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