Recap for December 9

  • Wheat futures, still under pressure from lackluster export demand for US supplies, closed lower Friday. US soybean futures prices were mixed to close the week, pulling back in the nearby months despite stronger export demand and dry conditions in South America, a key export competitor. Pressure came from the US Department of Agriculture, which raised its estimate of global carryover for the commodity. Corn futures were mixed after the US carryover estimate was raised. March corn added 1½¢ to close at $6.44 a bu; later months were mixed, mostly lower. Chicago March wheat dropped 12¢ to close at $7.34¼ a bu. Kansas City March wheat fell 11¾¢ to close at $8.33 a bu. Minneapolis March wheat declined 8¢ to close at $9.01½ a bu. January soybeans pulled back 2½¢ to close at $14.83¾ a bu; later months were mixed in a narrow range. January soybean meal added $5.20 to close at $471.60 per ton. January soybean oil fell 1.30¢ to settle at 60.01¢ a lb.
  • Disappointed investors sent stocks and equity indexes lower Friday after a Labor Department report said the Producer Price Index, a reflection of supply conditions in the economy, rose 7.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in November from a year earlier, down from October’s revised 8.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase and well below the 11.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise in March, the fastest pace since PPI records began in 2010. The three major indexes closed lower for the week, busting two-week win streaks. The Dow Jones Industrial Average down 305.02 points, or 0.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to close at 33,476.46. The Standard & Poor’s 500 Index fell 29.13 points, or 0.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to close at 3,934.38. The Nasdaq Composite slipped 77.39 points, or 0.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to close at 11,004.62.
  • US crude oil prices were lower for a sixth consecutive session. The January contract down 44¢ to close at $71.02 per barrel. 
  • After two down days the US dollar index closed the week as it began, by strengthening.
  • Despite the bolstered dollar, US gold futures continued their climb, the December future adding $9.40 to $1,798.10 per oz.

Recap for December 8

  • Soybean futures climbed Thursday with support from signals of strong export demand, including three flash sales to China this week, which boosted ideas that country’s demand might climb sharply as COVID restrictions are eased. Corn followed soybeans higher. Wheat futures were mixed, winter wheat mostly lower, spring wheat mostly higher amid disappointing export sales. Grain price movements were limited ahead of fresh monthly world and domestic supply-and-demand data coming Friday from the USDA. March corn edged up 1¼¢ to close at $6.42½ a bu. Chicago March wheat slipped 3¼¢ to close at $7.46¼ a bu. Kansas City March wheat eased 4¢ to close at $8.44¾ a bu. Minneapolis March wheat advanced 7½¢ to close at $9.09½ a bu; later months were mixed, mostly higher. January soybeans added 14¼¢ to close at $14.86¼ a bu. January soybean meal advanced $7.40 to close at $466.40 per ton; furthest deferred 2023 contracts and January 2024 eased. January soybean oil rose 0.35¢ to settle at 61.31¢ a lb.
  • US equity markets pulled higher after a stretch of declines with the S&P 500 gaining some ground after a five-day losing streak. Gains were limited by continued mulling of the effects of loosening COVID restrictions in China, which have thus far been minimal, and ideas that the US Federal Reserve will hold interest rates higher for a longer stretch. The Dow Jones Industrial Average gained 183.56 points, or 0.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 33,781.48. The Standard & Poor’s 500 Index added 29.59 points, or 0.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to close at 3,963.51, the index’s second advance in 10 trading days. The Nasdaq Composite rose 123.45 points, or 1.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to close at 11,082.00.
  • US crude oil prices were lower for a fifth consecutive session. The January contract was down 55¢ to close at $72.01 per barrel. 
  • The US dollar index extended its decline to two sessions Thursday after rallying two days as the week began.
  • As the dollar slipped further, US gold futures continued to climb, the December future up $3.20 to $1,788.70 per oz.

Recap for December 7

  • Wheat futures were mostly higher Wednesday, pausing their marked downturn in a round of technical buying after some contracts reached 13-month lows earlier in the week. Hefty global supplies were behind the recent weakness, and good export demand helped support Wednesday’s gains even though US wheat remained uncompetitive. Corn futures advanced with spillover support from wheat and soybeans, the latter higher on ideas easing Chinese COVID lockdowns will expand that nation’s economy and demand for US supplies. Too, soybeans were underpinned by dry conditions in South America, a key export competitor. March corn added 4¢ to close at $6.41¼ a bu. Chicago March wheat jumped 20½¢ to close at $7.49½ a bu. Kansas City March wheat added 18¾¢ to close at $8.48¾ a bu. Minneapolis March wheat advanced 6¢ to close at $9.02 a bu; later months advanced save the March 2024 contract, which eased. January soybeans jumped 17¢ to close at $14.72 a bu. January soybean meal added $10.40 to close at $459 per ton. January soybean oil pulled back 0.72¢ to settle at 63.15¢ a lb.
  • US equity markets continued to mostly slide lower Wednesday as some investors indicated the market’s recent bounce on expectations of a slowing pace of interest rate increases may have been overdone. Analysts said a lack of clarity from the central bank had led to a choppier stock market. The Dow Jones Industrial Average added 1.58 points, or less than 0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 33,597.92. The Standard & Poor’s 500 Index down 7.34 points, or 0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 3,933.92. The Nasdaq Composite fell 56.34 points, or 0.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 10,958.55.
  • US crude oil’s downturn was extended Wednesday as the January contract lost $2.24 to close at $72.01 per barrel. 
  • The US dollar index reverted Wednesday to the weaker trend posted the previous week after rallying the first two trading days of this week.
  • US gold futures advanced as the dollar declined, the December future up $16.20 to $1,785.50 per oz.

