Home Food Dry all over: wheat futures climb

Dry all over: wheat futures climb

5


KC wheat futures chart

Recap for October 14

  • Great Plains dryness and a similar lack of moisture in Black Sea competitors sent wheat futures higher at mid-week. Dry weather in Brazil and renewed exports to China pushed soybean futures higher. Corn futures advanced despite harvest pressure as export demand rose with a large sale also to China. December corn rose 5¼¢ to close at $3.96½ a bu. Chicago December wheat rose 2¾¢ to close at $5.96¾ a bu. Kansas City December wheat added 4¢, closing at $5.35¼ a bu. Minneapolis December wheat added 1¾¢, closing at $5.46 a bu. November soybeans jumped 12¼¢ to settle at $10.56¼ a bu. December soybean meal was up $7.60 at $363.60 a ton. December soybean oil rose 0.26¢ to close at 33.88¢ a lb.
  • The three major US equity indexes gave up early gains and closed lower Wednesday as investors poured over third-quarter earnings reports and watched the Congress-White House schism over a second coronavirus stimulus widen. The Dow Jones Industrial Average shed 165.81 points, or 0.58%, to close at 28,514 points. The Standard & Poor’s 500 Index subtracted 23.26 points, or 0.66%, to close at 3,488.67 points. The Nasdaq Composite declined 95.17 points, or 0.8%, to close at 11,768.73 points.
  • US crude oil futures continued to climb Wednesday. The November contract was up 84¢ at $41.04 a barrel.
  • The US dollar index continued its volatility streak and turned lower Wednesday.
  • US gold futures strengthened on the weakening dollar. The October future added $12.80 to close at $1,901.30 per oz.

Recap for October 13

  • Soybeans closed higher Tuesday, clawing back about a third of the previous day’s sharp declines, which resulted in slower farmer selling. Wheat futures were mixed in a narrow range, with hard wheat futures edging higher and Chicago soft wheat futures easing as a strengthening US dollar outweighed concerns of dryness in Black Sea-region competitors. Harvest pressures on corn was offset by new export sales and futures advances. December corn rose 2¼¢ to close at $3.91¼ a bu. Chicago December wheat fell ¼¢ to close at $5.94 a bu. Kansas City December wheat edged up ¾¢, closing at $5.31¼ a bu. Minneapolis December wheat added 1½¢, closing at $5.44¼ a bu, though later months were mixed in a narrow range. November soybeans jumped 10¼¢ to settle at $10.44 a bu. October soybean meal was up $1.80 at $358.50 a ton. October soybean oil rose 0.58¢ to close at 33.72¢ a lb.
  • Mixed reports at the onset of third-quarter earnings season, along with concerns over potential governmental restrictions if a second wave of coronavirus cases occurs, caused the three major US equity indexes to stumble Tuesday. The Dow Jones Industrial Average subtracted 157.71 points, or 0.55%, to close at 28,679.81 points. The Standard & Poor’s 500 Index shed 22.29 points, or 0.63%, to close at 3,511.93 points. The Nasdaq Composite declined 12.36 points, or 0.10%, to close at 11,863.90 points.
  • US crude oil futures advanced Tuesday. Prices were bolstered by strong economic data from China overnight, as well as an analysis by top Saudi Arabian oil officials indicating global demand for oil could recover sometime in 2022, driven by China even if the United States and Europe hold back. The November contract was up 77¢ at $40.20 a barrel.
  • The US dollar index continued to climb Tuesday after last week’s downturn.
  • US gold futures turned lower as the dollar continued to strengthen. The October future fell $34 to close at $1,888.50 per oz.

