Recap for December 30
- Fund buying, technical trading and position squaring as the new year approached sent wheat futures to their highest levels in six years. Corn futures advanced for a 13th consecutive session Wednesday, notching a 6½-year high. Support came from dry conditions threatening crops in the key competing countries of Brazil and Argentina, the latter suspending corn exports until March 1 to ensure adequate domestic supplies. Soybean futures settled above the key $13-a-bu mark at fresh 6½-year highs even as an Argentine labor strike that delayed export shipments was settled. March corn jumped 8½¢, settling at $4.74½ a bu. Chicago March wheat surged 22¼¢ to close at $6.40¾ a bu. Kansas City March wheat added 16¼¢ to close at $6.01¼ a bu. Minneapolis March wheat was up 15¾¢, closing at $5.96¼ a bu. January soybeans were up 8¼¢, closing at $13.03¾ a bu. January soybean meal was up $5.40 at $432.40 a ton. January soybean oil added 0.19¢ to close at 42.67¢ a lb.
- US equity markets closed higher Wednesday as investors bet on a speedy recovery for the economy. The DJIA, with a lift from Disney, notched its 13th record close of the year. Together, the three major indexes have recorded 100 record closes in 2020, the most since 2017. The Dow Jones Industrial Average added 73.89 points, or 0.24%, to close at 30,409.56. The Standard & Poor’s 500 Index added 5 points, or 0.13%, to close at 3,732.04. The Nasdaq Composite advanced 19.78 points, or 0.15%, to close at 12,870.
- US crude oil prices continued their upward trajectory Wednesday. Support came from an Energy Information Administration report that indicated a 6.1-million-barrel decline in US oil stockpiles and US oil production that was steady for a third week. The February future was 40¢ higher at $48.50 per barrel.
- The US dollar index weakened again on Wednesday, its fourth loss in five sessions.
- US gold futures continued to strengthen Wednesday as the value of the dollar receded. The February contract was up $10.50 at $1,893.40 per oz.
Recap for December 29
- US soybean futures soared Tuesday on tight global supply as investors shrugged off near-term pressure as Argentinian labor negotiations made headway. Corn followed soybeans higher, and wheat futures advanced following two days of losses. March corn rose 9½¢, settling at $4.66 a bu. Chicago March wheat rose 4¼¢ to close at $6.18½ a bu. Kansas City March wheat added 8¢ to close at $5.85 a bu. Minneapolis March wheat was up 3¾¢, closing at $5.80½ a bu. January soybeans skyrocketed 40¼¢, closing at $12.95½ a bu. January soybean meal was up $11.70 at $427 a ton. January soybean oil added 0.76¢ to close at 42.48¢ a lb.
- A day after closing at all-time highs, US equity markets swung between gains and losses before closing lower Tuesday. Some momentum was lost after Senate Majority Leader Mitch McConnell blocked Democrats’ efforts to hold an up/down vote on sending bigger stimulus checks to Americans. The Dow Jones Industrial Average slipped 68.30 points, or 0.22%, to close at 30,335.67. The Standard & Poor’s 500 Index lost 8.32 points, or 0.22%, to close at 3,727.04. The Nasdaq Composite declined 49.20 points, or 0.38%, to close at 12,850.22.
- US crude oil prices strengthened Tuesday. The February future closed up 38¢ at $48 per barrel.
- The US dollar index weakened Tuesday.
- US gold futures turned higher Tuesday. The February contract was up $2.50 at $1,879.70 per oz.
Recap for December 28
- Wheat futures closed lower Monday as rain and snow across parts of the parched Southwest improved prospects for hard red winter wheat, and to a lesser extent, for the less-dry soft red winter crop. Spring wheat followed winter wheat lower. Reduced export prospects for Russia limited losses in wheat. Corn futures advanced on strong export demand. Soy complex futures were mostly lower as talks to end a labor strike in Argentina progressed. March corn rose 5½¢, settling at $4.56½ a bu. Chicago March wheat fell 12¾¢ to close at $6.14¼ a bu. Kansas City March wheat dropped 12¢ to close at $5.77 a bu. Minneapolis March wheat was down 6¢, closing at $5.76¾ a bu. January soybeans lost 8¼¢, closing at $12.55¼ a bu, though later months were mixed. January soybean meal was down $1.50 at $415.30 a ton, with later months also mixed. January soybean oil dropped 0.12¢ to close at 41.72¢ a lb.