Recap for December 6

  • Soybean futures advanced Tuesday with support from uncertainty vis-à-vis the size of the crop in South America, while soybean oil futures continued to drop after last week’s lower-than-expected proposed Renewable Fuels Standard mandate from the Environmental Protection Agency. Under pressure from global competition, US wheat futures mostly declined despite some bargain buying of Chicago contracts. Corn futures, though steady to higher early in the session on technical buying, ultimately declined. March corn dropped 3¼¢ to close at $6.37¼ a bu. Chicago March wheat shed 10¢ to close at $7.29 a bu. Kansas City March wheat fell 11¾¢ to close at $8.30 a bu. Minneapolis March wheat was down 6¢ to close at $8.96 a bu; later months were mixed. January soybeans jumped 17¼¢ to close at $14.55 a bu. January soybean meal added $16.50 to close at $448.60 per ton. January soybean oil was down 0.95¢ to settle at 61.62¢ a lb.
  • After economic data released Friday and Monday exacerbated fears about the Federal Reserve’s interest rate path in 2023, US equity markets extended their declines Tuesday and the S&P 500 was lower for a fourth consecutive session. The Dow Jones Industrial Average fell 350.76 points, or 1.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 33,947.10. The Standard & Poor’s 500 Index dropped 57.58 points, or 1.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 3,941.26. The Nasdaq Composite declined 225.05 points, or 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 11,014.89.
  • US crude oil continued to decline Tuesday, the January contract down $2.68 to close at $74.25 per barrel. 
  • The US dollar index was higher for a second day Tuesday after a three-day downturn the previous week.
  • US gold futures were higher Tuesday, the December future up $1.90 to $1,769.30 per oz.

Recap for December 5

  • Wheat futures tumbled to start the week under pressure from higher global supplies that offset stronger-than-expected weekly export inspections of US wheat. Corn followed wheat’s cues and dipped, though losses were limited by dry South American crop weather. Wheat also weighed on soybean and soybean oil futures, which were lower despite good soybean export demand. Soybean meal was higher. December corn dropped 6¼¢ to close at $6.28¾ a bu. Chicago December wheat fell 21¾¢ to close at $7.15½ a bu. Kansas City December wheat lost 27¼¢ to close at $8.54¾ a bu. Minneapolis December wheat was down 27¢ to close at $9.12¾ a bu. January soybeans eased ¾¢ to close at $14.37¾ a bu; most 2024 months edged higher. December soybean meal advanced $7.50 to close at $432 per ton. December soybean oil was down 2.69¢ to settle at 64.90¢ a lb.
  • US equity markets were lower to start the week with shares of big regional banks such as PNC Financial Services, Citizens Financial Group and Regions Financial among the biggest decliners. Analysts said declines by stocks linked closely with the health of the US economy showed a continued focus on the possibility the Federal Reserve will continue to raise interest rates throughout 2023. The Dow Jones Industrial Average declined 482.78 points, or 1.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 33,947.10. The Standard & Poor’s 500 Index dropped 72.86 points, or 1.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 3,998.84. The Nasdaq Composite lost 221.56 points, or 1.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, closing at 11,239.94. 
  • US crude oil continued to decline Monday, the January contract down $3.05 to close at $76.93 per barrel. 
  • The US dollar index jumped higher Monday after sliding for the last three days of the previous trading week.
  • US gold futures dipped Monday, the December future down $28.50 to $1,767.40 per oz.

