Recap for January 8

  • Fresh export demand and expectations of tight global supply indications in Jan. 12 USDA reports reignited a soybean futures rally Friday after profit-taking declines. Bets that those reports will show lower corn production forecasts and ending stocks helped nearby corn futures advance. Wheat futures were mixed, mostly lower on technical selling and profit taking after six-year highs earlier in the week. March corn advanced 2¼¢, settling at $4.96¼ a bu. Chicago March wheat fell 3½¢ to close at $6.38¾ a bu; later months were mixed. Kansas City March wheat dropped 3¾¢ to close at $5.94¾ a bu; later months were mixed. Minneapolis March wheat added 4½¢, closing at $6.07¾ a bu. January soybeans advanced 15¼¢, closing at $13.75¾ a bu. January soybean meal added $6.80 to close at $444.80 a ton. January soybean oil fell 0.59¢ to close at 43.76¢ a lb, but later months were mixed.
  • US equity markets advanced to fresh record closes as prospects for fiscal stimulus offset a monthly unemployment report that showed seven months of job growth ended in December. The Dow Jones Industrial Average advanced 56.84 points, or 0.18%, to close at 31,097.97. The Standard & Poor’s 500 Index added 20.89 points, or 0.55%, to close at 3,824.68. The Nasdaq Composite advanced 134.50 points, or 1.03%, to close at 13,201.98.
  • US crude oil prices closed higher Friday. The February future added $1.41 to close at $52.24 per barrel.
  • The US dollar index advance stretched to a third day Friday.
  • US gold futures were sharply lower in conjunction with the stronger US dollar. The February contract was down $78.20 at $1,835.40 per oz.

Recap for January 7

  • Wheat futures declined Thursday on profit-taking in the wake of six-year highs earlier in the week. Profit-taking also paused a rally in soybean futures, which declined for the first time in seven sessions. Corn futures eased for a second consecutive session. March corn declined 1¢, settling at $4.94 a bu. Chicago March wheat fell 5¼¢ to close at $6.42¼ a bu. Kansas City March wheat dropped 5¢ to close at $5.98½ a bu. Minneapolis March wheat fell 3¢, closing at $6.03¼ a bu. January soybeans declined 4¾¢, closing at $13.60¼ a bu. January soybean meal added $5.30 to close at $438 a ton. January soybean oil fell 0.04¢ to close at 44.35¢ a lb.
  • US equity markets advanced to new record highs as investors looked past Wednesday’s unrest in Washington to focus on the effects of Democratic control of Congress. The Dow Jones Industrial Average advanced 211.73 points, or 0.69%, to close at 31,041.13. The Standard & Poor’s 500 Index added 55.65 points, or 1.48%, to close at 3,803.79. The Nasdaq Composite surged 326.69 points, or 2.56%, to close at 13,067.48.
  • US crude oil prices closed higher Thursday. The February future added 20¢ to close at $50.83 per barrel.
  • The US dollar index advanced for a second day Thursday.
  • US gold futures advanced despite the stronger US dollar. The February contract was up $5 at $1,913.60 per oz.

Recap for January 6

  • Speculative buyers were drawn to US corn and soybean futures Wednesday by worries about dry Argentine weather. Both closed higher with the nearby corn future topping $5 a bu during the session for the first time since 2014. Wheat futures were mixed, mostly lower, pausing as traders took profits following the previous day’s six-year highs. March corn advanced 3¼¢, settling at $4.95 a bu. Chicago March wheat shed 6½¢ to close at $6.47½ a bu; most 2022 contracts were higher. Kansas City March wheat dropped 5¾¢ to close at $6.03½ a bu; later months were mixed. Minneapolis March wheat eased 1¢, closing at $6.06¼ a bu. January soybeans advanced 15¼¢, closing at $13.65¼ a bu. January soybean meal added $7.90 to close at $443.30 a ton. January soybean oil edged up 0.03¢ to close at 44.39¢ a lb.
  • US equity markets were mixed Wednesday as investors dumped big tech stocks and picked up shares of economically sensitive companies on ideas of a big government spending boost under a Democrat-controlled Senate. The Dow Jones Industrial Average advanced 437.80 points, or 1.44%, to close at a record 30,829.40. The Standard & Poor’s 500 Index added 21.28 points, or 0.57%, to close at 3,748.14. The Nasdaq Composite closed down 78.17 points, or 0.61%, at 12,740.79.
  • US crude oil prices closed higher Wednesday. The February future added 70¢ to close at $50.63 per barrel.
  • The US dollar index reversed course for a mid-week advance Wednesday.
  • US gold futures were lower Wednesday as the US dollar strengthened. The February contract was down $45.80 at $1,908.60 per oz.