- US equity markets closed at record highs Monday after President Donald Trump signed the stimulus bill Sunday night, which is expected to boost the economy, help consumers through the pandemic and prevent the government from shutting down. The Dow Jones Industrial Average added 204.10 points, or 0.68%, to close at 30,403,97. The Standard & Poor’s 500 Index gained 32.30 points, or 0.87%, to close at 3,735.36. The Nasdaq Composite advanced 94.69 points, or 0.74%, to close at 12,899.42.
- US crude oil prices gave up early gains and closed lower Monday on concerns about easing demand (related to the rise of a new strain of the coronavirus in the UK) and on increased production prospects from the Organization of Petroleum Exporting Countries plus Russia. The February future settled down 61¢ at $47.62 per barrel.
- The US dollar index was about flat but weakened against the euro specifically on Monday.
- US gold futures declined as investors turned to more risky equities amid US stimulus hopes on Monday. The February contract was down $2.80 at $1,880.40 per oz.
Recap for December 22
- Wheat futures climbed higher Tuesday. Support was drawn from ongoing Argentinian port closures due to labor strikes that threaten global wheat and soy product exports. The soy complex was mixed, but higher nearby with support from the Argentina situation and pressure from precipitation over South American competitors. Corn followed soybeans higher, rising for an eighth consecutive session. March corn rose 3½¢, settling at $4.43½ a bu, but later months were narrowly mixed. Chicago March wheat rose 5¾¢ to close at $6.17 a bu. Kansas City March wheat added 4¾¢ to close at $5.79¼ a bu. Minneapolis March wheat was up 1¼¢, closing at $5.71½ a bu; later months were mixed. January soybeans rose 4¢, closing at $12.47¼ a bu; later months were mixed. January soybean meal was up $2.70 at $415 a ton; later months were mixed. January soybean oil rose 0.11¢ to close at 39.96¢ a lb.
- As the technology-focused Nasdaq Composite index posted an all-time high close, the DJIA and S&P500 each declined as investor confidence in the congressionally approved COVID-19 stimulus package was overshadowed by reports of elevated infection levels and a new strain of the virus in Europe. The Dow Jones Industrial Average fell 200.94 points, or 0.67%, to close at 30,015.51. The Standard & Poor’s 500 Index slid 7.66 points, or 0.21%, to close at 3,687.26. The Nasdaq Composite added 65.40 points, or 0.51%, to close at 12,807.92.
- US crude oil prices were lower again Tuesday despite agreement among most analysts that US crude oil stockpiles will decline in a report from the Energy Information Administration. Meanwhile, a report from the American Petroleum Institute showed a 2.7 million-barrel increase in US crude stockpiles in the latest week. The February future was down 95¢ to close at $47.02 per barrel.
- The US dollar index reverted to a firmer stance Tuesday amid rising cases of coronavirus infections, the new European strain and related travel restrictions.
- US gold futures continued to decline. The December contract was down $12.60 at $1,866.66 per oz.
Recap for December 21
- Traders’ focus remained on the soy complex, which advanced to fresh six-year highs amid concerns about weather in South America and the ongoing labor strike in Argentina that has prevented more than 100 vessels from loading export products. Corn followed soybeans higher despite beneficial precipitation in competitor Brazil. Wheat futures mostly posted small gains and were supported by exports or expected demand, although the lineup of pending tenders was slim ahead of the yearend holidays. March corn rose 2½¢, settling at $4.40 a bu. Chicago March wheat rose 3¢ to close at $6.11¼ a bu. Kansas City March wheat added 5¼¢ to close at $5.74½ a bu. Minneapolis March wheat was up 1¾¢, closing at $5.70¼ a bu. January soybeans soared 24¼¢, closing at $12.43¼ a bu. January soybean meal was up $6.80 at $412.30 a ton. January soybean oil rose 0.11¢ to close at 39.96¢ a lb, though later months were mixed.
- US equity markets were mixed to open the week. Investors mulled the potential setbacks to a global economic recovery from enhanced travel restrictions into the United Kingdom in response to a quick-moving strain of coronavirus spreading there. The Dow Jones Industrial Average advanced 37.40 points, or 0.12%, to close at 30,216.45. The Standard & Poor’s 500 Index dropped 14.49 points, or 0.39%, to close at 3,694.92. The Nasdaq Composite eased 13.12 points, or 0.10%, to close at 12,742.52.
- US crude oil prices saw the sharpest declines since Nov. 6 after a number of countries barred travelers from the United Kingdom. The January contract, as it neared expiration, fell $1.36 to close at $47.74 a barrel. The February future was down $1.27 to close at $47.97.
- The US dollar index faltered to open the week after rising the previous session.
- US gold futures opened the week as it ended the previous one, with a lower close. The December contract was down $6.50 at $1,879.20 per oz.