Recap for December 2

  • Wheat futures tumbled to three-month lows in some cases Friday on pressure from export competition, mainly due to low-priced offers from the Black Sea region that left US prices well out of the running in most tenders. A smaller-than-expected Canadian wheat estimate from Statistics Canada did little to offset the export pressure. Corn futures also fell on export concerns. Soy complex futures were mixed, with soybean oil continuing to fall after lower-than-expected Renewable Fuel Standard mandates issued by the Environmental Protection Agency on Thursday. December corn dropped 15¢ to close at $6.35 a bu. Chicago December wheat fell 21½¢ to close at $7.37¼ a bu. Kansas City December wheat lost 21¢ to close at $8.82 a bu. Minneapolis December wheat was down 14¾¢ to close at $9.39¾ a bu. January soybeans climbed 8¾¢ to close at $14.38½ a bu. December soybean meal added $3.60 to close at $424.50 per ton. December soybean oil was down 0.81¢ to settle at 67.59¢ a lb.
  • Falling to steep lows early in the session after fresh jobs data was released, US equity markets ultimately ended mixed on Friday with modest gains and losses. The November employment report showed the United States added 263,000 jobs last month, well above the anticipated 200,000 jobs, and the unemployment rate held steady at 3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. All were indicators that the US labor market remains persistently strong, which limits monetary policy endeavors to cool inflation. The Dow Jones Industrial Average added 34.87 points, or 0.10{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 34,429.88. The Standard & Poor’s 500 Index ticked down 4.87 points, or 0.12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 4,071.70. The Nasdaq Composite lost 20.95 points, or 0.18{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 11,461.50.
  • US crude oil declined Friday. The January contract dropped $1.24 to close at $79.98 per barrel. 
  • The US dollar index closed lower for a third straight day on Friday.
  • US gold futures pulled back Friday. The December future dropped $5.20 to $1,795.90 per oz.

Recap for December 1

  • Slashing a five-day winning streak, US soybean futures were sharply lower Thursday after the Environmental Protection Agency announced an increase in the Renewable Fuel Standards requirement that was severely short trade expectations. Soybean oil futures fell 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and led other markets lower. Poor exports sales and weakening global demand also pressured both wheat and corn futures. December corn dropped 12¢ to close at $6.50 a bu. Chicago December wheat declined 12¾¢ to close at $7.58¾ a bu. Kansas City December wheat lost 10¼¢ to close at $9.03 a bu. Minneapolis December wheat ticked down 2¼¢ to close at $9.54½ a bu. January soybeans plunged 39¾¢ to close at $14.29¾ a bu. December soybean meal added $3.20 to close at $420.90 per ton. December soybean oil plummeted 6.83¢ to settle at 68.40¢ a lb.
  • After Wednesday’s relief rally following less-hawkish comments from Federal Reserve Chairman Jerome Powell, US equity markets ended mixed on Thursday. Investors mulled over a potentially forthcoming economic recession that would weigh heavily on future corporate earnings. The Dow Jones Industrial Average fell 194.76 points, or 0.56{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 34,395.01. The Standard & Poor’s 500 Index deleted 3.54 points, or 0.09{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 4,076.57. The Nasdaq Composite added 14.45 points, or 0.13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 11,482.45. 
  • US crude oil futures advanced Thursday. The January contract was up $0.67 to close at $81.33 per barrel. 
  • The US dollar index closed lower again on Thursday.
  • US gold futures jumped sharply higher Thursday. The December future surged $55.10 to $1,801.10 per oz.

Recap for November 30

  • Comments from Federal Reserve chairman Jerome Powell during a speech at the Brookings Institution indicating the central bank was on track to raise rates by a half percentage point at its December meeting — a step down from an unprecedented series of four 0.75-point rate rises aimed at combating high inflation — sent US equity markets soaring Wednesday and the Dow industrial index into a fresh bull market. The Dow Jones Industrial Average soared 737.24 points, or 2.18{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 34,589.77. The Standard & Poor’s 500 Index added 122.48 points, or 3.09{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 4,080.11. The Nasdaq Composite jumped 484.22 points, or 4.41{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 11,468.00. All three indexes ended November with a second consecutive month of gains, but the S&P 500 remained down 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the year and was on track for its worst year since 2008.  
  • US soybean futures advanced Wednesday, touching a two-month peak on optimism that protests might cause China to loosen COVID restrictions and therefore boost its economy. That also lent support to wheat futures, which got an additional boost from short covering as the sun set on November, although gains were limited by cheap global wheat increasing competition for US supplies. Corn futures declined. December corn dropped 3¾¢ to close at $6.62 a bu. Chicago December wheat added 13¾¢ to close at $7.71½ a bu. Kansas City December wheat advanced 12¼¢ to close at $9.13¼ a bu. Minneapolis December wheat jumped 16½¢ to close at $9.56¾ a bu. January soybeans rose 10¢ to close at $14.69½ a bu. December soybean meal packed on $9.20 to close at $417.70 per ton. December soybean oil pulled back 1.31¢ to settle at 75.23¢ a lb.
  • US crude oil continued to climb Wednesday for a third straight day. The January contract was up $2.35 to close at $80.55 per barrel.
  • The US dollar index closed lower Wednesday, snapping a two-day win streak.
  • US gold futures were also lower despite the weaker dollar, the December future down $2.40 to $1,746 per oz.