Recap for November 3

  • The US dollar index closed lower for a second day Friday, touching a six-week low. 
  • US soybean futures on Friday touched a 6½-week high and closed higher, lifted by uneven crop weather in top export competitor Brazil, signs of export demand for US supplies and a plunge in the dollar that bolstered corn and wheat futures as well. All three commodities got an upside injection from Labor Department data showing US job growth slowed more than expected in October, highlighting views that the Federal Reserve may be done hiking interest rates. December corn futures added 7¼¢ to settle at $4.77¼ per bu. Chicago December wheat added 7¢ to close at $5.72½ per bu. Kansas City December wheat added 2¢ to close at $6.43½ per bu. Minneapolis December wheat jumped 10¼¢ to close at $7.21 per bu. November soybeans soared 23½¢ to close at $13.27½ per bu. December soybean meal rose $15.80 to close at $442.10 per ton. December soybean oil dropped 0.96¢ to close at 49.36¢ a lb.
  • Investors sent equity markets higher Friday, helping the S&P 500 to its best week since November 2022, on optimism for a soft landing following the Fed’s aggressive rate-hike course this year. The Dow Jones Industrial Average added 222.24 points, or 0.66%, to close at 34,061.32. The Standard & Poor’s 500 jumped 40.56 points, or 0.94%, to close at 4,358.34. The Nasdaq Composite soared 184.09 points, or 1.38%, to close at 13,478.28.
  • US crude oil prices reverted to the low side Friday. The December West Texas Intermediate light, sweet crude future shed $1.95 to close at $80.51. 
  • US gold futures ascended as the dollar dipped. The December contract was up $5.70 to close at $1,999.20 per oz.

Recap for November 2

  • US soybean futures rose on Thursday with Chinese demand driving the market. China said its soybean imports are likely to stay high through the fourth quarter. Analysts and traders said that could take 2023 purchases to an all-time record. Wheat prices also rose, with support from short covering and a weaker dollar. Corn dropped on reports of higher US yields. December corn futures fell 5¢ to settle at $4.70 per bu. Chicago December wheat added 3¾¢ to close at $5.65½ per bu. Kansas City December wheat advanced 1½¢ to close at $6.41½ per bu. Minneapolis December wheat edged up 1¾¢ to close at $7.10¾ per bu; December 2024 and beyond were unchanged. November soybeans jumped 12¾¢ to close at $13.04 per bu. December soybean meal fell $4.10 to close at $426.30 per ton; later months were mixed in a narrow range. December soybean oil added 0.42¢ to close at 50.32¢ a lb.
  • US equity markets closed higher, spurred by Wednesday’s comments from Federal Reserve chairman Jerome Powell that the central bank’s extraordinary path of interest rate increases this year could remain on pause for now. The Dow Jones Industrial Average soared 564.5 points, or 1.7%, to close at 33,839.08. The Standard & Poor’s 500 advanced 79.92 points, or 1.89%, to close at 4,317.78. The Nasdaq Composite jumped 232.72 points, or 1.78%, to close at 13,294.19.
  • US crude oil prices flipped to the high side Thursday. The December West Texas Intermediate light, sweet crude future added $2.02 to close at $82.46. 
  • The US dollar index wrapped up a two-day rally with a weaker close Thursday. 
  • US gold futures ascended as the dollar eased. The December contract was up $6 to close at $1,993.50 per oz.

Recap for November 1

  • Spring wheat futures were mixed in a narrow range Wednesday, but winter wheat futures mostly advanced in technical trading and on Black Sea supply concerns after Ukraine said Russia had dropped explosive devices into the path of civilian vessels three times in the past day. Better-than-expected yields during the domestic harvest and improved cropping weather in South America pressured corn futures. Soybean futures edged higher in technical trading with rallies limited by South American weather and Brazil’s likely large crop. December corn futures fell 3¾¢ to settle at $4.75 per bu. Chicago December wheat added 5½¢ to close at $5.61¾ per bu. Kansas City December wheat jumped 10¾¢ to close at $6.40 per bu. Minneapolis December wheat eased ¼¢ to close at $7.09 per bu; later months were mixed in a narrow range. November soybeans rose 4¼¢ for a second day to close at $12.91¼ per bu. December soybean meal eased 60¢ to close at $430.40 per ton, though all subsequent contracts advanced. December soybean oil lost 1.52¢ to close at 49.90¢ a lb.
  • A day after notching a third straight month of declines, US equity markets popped higher Wednesday after Federal Reserve chairman Jerome Powell said the recent jump in bond yields is pushing up borrowing costs in ways that could ease price pressures and slow the robust US economy, which could affect the central bank’s monetary policy moving forward. The Dow Jones Industrial Average added 221.71 points, or 0.67%, to close at 33,274.58. The Standard & Poor’s 500 advanced 44.06 points, or 1.05%, to close at 4,237.86. The Nasdaq Composite jumped 210.23 points, or 1.64%, to close at 13,061.47.
  • US crude oil prices dropped again Wednesday. The December West Texas Intermediate light, sweet crude future declined 58¢ to close at $80.44. 
  • The US dollar index strengthened Wednesday for a second day in a row. 
  • US gold futures eased as the dollar ascended. The December contract was down $6.80 to close at $1,987.50 per oz.