Recap for October 12

  • Harvest pressure weighed heavily on soybean futures Monday as prices fell sharply from Friday’s two-year high that resulted from bullish US Department of Agriculture supply data. That pressure took hold in a vacuum opened by a lack of new export sales. Corn and hard wheat futures followed soybeans lower while soft winter wheat futures advanced concerns about dryness in the United States and some other wheat regions around the globe. December corn fell 6¢ to close at $3.89 a bu. Chicago December wheat edged up ½¢ to close at $5.94¼ a bu. Kansas City December wheat fell 5¢, closing at $5.42¾ a bu. Minneapolis December wheat fell 1¢, closing at $5.43¾ a bu. November soybeans plummeted 31¾¢ to settle at $10.33¾ a bu. October soybean meal was down $6.40 at $356.70 a ton. October soybean oil fell 1.01¢ to close at 33.14¢ a lb.
  • A tech-stock rally Monday led US equity markets to their highest closes in nearly six weeks. All three major indexes were closing in on early-September highs after two weeks of volatility. The Dow Jones Industrial Average added 250.62 points, or 0.88%, to close at 28,837.52 points. The Standard & Poor’s 500 Index advanced 57.09 points, or 1.64%, to close at 3,534.22 points. The Nasdaq Composite added 296.32 points, or 2.56%, to close at 11,876.26 points, its third-highest close on record.
  • US crude oil futures declined Monday. The November contract was down $1.17 at $39.43 a barrel.
  • After falling for the last three days of last week, the US dollar index turned higher Monday.
  • US gold futures extended their climb even as the dollar strengthened. The October future gained $3 to close at $1,922.50 per oz.

Recap for October 9

  • After the US Department of Agriculture indicated US soybean inventories will dwindle to a five-year low, soybean futures surged Friday to their highest levels since March 2018. Hard wheat futures, both winter and spring, were tugged higher by spillover strength in soybeans and corn, the latter reaching a one-year high on pricing scenarios drawn from the USDA’s reports. Soft red winter wheat futures were mixed in a narrow range after neutral to friendly carryover data from the USDA. December corn added 8¢ to close at $3.95 a bu. Chicago December wheat was down 1½¢ to close at $5.93¾ a bu, although later months were mixed. Kansas City December wheat was up 6¾¢, closing at $5.35½ a bu. Minneapolis December wheat added 1¼¢, closing at $5.43¾ a bu. November soybeans added 15½¢ to settle at $10.65½ a bu. October soybean meal was up $3.90 at $363.10 a ton. October soybean oil added 0.91¢ to close at 34.15¢ a lb.
  • Signals pointing to a decisive result in next month’s presidential election were welcomed by investors who helped US equity markets climb Friday to finish their best week in three months. All three major indexes closed Friday at their highest levels since early September. Also supportive were signs Washington may approve a new round of economic stimulus. The Dow Jones Industrial Average added 161.39 points, or 0.57%, to close at 28,586.90 points. The Standard & Poor’s 500 Index advanced 30.31 points, or 0.88%, to close at 3,477.14 points. The Nasdaq Composite added 158.96 points, or 1.39%, to close at 11,579.94 points.
  • US crude oil futures eased Friday. The November contract was down 59¢ to $40.60 a barrel.
  • The US dollar index continued to falter Friday, falling for the last three days of the week.
  • US gold futures extended their climb as the dollar weakened. The October future gained $30.90 to close at $1,919.50 per oz.

Recap for October 8

  • Traders pulled wheat futures down from five-year highs Thursday, locking in profits and squaring positions prior to fresh supply-demand data due Friday from the USDA. Soybean and corn futures also eased, their losses limited by strong export demand, such as the fresh sales to China and Mexico that underpinned soybeans. December corn eased 1¾¢ to close at $3.87 a bu. Chicago December wheat was down 12¼¢ to close at $5.95¼ a bu. Kansas City December wheat fell 15¾¢, closing at $5.28¾ a bu. Minneapolis December wheat fell 6¾¢, closing at $5.42½ a bu. November soybeans eased 1¢ to $10.50 a bu. October soybean meal was down $1.80 to close at $359.20 a ton. October soybean oil eased 0.07¢ to close at 33.24¢ a lb, though later months were narrowly mixed and mostly higher.
  • Cautious optimism for a second fiscal stimulus package pushed US equity markets to their highest levels since early September on Thursday. The Dow Jones Industrial Average added 122.05 points, or 0.43%, to close at 28,425.51 points. The Standard & Poor’s 500 Index advanced 27.38 points, or 0.80%, to close at 3,446.83 points. The Nasdaq Composite added 56.38 points, or 0.5%, to close at 11,420.98 points.
  • US crude oil futures closed higher Thursday. The November contract was up $1.24 to $41.19 a barrel.
  • The US dollar index closed lower Thursday for a second day in a row.
  • US gold futures climbed as the dollar weakened. The October future gained $5 to close at $1,886.60 per oz.

Ingredient Markets



READ NEWS SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here