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.

Recap for January 15

  • Russia’s plan to double the tax on its wheat exports boosted Chicago wheat futures Friday. Nearby corn futures dipped on profit-taking two days after soaring to a 7½-year high. Soybean futures fared similarly with further pressure from a soybean crush report that came in below market expectations. March corn declined 2¾¢, settling at $5.31½ a bu; September and beyond were 1½¢ to 3¾¢ higher. Chicago March wheat added 5½¢ to close at $6.75½ a bu. Kansas City March wheat was up 6½¢ to close at $6.43 a bu. Minneapolis March wheat added 2¾¢, closing at $6.43¼ a bu. March soybeans slumped 13¾¢, closing at $14.16¾ a bu, though declines weren’t as severe beginning in August, and November-forward contracts were 1¼¢ to 7¢ a bu higher. March soybean meal eased $1.70 to close at $463.20 a ton; November and beyond were $1.50 to $4.20 higher. March soybean oil retreated 1.26¢ to 41.85¢ a lb.
  • US equity markets closed lower Friday a day after President-elect Biden said his COVID-19 relief plan would cost $1.9 trillion. Additional pressure was ascribed to the December retail sales report, which showed restaurants and online sectors declined a seasonally adjusted 0.7% from November, thus the third consecutive month of declines. The Dow Jones Industrial Average declined 177.26 points, or 0.57%, to close at 30,814.26. The Standard & Poor’s 500 Index dipped 27.29 points, or 0.72%, to close at 3,768.25. The Nasdaq Composite dropped 114.14 points, or 0.87%, to close at 12,998.50.
  • US crude oil prices closed the week with a decline. Analysts attributed the decline to uncertainty due to tougher restrictions on global mobility and spiraling coronavirus cases. The February future dipped $1.21 to close at $52.36 per barrel.
  • The US dollar index maintained its weeklong up-down pattern with a higher close Friday.
  • US gold futures declined in typical dynamic with the stronger dollar. The February contract was down $21.50 at $1,829.90 per oz.

Recap for January 14

  • Strong demand underscored in this week’s USDA supply-demand report pushed nearby March soybean futures up 1.7% Thursday (up 4% for the week). Corn futures rallied with help from an EPA announcement that it would not address exempting some oil refineries from biofuel blending laws. Gains in corn buoyed wheat futures, which were higher despite weekly export sales below the range of market forecasts. March corn added 9¾¢, settling at $5.34¼ a bu. Chicago March wheat advanced 9½¢ to close at $6.70 a bu. Kansas City March wheat was up 10¾¢ to close at $6.36½ a bu. Minneapolis March wheat added 11¾¢, closing at $6.40½ a bu. January soybeans jumped 25½¢, closing at $14.36½ a bu. January soybean meal rose $2.50 to close at $464.90 a ton. January soybean oil advanced 0.59¢ to close at 43.27¢ a lb.
  • US equity markets closed lower Thursday in advance of President-elect Joe Biden’s speech in which he was expected to announce a request to Congress for a $1.9 trillion stimulus package for pandemic relief. The indexes were higher most of the day before giving up gains in the hour before closing bells. The Dow Jones Industrial Average slipped 68.95 points, or 0.22%, to close at 30,991.52. The Standard & Poor’s 500 Index eased 14.30 points, or 0.38%, to close at 3,795.54. The Nasdaq Composite declined 16.31 points, or 0.12%, to close at 13,112.64.
  • US crude oil prices advanced Thursday. The February future rose 66¢ to close at $53.57 per barrel.
  • The US dollar index closed lower Thursday.
  • US gold futures dipped, the February contract was down $3.50 at $1,851.40 per oz.