Ag futures dip into weekend on global news

Recap for January 26

• Wheat futures dropped lower in technical selling profit taking and signals the global export business may be cooling off. Soybean futures dipped to a one-week low Friday after the Buenos Aires Grains Exchange on Thursday raised its estimate of Argentina’s soybean crop to 52.5 million tonnes, up about 1% from its previous forecast. Corn futures dropped lower Friday after the BAGE a day earlier increased its estimate of Argentina’s corn crop to 56.5 million tons, up nearly 3% from its previous forecast. The March corn future dropped 5½¢ to close at $4.46¼ per bu. Chicago March wheat dropped 12¢, closing at $6.00¼ per bu. Kansas City March wheat fell 12¼¢ to close at $6.24¾ per bu. Minneapolis March wheat fell 5½¢ to close at $7.03½ per bu. March soybeans shed 13¾¢ to close at $12.09¼ per bu. March soybean meal fell $9.20 to close at $349 per ton. March soybean oil added 0.40¢ to close at 46.93¢ a lb.

• A week of upside momentum for US equity markets that included several fresh record highs ended with mixed closes Friday but weekly gains. Intel’s tepid projections pushed shares of the company down 12%, their largest decrease since July 2020, and other tech company shares, such as Advanced Micro Devices, Nvidia and Micron Technology, all finished lower. The Dow Jones Industrial Average added 60.30 points, or 0.16%, to close at 38,109.43. The Standard & Poor’s 500 dropped 3.19 points, or 0.07%, to close at 4,890.97. The Nasdaq Composite shed 55.13 points, or 0.36%, to close at 15,455.36.

• US crude oil prices were higher again on Friday. The March West Texas Intermediate light, sweet crude future added 65¢ to close at $78.01 per barrel.

• The US dollar index weakened into the weekend. 

• US gold futures eased Friday. The February contract lost 50¢ to close at $2,017.30 per oz.

Recap for January 25

• Wheat futures continued to climb Thursday on optimism that North America and Europe could pick up some global demand amid geopolitical tension in the Middle East and terrorism in the Red Sea. Soybean futures declined Thursday after the USDA said export sales of US soybeans in the week ended Jan. 18 were 560,900 tonnes, below a range of trade expectations for 700,000 to 1,200,000 tons. Corn futures were lower under pressure from ample US inventories, uncertain demand and spillover weakness. The March corn future fell ½¢ to close at $4.51¾ per bu. Chicago March wheat added 1½¢, closing at $6.12¼ per bu. Kansas City March wheat jumped 11¼¢ to close at $6.37 per bu. Minneapolis March wheat added 4½¢ to close at $7.09 per bu. March soybeans deleted 17¼¢ to close at $12.23 per bu. March soybean meal fell $5.10 to close at $358.20 per ton. March soybean oil dropped 0.79¢ to close at 46.53¢ a lb.

• US equity markets closed higher Thursday after a Commerce Department report indicated the economy grew at a 3.3% seasonally and inflation-adjusted annualized pace in the fourth quarter, fueled by household and government spending. The quarterly reading was a slowdown from the summer’s 4.9% pace but still a healthy rate. The Department said the US economy grew 3.1% over the past year. The Dow Jones Industrial Average added 242.74 points, or 0.64%, to close at 38,049.13. The Standard & Poor’s 500 added 25.61 points, or 0.53%, to close at 4,894.16. The Nasdaq Composite added 28.58 points, or 0.18%, to close at 15,510.50.

• US crude oil prices were higher Thursday. The March West Texas Intermediate light, sweet crude future added $2.27 to close at $77.36 per barrel.

• The US dollar index resumed its climb Thursday. 

• US gold futures closed higher Thursday. The February contract added $1.80 to close at $2,017.80 per oz.

Recap for January 24

• US equity indexes closed higher Wednesday, driven by strong performances from the so-called Magnificent Seven: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Investors were encouraged to return to large-cap tech shares by ideas the economy is likely too strong for the Federal Reserve to cut interest rates as swiftly as some hoped. The Dow Jones Industrial Average dropped 99.06 points, or 0.26%, to close at 37,806.39. The Standard & Poor’s 500 edged up 3.95 points, or 0.08%, to close at 4,868.55. The Nasdaq Composite added 55.97 points, or 0.36%, to close at 15,481.92.

