Recap for September 10
- Soybean futures climbed at the end of the week after the US Department of Agriculture lowered its estimate of US soybean production to 4.374 billion bus, still the third largest season on record. Export optimism in the wake of several new sales also offered support. Corn futures posted gains with spillover support from soybeans that offset a refreshed corn production estimate of 14.996 billion bus in 2021, the second largest harvest on record. Easing global supply concerns pressured front months of winter wheat futures, but later winter contracts and spring wheat futures were higher. December corn gained 7½¢ to close at $5.17½ a bu. Chicago December wheat declined 3¾¢ to close at $6.88½ a bu; later months were mixed. Kansas City December wheat eased ¼¢ to close at $6.82½ a bu; later months were mixed. Minneapolis December wheat gained 6¼¢ to close at $8.78¾ a bu. November soybeans jumped 16¢ to close at $12.86½ a bu. October soybean meal was up $4.40 to close at $339.50 a ton. October soybean oil dropped 0.28¢ to settle at 55.78¢ a lb; August 2022 and beyond were higher.
- US equity markets wavered early and turned lower late Friday, declining into the weekend and posting weekly losses, the worst since February in the case of the S&P 500. Declines reflected investors’ concerns about a volatile fall ahead, and some suggested the peak in economic growth may have passed. The Dow Jones Industrial Average fell 271.66 points, or 0.78%, closing at 34,607.72. The Standard & Poor’s 500 Index fell 34.70 points, or 0.77%, to close at 4,458.58. The Nasdaq Composite dropped 132.76 points, or 0.87%, to close at 15,115.49.
- US crude oil futures advanced Friday, the October contract was up $1.58 to close at $69.72 per barrel.
- The US dollar index closed the week with an advance, its fourth in the past five trading sessions.
- US gold futures eased as the dollar advanced Friday. The October contract was down $7.90 to $1,789.90 per oz.
Recap for September 9
- Corn futures touched a 7½-month low Thursday but closed well above session lows after a round of bargain buying. Expectations of an increased fall harvest forecast from the US Department of Agriculture on Friday pushed soybean futures to their lowest levels since June 25. Technical selling was behind a third straight day of wheat futures declines. December corn eased ¼¢ to close at $5.10 a bu. Chicago December wheat declined 17¼¢ to close at $6.92¼ a bu. Kansas City December wheat fell 22¢ to close at $6.82¾ a bu. Minneapolis December wheat fell 22¢ to close at $8.72½ a bu. November soybeans fell 9¢ to close at $12.70½ a bu. October soybean meal was up 20¢ to close at $335.10 a ton; later months were mixed, but mostly higher. October soybean oil dropped 1.4¢ to settle at 56.06¢ a lb.
- US equity markets turned lower Thursday, the S&P 500 and DJIA down for a fourth straight day, as investors digested signs of a slowdown in the economic recovery, including Wednesday’s Federal Reserve Beige Book report, which indicated a slight softening of economic growth in early July through August, a period when consumers cut spending and businesses grappled with supply-chain bottlenecks and labor shortages. The Dow Jones Industrial Average fell 151.69 points, or 0.43%, closing at 34,879.38. The Standard & Poor’s 500 Index declined 20.79 points, or 0.46%, to close at 4,493.28. The Nasdaq Composite dropped 38.38 points, or 0.25%, to close at 15,248.25.
- US crude oil futures declined Thursday, the October contract down $1.16 to close at $68.14 per barrel.
- The US dollar index turned lower Thursday after advancing for three sessions.
- US gold futures took a step higher as the dollar declined. The October contract was up $6.60 to $1,797.80 per oz.
Recap for September 8
- US wheat futures took a step lower Wednesday as an upward trend in the value of the US dollar increased concerns about effects on exports. Spring wheat futures, under additional end-of-harvest pressure, were hardest hit. Corn futures were mixed, easing to a two-month low for December, under the assumption the US Department of Agriculture would boost its US harvest forecast in Friday’s monthly production estimate. Losses were kept in check by a decline in crop ratings Tuesday afternoon. Signs of robust export demand from China, the top global buyer, boosted most soybean futures. December corn fell 1½¢ to close at $5.10¼ a bu; later months were mixed. Chicago December wheat declined 10¼¢ to close at $7.09½ a bu. Kansas City December wheat fell 12¾¢ to close at $7.04¾ a bu. Minneapolis December wheat fell 13¾¢ to close at $8.94½ a bu. November soybeans added 2½¢ to close at $12.79½ a bu; later months were mixed. October soybean meal was up 10¢ to close at $334.90 a ton; most later months declined. October soybean oil dropped 0.26¢ to settle at 57.46¢ a lb.