Recap for October 31

  • Wheat futures ended lower Tuesday, with the nearby Kansas City month sinking to a fresh contract low, in part as recent rains across the southern Plains was seen as beneficial for crop emergence. Poor export demand coupled with improving weather in South America added pressure as did the continual offering of cheap Russian supplies on the global market. Soybean futures were higher after the USDA early Tuesday indicated a flash sale of 239,492 tonnes of soybeans to Mexico for the current marketing season. Corn futures mostly notched modest gains, caught between tumbling wheat futures and strengthening soybean futures. December corn futures gained ½¢ to settle at $4.78¾ per bu; later months were narrowly mixed but mostly higher. Chicago December wheat lost 9¾¢ to close at $5.56¼ per bu. Kansas City December wheat fell 15¾¢ to close at $6.29¼ per bu. Minneapolis December wheat dropped 8½¢ to close at $7.09¼ per bu. November soybeans rose 4¼¢ to close at $12.87 per bu. December soybean meal added $4.50 to close at $431.00 per ton. December soybean oil lost 0.97¢ to close at 51.42¢ a lb.
  • US equity markets closed higher Tuesday but ended lower for a third consecutive month. Investors remained optimistic the Federal Reserve will not raise interest rates given the current strength in bond markets. The Feds will announce their decision Wednesday morning. The Dow Jones Industrial Average advanced 123.91 points, or 0.38%, to close at 33,052.87. The Standard & Poor’s 500 rose 26.98 points, or 0.65%, to close at 4,193.80. The Nasdaq Composite added 61.75 points, or 0.48%, to close at 12,851.24.
  • US crude oil prices dropped again on Tuesday. The December West Texas Intermediate light, sweet crude future declined $1.29 to close at $81.02. 
  • The US dollar index reversed course and strengthened on Tuesday. 
  • US gold futures declined as the dollar moved higher Tuesday. The December contract was down $11.30 to close at $1,994.30 per oz.

Recap for October 30

  • Profit taking and improved weather in South America pressured soybean futures lower on Monday. Rounds of technical buying and selling resulted in mixed wheat futures. Traders kept an eye on the Black Sea region as Ukraine engaged its alternative export route following rumors the country had ceased export operations last week. Corn futures eased on spillover pressure from wheat and soybeans. December corn futures edged down 2½¢ to settle at $4.78¼ per bu; later months were narrowly mixed. Chicago December wheat lost 9½¢ to close at $5.66 per bu. Kansas City December wheat was up 2¢ to close at $6.45 per bu. Minneapolis December wheat shed 2¢ to close at $7.17¾ per bu. November soybeans dropped 14½¢ to close at $12.82¾ per bu. December soybean meal fell $15.90 to close at $426.50 per ton. December soybean oil added 0.12¢ to close at 52.39¢ a lb; the May 2024 contract and beyond were lower.
  • US equity markets notched solid gains on Monday. Investor sentiment ahead of the Federal Reserve’s two-day meeting this week was that the strength in Treasury yields may prolong the Fed’s decision to pause its interest rate hikes. The official decision will be announced Wednesday. Also lending support to equities was a higher-than-expected third-quarter earnings report from McDonald’s. The Dow Jones Industrial Average jumped 511.37 points, or 1.58%, to close at 32,928.96. The Standard & Poor’s 500 advanced 49.45 points, or 1.20%, to close at 4,166.82. The Nasdaq Composite added 146.47 points, or 1.16%, to close at 12,789.48.
  • US crude oil prices fell on Monday. The December West Texas Intermediate light, sweet crude future was down $3.23 to close at $82.31. 
  • The US dollar index weakened Monday. 
  • US gold futures advanced. The December contract added $7.10 to close at $2,005.60 per oz.