Recap for January 5

  • South American supply concerns continued to boost US soybean futures, which reached fresh 6½-year highs Tuesday. Corn futures also advanced, as did wheat futures, reaching six-year highs on spillover strength, technical buying and declining crop conditions in Colorado, Montana, Illinois and a handful of other key winter wheat states. March corn jumped 8¢, settling at $4.91¾ a bu. Chicago March wheat added 12¢ to close at $6.54 a bu. Kansas City March wheat rose 9¾¢ to close at $6.09¼ a bu; though the furthest 2022 contracts declined. Minneapolis March wheat was up 8¼¢, closing at $6.07¼ a bu. January soybeans surged 33½¢, closing at $13.50 a bu. January soybean meal added $8.20 to close at $435.40 a ton. January soybean oil added 1.43¢ to close at 44.36¢ a lb.
  • US equity indexes climbed Tuesday as investors awaited the outcome of runoff elections in Georgia that will determine the political balance of the US Senate. The Dow Jones Industrial Average advanced 167.71 points, or 0.55%, to close at 30,391.60. The Standard & Poor’s 500 Index added 26.21 points, or 0.71%, to close at 3,726.86. The Nasdaq Composite closed up 120.51 points, or 0.95%, to close at 12,818.96.
  • US crude oil prices closed higher Tuesday. The February future jumped $2.31 to close at $49.93 per barrel.
  • The US dollar index continued to decline Tuesday.
  • US gold futures continued to rally Tuesday as the dollar declined. The February contract was up $7.80 at $1,954.40 per oz.

Recap for January 4

  • US soybean futures were moderately higher to open 2021, paring some gains after soaring to fresh 6½-year highs with support from speculative buying and concerns about south American supplies. Fund-driven buying, South American crop uncertainty and brisk export demand pushed nearly all corn futures to life-of-contract highs before paring gains on profit-taking and farmer selling. Wheat futures were mixed, having pared gains after nearing six-year peaks on fund buying and spillover strength from corn and soybeans. March corn eased ¼¢, settling at $4.83¾ a bu; later months were mixed in a narrow range. Chicago March wheat added 1½¢ to close at $6.42 a bu. Kansas City March wheat shed 4¢ to close at $5.99½ a bu; later months were mixed. Minneapolis March wheat was down ¼¢, closing at $5.99 a bu; later months were mixed in a narrow range. January soybeans were up 1¼¢, closing at $13.16½ a bu. January soybean meal declined $7.20 to close at $427.20 a ton, though later months were mixed. January soybean oil fell 0.4¢ to close at 42.93¢ a lb.
  • Investors envisioning a long, uneven recovery from the economic fallout from the coronavirus pandemic sent stocks lower to open the year. The Dow Jones Industrial Average declined 382.59 points, or 1.25%, to close at 30,223.89. The Standard & Poor’s 500 Index dropped 55.42 points, or 1.48%, to close at 3,700.65. The Nasdaq Composite closed down 189.84 points, or 1.47%, to close at 12,698.45.
  • US crude oil prices opened the year with a decline. The February future was 90¢ lower at $47.62 per barrel.
  • The US dollar index reversed course from New Year’s Eve and closed lower on the first trading day of 2021.
  • US gold futures jumped significantly higher Monday as the dollar index declined. The February contract was up $51.50 at $1,946.60 per oz.