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Crude Oil price Today – Crude oil at year high as OPEC maintains production levels | 2021-03-05

Recap for March 4

  • US crude oil prices jumped 4% to one-year highs Thursday after the Organization of Petroleum Producing Countries and allies said they would keep oil production unchanged in April due to the fragile nature of the pandemic recovery. The April contract was up $2.55 at $63.83 per barrel.
  • Gains in the value of the US dollar continued to weigh on agricultural commodities Thursday. Wheat futures were lower on concerns about increased competition for export business. Weak export demand also took a toll on corn futures. But soybean futures turned higher on potentially lower harvest forecasts in competitor Argentina if production areas don’t receive sufficient rain in the next few weeks. March corn declined 4¢ to $5.46¼ a bu, but other months were mixed. Chicago March wheat fell 2¼¢ and closed at $6.49¾ a bu. Kansas City March wheat declined 4¾¢, closing at $6.12¾ a bu. Minneapolis March wheat was unchanged at $6.35½ a bu, but other months were narrowly mixed. March soybeans added 4½¢, closing at $14.15¼ a bu. March soybean meal was down $2.10 to close at $418.10 a ton; later months were mixed. March soybean oil jumped 1.03¢ to 52.38¢ a lb.
  • US equity markets closed lower Thursday. A stock selloff accelerated after Federal Reserve chairman Jerome Powell emphasized the economy is far from reaching full employment. Stocks turned lower with losses accelerating in the afternoon. The Dow Jones Industrial Average fell 345.95 points, or 1.11%, to close at 30,924.14. The Standard & Poor’s 500 Index subtracted 51.25 points, or 1.34%, to close at 3,768.47. The Nasdaq Composite fell 274.28 points, or 2.11%, to close at 12,723.47, pausing at the precipice of a correction, or a 10% drop from recent highs.
  • The US dollar index continued to move higher Thursday.
  • US gold futures declined as the dollar advanced, the April contract was down $15.10 an oz to $1,700.70 per oz.

Recap for March 3

  • Corn and soybean futures declined Wednesday on a strengthening US dollar and as the markets consolidated after rallying the previous day. Soybeans were under additional pressure from a lack of fresh supportive news or demand from China since before that country’s Lunar New Year Holiday. Lackluster export demand and spillover selling from corn and soybeans also sent wheat futures lower. March corn declined 10½¢ and closed at $5.50¼ a bu. Chicago March wheat declined 11¼¢ and closed at $6.52 a bu. Kansas City March wheat declined 9½¢, closing at $6.17½ a bu. Minneapolis March wheat was down 4¾¢, closing at $6.35½ a bu. March soybeans eased 3¼¢, closing at $14.10¾ a bu. March soybean meal was down $3.10 to close at $420.20 a ton. March soybean oil added 0.08¢ to close at 51.35¢ a lb.
  • Jittery investors sold shares of technology companies Wednesday as government bond yields ticked higher, which pulled US equity markets lower. The Dow Jones Industrial Average fell 121.43 points, or 0.39%, to close at 31,270.09. The Standard & Poor’s 500 Index subtracted 50.57 points, or 1.31%, to close at 3,819.72. The Nasdaq Composite fell 361.04 points, or 2.70%, to close at 12,997.75.
  • US crude oil prices were higher Wednesday. The April contract was up $1.53 at $61.28 per barrel.
  • The US dollar index closed higher Wednesday.
  • US gold futures declined as the dollar advanced, the April contract was up $17.18 an oz to $1,715.80 per oz.

Recap for March 2

  • Wheat futures advanced Tuesday, a day after the US Department of Agriculture said winter wheat conditions had declined from the previous week in Kansas, Texas and Oklahoma. Corn and soybeans also closed higher as traders kept an eye out for the effects of heat and dry weather in South American competitors. Weakness in the US dollar was supportive of all three commodities. March corn added 13¼¢ and closed at $5.60¾ a bu. Chicago March wheat added 19½¢, closing at $6.63¼ a bu. Kansas City March wheat advanced 12¾¢, closing at $6.27 a bu. Minneapolis March wheat was up 12¢, closing at $6.40¼ a bu. March soybeans jumped 21½¢, closing at $14.14 a bu. March soybean meal was up $3.10 to close at $423.30 a ton. March soybean oil added 0.5¢ to close at 51.27¢ a lb, though last-half 2022-forward contracts were lower.
  • Investors mulling the volatility in stocks and treasury bond yields sent US equity markets lower Tuesday, halting Monday’s rally. The Dow Jones Industrial Average fell 143.99 points, or 0.46%, to close at 31,391.52. The Standard & Poor’s 500 Index subtracted 31.53 points, or 0.81%, to close at 3,870.29. The Nasdaq Composite deleted 230.04 points, or 1.69%, to close at 13,358.79.
  • US crude oil prices were lower Tuesday. The American Petroleum Institute said crude oil inventories in the United States unexpectedly rose by 7.4 million barrels in the latest week. Official inventories were due from the Energy Department Wednesday. The April contract was down 89¢ at $59.75 per barrel.
  • The US dollar index closed lower Tuesday.
  • US gold futures advanced as the dollar eased, the April contract was up $10.60 an oz to $1,733.60 per oz.

