11.65 points, or 0.27%, to close at 4,288.05. The Nasdaq Composite added 18.05 points, or 0.14%, to close at 13,219.32.
  • US crude oil prices continued lower Friday. The November West Texas Intermediate light, sweet crude future was down 92¢ to close at $90.79 per barrel. 
  • The US dollar index continued lower at the close of the trading week. 
  • US gold futures were lower again on Friday. The October contract dropped $12.30 to close at $1,848.10 per oz.

Recap for September 28

  • Corn futures ascended to one-month highs Thursday, continuing to grind higher on suspected short-covering after the Commodity Futures Trading Corporation last week showed speculative investors held a massive short position in corn. Wheat futures traded sideways much of the day before mostly closing lower. Kansas City wheat futures dropped to their lowest levels since September 2021 as investors positioned themselves ahead of Friday reports in which the USDA was expected to lower US all-wheat production estimates. Soybean futures turned lower as a rally earlier in the week alongside soaring energy prices reversed. December corn futures added 5¼¢ to settle at $4.88½ per bu. Chicago December wheat eased ¾¢ to close at $5.78¾ per bu. Kansas City December wheat was down 9½¢ to close at $6.85 per bu. Minneapolis December wheat shed 3¾¢ to close at $7.47 per bu, though September 2024 and beyond were higher. November soybeans were down 2¾¢ to close at $13.00½ per bu. October soybean meal added $2.30 to close at $392.40 per ton. October soybean oil fell 1.08¢ to close at 58.53¢ a lb.
  • US equity markets notched their best days since Sept. 14 on Thursday as the yield on the benchmark 10-year Treasury note snapped a three-day win streak, sliding to 4.596%, from 4.625% a day earlier. Broad-based gains were led by materials and communications services. Utilities were the sole loser among the S&P 500 sectors. The Dow Jones Industrial Average added 116.07 points, or 0.35%, to close at 33,666.34. The Standard & Poor’s 500 added 25.19 points, or 0.59%, to close at 4,299.70. The Nasdaq Composite added 108.43 points, or 0.83%, to close at 13,201.28.
  • US crude oil prices declined Thursday. The November West Texas Intermediate light, sweet crude future was down $1.97 to close at $91.71 per barrel. 
  • The US dollar index turned lower Thursday after a string of higher closes. 
  • US gold futures were lower again Thursday. The October contract dropped $11.90 to close at $1,860.40 per oz.