Recap for January 22

  • South American precipitation pressure on US agricultural commodities continued unabated Friday, sending soybean futures down 3%. Robust export sales of soybeans failed to generate support, and the commodity posted its first weekly decline in six weeks. Corn futures, which had rallied alongside soybeans, briefly was down the daily limit before closing with the first weekly loss in seven weeks. Wheat futures tumbled with corn and soybeans, with additional pressure from export sales near the low end of trade expectations. The most active soft winter wheat futures saw the biggest daily decline since Aug. 12, 2019. March corn fell 23¾¢, settling at $5.00½ a bu. Chicago March wheat declined 26¼¢ to close at $6.34½ a bu. Kansas City March wheat was down 22½¢ to close at $6.13¼ a bu. Minneapolis March wheat fell 22¾¢, closing at $6.12½ a bu. March soybeans were sharply lower by 58½¢, closing at $13.11¾ a bu. March soybean meal fell $16.60 to close at $421.60 a ton. March soybean oil was down 1.16¢ to 42.27¢ a lb.
  • US equity markets were mixed to close the week but notched weekly gains with support from shares of companies that reported strong quarterly reports. The DJIA and S&P 500 slipped from record closes set earlier in the week while the Nasdaq closed higher in advance of a big results-reporting week for companies such as Facebook, Apple and Tesla. The Dow Jones Industrial Average subtracted 179.03 points, or 0.57%, to close at 30,996.98. The Standard & Poor’s 500 Index eased 11.60 points, or 0.30%, to close at 3,841.47. The Nasdaq Composite edged up 12.15 points, or 0.09%, to close at 13,543.06.
  • US crude oil prices declined Friday under ongoing concerns that pandemic-spurred travel restrictions will slow an economic recovery. The March contract was down 86¢ to $52.27 per barrel.
  • The US dollar index turned higher to close a mostly down week.
  • US gold futures continued to decline Friday. The February contract was down $9.70 at $1,856.20 per oz.

Recap for January 21

  • Soybeans futures were mixed Thursday, edging higher nearby with support from fresh export sales. Exports also were a boon to nearby corn futures. Wheat futures were mixed, mostly lower, with some support from the coming export tax in Russia. March corn added 2¼¢, settling at $5.24¼ a bu; later contracts were mixed. Chicago March wheat declined 7¢ to close at $6.60¾ a bu. Kansas City March wheat was down 1¼¢ to close at $6.35¾ a bu; furthest 2022 contracts edged higher. Minneapolis March wheat fell 2¼¢, closing at $6.35¼ a bu; later months were mixed. March soybeans edged up ¾¢, closing at $13.70¼ a bu. March soybean meal fell $4.20 to close at $438.20 a ton. March soybean oil was up 0.89¢ to close at 43.43¢ a lb.
  • Renewed interest in megacap technology companies such as Facebook and Apple propelled the Nasdaq to a record close. The DJIA and S&P 500 eased a day after posting their best Inauguration Day performances since 1985. The Dow Jones Industrial Average subtracted 12.37 points, or 0.04%, to close at 31,176.01. The Standard & Poor’s 500 Index edged up 1.22 points, or 0.03%, to close at 3,853.07. The Nasdaq Composite advanced 73.67    points, or 0.55%, to close at 13,530.91.
  • US crude oil prices declined Thursday. The March contract was down 18¢ to $53.13.
  • The US dollar index declined Thursday, extending its directional trend to three days.
  • US gold futures declined Thursday. The February contract was down 60¢ at $1,865.90 per oz.

Recap for January 20

  • Forecasts for rain across the US plains expected to be beneficial to soil moisture profiles and dormant winter wheat pressured US wheat futures Wednesday, offsetting support from an export tax coming from chief competitor Russia. Corn futures eased for a third straight session as investors took profits from recent rallies and under pressure from beneficial South American rainfall. Those rains also were expected to improve soybean crop conditions, and US soybean futures were lower as a result, although losses were cut in half by the closing bell. Soybean meal also slipped, while soybean oil closed higher. March corn declined 4¢, settling at $5.22 a bu. Chicago March wheat fell 4½¢ to close at $6.67¾ a bu. Kansas City March wheat was down 7¢ to close at $6.37 a bu. Minneapolis March wheat subtracted 6¢, closing at $6.37½ a bu. March soybeans fell 16¼¢, closing at $13.69½ a bu. March soybean meal fell $8.10 to close at $442.40 a ton. March soybean oil was up 0.84¢ to close at 42.54¢ a lb.
  • Wall Street’s appetite for growth stocks reawakened Wednesday, sending major US equity indexes to fresh record-high closes. Netflix notched its biggest single-day gain in four years, 17%, after the leading streamer released better-than-expected fourth-quarter results. That gain bolstered shares of similar companies, such as Disney, and other tech stocks, including Apple, Alphabet and Facebook. The Dow Jones Industrial Average added 257.86 points, or 0.83%, to close at 31,188.38. The Standard & Poor’s 500 Index added 52.94 points, or 1.39%, to close at 3,851.85. The Nasdaq Composite advanced 260.07 points, or 1.97%, to close at 13,457.25.
  • US crude oil prices advanced for a second day, putting the market on track for a fourth straight week of increases. Investors maintained bullish optimism spurred by OPEC signaling it would hold back production to tighten supplies and lift prices. The February future nearing expiration added 26¢ to close at $53.24 per barrel. The March contract was up 33¢ to $53.31.
  • The US dollar index eased Wednesday, closing lower for a second day.
  • US gold futures advanced amid mild US dollar weakness. The February contract was up $26.30 at $1,866.55 per oz.

Recap for January 19

  • Rains across the growing areas of competitor Brazil sent the US soy complex futures lower. Corn followed soybeans lower on prospects of a stronger global supply picture resulting from better South American weather. Despite news that Russia again plans to increase its export tax on wheat, US wheat futures were narrowly mixed to open the week. March corn declined 5½¢, settling at $5.26 a bu. Chicago March wheat fell 3¼¢ to close at $6.72¼ a bu, later months were mixed. Kansas City March wheat was up 1¢ to close at $6.44 a bu, later months were mixed but mostly higher. Minneapolis March wheat added ¼¢, closing at $6.43½ a bu, later months were mixed. March soybeans tumbled 31¢, closing at $13.85¾ a bu. March soybean meal fell $12.70 to close at $450.50 a ton. March soybean oil declined 0.15¢ to 41.70¢ a lb.
  • US equity markets advanced to open the holiday-shortened trading week. Support was drawn from higher-than-expected fourth-quarter earnings from some of the nation’s biggest banks, as well as an endorsement of higher coronavirus relief spending from Janet Yellen in Senate Finance Committee testimony ahead of a vote on her nomination for Treasury Secretary. The Dow Jones Industrial Average added 116.26 points, or 0.38%, to close at 30,930.52. The Standard & Poor’s 500 Index added 30.66 points, or 0.81%, to close at 3,798.91. The Nasdaq Composite advanced 198.68 points, or 1.53%, to close at 13,197.18.
  • US crude oil prices advanced to open the week. The February future nearing expiration added 62¢ to close at $52.98 per barrel. The March contract was up 56¢ to $52.98.
  • The US dollar index closed lower Tuesday, extending a weeklong see-saw pattern.
  • US gold futures advanced in typical fashion concurrent with a weaker dollar. The February contract was up $10.30 at $1,840.20 per oz.