Recap for March 1

  • US equity markets surged to open the week, and the S&P 500 notched its biggest one-session rise since June 5, 2020. Supporting factors included a decline in the yield on 10-year Treasury notes to 1.444% from 1.459% on Friday. Yields, the benchmark borrowing cost in US debt markets, fall when bond prices rise, which tend to move opposite equity values. The Dow Jones Industrial Average jumped 603.14 points, or 1.95%, to close at 31,535.51. The Standard & Poor’s 500 Index added 90.67 points, or 2.38%, to close at 3,901.82. The Nasdaq Composite advanced 396.48 points, or 3.01%, to close at 13,588.83.
  • Corn and soy complex futures declined Monday in a setback following recent rallies driven by ideas of tight supplies. US crop insurance policies for the 2021 season are the highest in seven years for corn and highest in eight years for soybeans, each adding to expectations of record combined acreage for the two crops. Meanwhile, improving US weather 19 days out from spring weighed on wheat futures, as did pressure from corn prices. Furthest 2022 contracts were higher for all three commodities. March corn dropped 8¢ and closed at $5.47½ a bu. Chicago March wheat fell 11¼¢, closing at $6.43¾ a bu. Kansas City March wheat fell 10½¢, closing at $6.14¼ a bu. Minneapolis March wheat was down 2¾¢, closing at $6.28¼ a bu. March soybeans fell 12¾¢, closing at $13.92½ a bu. March soybean meal was down $3 to close at $420.20 a ton. March soybean oil fell 0.57¢ to 50.77¢ a lb.
  • US crude oil prices were lower Monday, the April contract was down 86¢ at $60.64 per barrel.
  • The US dollar index closed higher Monday.
  • US gold futures continued to decline as the dollar advanced, the April contract was down $5.80 an oz. to $1,723 per oz.

Recap for February 26

  • A firming US dollar met end-of-month position squaring and profit taking Friday, sending wheat futures lower. A lack of export activity, particularly to China, continued to pressure corn and soybean futures, although corn managed a nearby advance and both commodities closed well above session lows after finding support in technical trading. March corn edged up ¾¢ and closed at $5.55½ a bu, though all later months declined. Chicago March wheat fell 16¾¢, closing at $6.55 a bu. Kansas City March wheat fell 19½¢, closing at $6.24¾ a bu. Minneapolis March wheat was down 10½¢, closing at $6.31 a bu. March soybeans eased ¾¢, closing at $14.05¼ a bu. March soybean meal was down 90¢ to close at $423.20 a ton. March soybean oil added 0.38¢ at 51.34¢ a lb.
  • Equity markets were mixed Friday to end a down week as investors mulled the implications of a sharp rise in bond yields. The 10-year Treasury yields on Friday eased to 1.459% from 1.513% on Thursday, its highest closing level in a year. The Dow Jones Industrial Average deleted 469.64 points, or 1.50%, to close at 30,932.37. The Standard & Poor’s 500 Index fell 18.19 points, or 0.48%, to close at 3,811.15. The Nasdaq Composite added 72.91 points, or 0.56%, to close at 13,192.35, losing 4.9% for the week, its sharpest weekly decline since October.
  • US crude oil prices were lower Friday, the biggest one-day decline since Nov. 6. Market sentiments remained bullish, but some investors worried that a 30% gain since the start of the year to the 21-month high Thursday could mean more selling and price declines lie ahead. The April contract was down $2.03 at $61.50 per barrel.
  • The US dollar index closed higher Friday.
  • US gold futures declined as the dollar advanced, the April contract was down $46.60 an oz. to $1,728.80 per oz.

Ingredient Markets


Crude Oil price Today – Crude oil at year high as OPEC maintains production levels | 2021-03-05

James Albert

James Albert

James Albert is a personal-finance analist for FintechZoom and is based in New York. Contact: james.albert@fintechzoom.com

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