- US equity markets declined Wednesday, the S&P 500 and Nasdaq backing away from record-high closes on uncertainty regarding elevated cases of COVID-19 and concerns about the Federal Reserve’s timeline for reeling in easy money policies in place during the economic recovery. The Dow Jones Industrial Average fell 68.93 points, or 0.20%, closing at 35,031.07. The Standard & Poor’s 500 Index declined 5.96 points, or 0.13%, to close at 4,514.07. The Nasdaq Composite shed 87.69 points, or 0.57%, to close at 15,286.64.
- US crude oil futures shrugged off declines surrounding the Labor Day holiday weekend to close higher, the October contract was up 95¢ Wednesday to close at $69.30 per barrel.
- The US dollar index continued its upward march Wednesday after mostly declining for the previous two weeks.
- US gold futures traded lower as the dollar charged higher. The October contract was down $5.10 to $1,791.20 per oz.
Recap for September 7
- A stronger US dollar and early US harvest activity weighed on grain and oilseed futures Tuesday. Corn and soybean exports sank to multi-year lows last week when Hurricane Ida battered Gulf export terminals. Stalled exports continued to weigh on futures as some southeastern Louisiana locations remained closed due to damage and lingering power outages. Wheat futures were lower as Australia raised its wheat production forecast. December corn fell 13¼¢ to close at $5.10¾ a bu. Chicago December wheat declined 6½¢ to close at $7.19¾ a bu. Kansas City December wheat fell 5½¢ to close at $7.17½ a bu. Minneapolis December wheat fell 4¼¢ to close at $9.08¼ a bu. November soybeans fell 15¢ to close at $12.77 a bu. October soybean meal fell $3.30 to close at $334.80 a ton. October soybean oil dropped 1.28¢ to settle at 57.72¢ a lb.
- US equity markets were mixed Tuesday on concerns a rise of COVID-19 cases will damage the recovering economy. The only market to post a gain, the Nasdaq, ended with a fresh record high. The Dow Jones Industrial Average fell 269.09 points, or 0.76%, closing at 35,100.00. The Standard & Poor’s 500 Index shed 15.40 points, or 0.34%, to close at 4,520.03. The Nasdaq Composite gained 10.81 points, or 0.07%, to close at a record 15,374.33.
- US crude oil futures bookended the Labor Day holiday with another decline, the October contract down 94¢ to close at $68.35 per barrel.
- The US dollar index opened the week to the upside, only the second advance in the past 12 trading days.
- US gold futures traded sharply lower as the dollar changed direction. The October contract was down $35.20 to $1,796.30 per oz.
Recap for September 3
- Brisk global export demand helped by a declining US dollar sent wheat futures mostly higher Friday with added support from bargain buying a day after some contracts dipped to one-month lows. Seasonal pressure just ahead of harvest and concerns about Hurricane Ida’s effect on exports sent corn futures mostly lower in range-bound trade. Pre-holiday short-covering in the wake of two-month lows earlier in the week sent soybean futures higher Friday. December corn fell 1½¢ to close at $5.24 a bu; later months were mixed, mostly lower. Chicago September wheat rose 10½¢ to close at $7.14½ a bu; later months were mixed, mostly higher. Kansas City September wheat added 14¢ to close at $7.15¼ a bu. Minneapolis September wheat was up 9¼¢ to close at $9.15½ a bu. November soybeans rose 8¾¢ to close at $12.92 a bu. September soybean meal advanced 90¢ to close at $338.10 a ton. October soybean oil added 0.13¢ to settle at 59¢ a lb.
- US equity markets were mixed Friday after a Labor Department report indicated the US economy added 235,000 jobs last month, falling far short of economists’ projections for 720,000 new jobs. Further evidence of a slowing recovery came when job growth last month was down from upwardly revised monthly payroll gains of 1.1 million in July and 962,000 in June. The S&P 500 and Nasdaq indices gained for the week while the Dow eased. On Friday, the Dow Jones Industrial Average shed 74.73 points, or 0.21%, closing at 35,369.09. The Standard & Poor’s 500 Index fell 1.52 points, or 0.03%, to close at 4,535.43. The Nasdaq Composite gained 32.34 points, or 0.21%, to close at 15,363.52.
- US crude oil futures declined into the Labor Day holiday, the October contract was down 70¢ to close at $69.29 per barrel.
- The US dollar index continued to turn lower into the holiday weekend, declining for the tenth time in 11 trading days.
- US gold futures traded higher as the dollar continued to ease. The October contract was up $22.10 to $1,831.50 per oz.