• A pause in the US dollar’s January jump boosted wheat futures Wednesday, the prompt Chicago contract up 2.4% in apparent chart-based trading. The dollar’s direction also helped KC and Minneapolis futures higher, offsetting SovEcon’s increase in its projection of Russia’s 2024 wheat production to 92.2 million tons from 91.3 million as its December estimate. Corn futures benefited from the dollar’s pause plus stressful heat in Argentina and an expected lower production from Brazil’s second crop. Soybean futures were narrowly mixed Wednesday in choppy trade influenced by South American crop prospects and profit taking. The March corn future added 5¾¢ to close at $4.52¼ per bu. Chicago March wheat jumped 14¼, closing at $6.10¾ per bu. Kansas City March wheat advanced 8¼¢ to close at $6.25¾ per bu. Minneapolis March wheat added 5½¢ to close at $7.04½ per bu. March soybeans edged up ¾¢ to close at $12.40¼ per bu with later months mixed narrowly. March soybean meal added $2.20 to close at $363.30 per ton. March soybean oil dropped 0.89¢ to close at 47.32¢ a lb.

• US crude oil prices were higher Wednesday. The March West Texas Intermediate light, sweet crude future added 72¢ to close at $75.09 per barrel.

• The US dollar index weakened Wednesday, closing lower for the second time in seven trading days. 

• US gold futures closed lower Wednesday. The March contract dropped $9.80 to close at $2,016 per oz.

Recap for January 23

• Technical buying and short covering on the heels of last week’s descent to multi-year lows boosted soybean futures on Tuesday. Wheat posted narrow, mixed but mostly higher changes, and corn futures edged higher, both reflecting the weight of lackluster demand and plentiful supplies versus support from short covering and technical buying. The March corn future added ¾¢ to close at $4.46½ per bu. Chicago March wheat was steady, closing at $5.96½ per bu; later months were mixed. Kansas City March wheat jumped 10½¢ to close at $6.17½ per bu. Minneapolis March wheat fell 1½¢ to close at $6.99 per bu; later months were mixed, mostly edging higher. March soybeans added 15¼¢ to close at $12.39½ per bu. March soybean meal added $5.30 to close at $361.10 per ton. March soybean oil added 0.05¢ to close at 48.21¢ a lb.

• US equity markets posted mixed closes Tuesday with declines in shares of 3M, Goldman Sachs Group and Home Depot among those pulling the DJIA below 38,000 points after topping the mark for the first time Monday. Meanwhile, shares of big US companies edged higher overall, helping the S&P500 to a third consecutive record high close. The Dow Jones Industrial Average fell 96.36 points, or 0.25%, to close at 37,905.45. The Standard & Poor’s 500 added 14.17 points, or 0.29%, to close at 4,864.60. The Nasdaq Composite added 65.66 points, or 0.43%, to close at 15,425.94.

• US crude oil prices were lower Tuesday. The March West Texas Intermediate light, sweet crude future dropped 39¢ to close at $74.37 per barrel.

• The US dollar index continued higher Tuesday, the fifth higher close in six trading days. 

• US gold futures closed higher Tuesday. The March contract added $3.60 to close at $2,025.80 per oz.

Recap for January 22

• Gains in shares of Microsoft and other technology behemoths, plus Goldman Sachs, pushed equity markets higher Monday, the Dow industrials average above 38,000 for the first time in history. The Dow Jones Industrial Average added 138.01 points, or 0.36%, to close at 38,001.81. The Standard & Poor’s 500 added 10.62 points, or 0.22%, to close at 4,850.43. The Nasdaq Composite added 49.32 points, or 0.32%, to close at 15,360.29.

• Wheat complex futures were mixed Monday, pressured by lower prices from Russia in the global export market, but supported by bargain buying and short covering. Strength in crude oil markets bolstered soybean oil futures, which pulled soybean futures higher. Corn futures were fractionally higher on spillover strength from soybean futures. The March corn future added ¼¢ to close at $4.45¾ per bu. Chicago March wheat added 3¼¢ to close at $5.96½ per bu. Kansas City March wheat fell 1¢ to close at $6.07 per bu; later months were mostly higher. Minneapolis March wheat was up 5¢ to close at $7.00½ per bu; the September contract was unchanged but the December contract and beyond were lower. March soybeans added 11¢ to close at $12.24¼ per bu. March soybean meal fell 70¢ to close at $355.80 per ton. March soybean oil added 1.26¢ to close at 48.16¢ a lb.

• US crude oil prices were higher Monday. The expiring February West Texas Intermediate light, sweet crude future added $1.78 to close at $75.19 per barrel. The March contract was up $1.51 to close at $74.76 per barrel.

• The US dollar index closed higher Monday, reigniting last week’s four-session rally. 

• US gold futures closed lower Monday. The February contract fell $7.10 to close at $2,022.10 per oz.