Chicago wheat surges on Chinese purchases

Home » Chicago wheat skyrockets on Chinese purchaseSource: Sosland Publishing Co.

Review of December 5th

• Durum wheat futures were higher and Chicago soft wheat futures jumped on Tuesday after the USDA confirmed a second straight purchase of the variety by China, bringing the two-day total to 638,000 tons. Corn was higher for a fifth straight session and soybean futures were in a thin range as traders awaited Brazilian weather forecasts that could bring much-needed relief to the region's crop. Corn in December Futures rose 8¼¢ to close at $4.68½ per bu. Chicago December wheat rose 25¢ to close at $6.20¾ per bu; The most postponed months decreased. Kansas City December wheat rose 1¼¢ to close at $6.57½ per bu. Minneapolis December wheat gained 3¾¢ to close at $7.15 per bu. January soybean prices fell ¾¢ to close at $13.05½ per bu; The later months were inconsistent in tiny areas. December soybean meal rose $11.40 to close at $433.70 a ton. December soybean oil fell 0.97 cents to close at 50.22 cents a pound.

• The rally in bonds continued on Tuesday, sending the benchmark U.S. 10-year note to its lowest level since the summer. The tech-heavy Nasdaq emerged winner at closing bells, but broader stock indexes fell as consumer and technology stocks failed to offset declines in utilities, energy, materials and real estate stocks. The Dow Jones Industrial Average fell 79.88 points or 0.22% to close at 36,126.56. The Standard & Poor's 500 fell 2.60 points, or 0.06%, to close at 4,567.18. The Nasdaq Composite gained 44.42 points, or 0.31%, to close at 14,229.91.

• US crude oil prices continued to fall on Tuesday. January West Texas Intermediate light sweet crude futures fell 72¢ to close at $72.32 a barrel.

• The US dollar index strengthened again on Tuesday.

• US gold Futures continued to fall while the dollar rose. The December contract fell $5.60 to close at $2,018.50 an ounce.

Review of December 4th

• U.S. wheat futures jumped on Monday, with Chicago soft wheat rising 3% to a six-week high after the U.S. Department of Agriculture confirmed private sales of 440,000 tons of U.S. soft red winter wheat to China, boosting crop estimates in Canada and Canada more than made up for Australia and export controls that fell short of expectations. Favorable export controls led to mixed finishes in corn, but soybean controls for export fell short of expectations and futures fell. Corn in December Futures fell 4¼¢ to close at $4.60¼ per bu; The later months were inconsistent in a narrow area. Chicago December wheat rose 18¾¢ to close at $5.95¾ per bu. Kansas City December wheat rose 11¼¢ to close at $6.56¼ per bu. Minneapolis December Wheat added 8¾¢ to close at $7.11¼ per bu. January soybeans fell 18¾¢ to close at $13.06¼ per bu. December soybean meal fell $3 to close at $422.30 per ton. December soybean oil fell 0.19¢ to close at 51.19¢ per pound.

• Higher bond yields weighed on shares of major technology companies on Monday and dragged down the broader stock market. The Dow Jones Industrial Average lost 41.06 points or 0.11% to close at 36,204.44. The Standard & Poor's 500 fell 24.85 points or 0.54% to close at 4,569.78. The Nasdaq Composite The price fell 119.54 points or 0.84% ​​to close at 14,185.49.

• US crude oil Prices continued to fall on Monday. January West Texas Intermediate light sweet crude futures fell $1.03 to close at $73.04 a barrel.

• The US dollar index Opened the climbing week.

• US gold Futures fell as the dollar strengthened on Monday. The December contract fell $46.90 to close at $2,024.10 an ounce.

Review of December 1st

• Rain, crucial to crop development, appeared in the forecast for export rival Brazil and put pressure on U.S. soybean futures at the end of the week. Corn and most wheat futures rose in another round of short covering. Corn in December Futures rose 2¾¢ to close at $4.64½ per bu. Chicago December wheat added 6¾¢ to close at $5.77 per bu. Kansas City December wheat added 1¾¢ to close at $6.45 per bu. Minneapolis December Wheat remained stable at $7.02½ per bu. January soybeans fell 17¾¢ to close at $13.25 per bu. December soybean meal fell $16.90 to close at $425.30 per ton. December soybean oil fell 0.91¢ to close at 51.38¢ per pound.

• The Nasdaq reversed course toward a win and the S&P 500 and Dow Industrials index continued to rise, closing the week after Federal Reserve Chairman Jerome Powell said the central bank's policy was “well on the hawkish side.” area,” a signal that rate hikes may be complete. The Dow Jones Industrial Average gained 294.61 points, or 0.82%, to close at 36,245.50, up 2.4% for the week, a fifth consecutive weekly gain, the longest winning streak since the end of 2021. The Standard & Poor's 500 gained 26.83 points, or 0.59%, to close at 4,594.63, up 0.8% for the week and the highest since March 2022 Nasdaq Composite gained 78.81 points or 0.55% to close at 14,305.03, a weekly gain of 0.4%.

• US crude oil Prices continued to fall on Friday. January West Texas Intermediate light sweet crude futures fell $1.89 to close at $74.07 a barrel.

• The US dollar index fell after several stronger days and ended the week.

• US gold Futures advanced Friday. The December contract rose $32.90 to close at $2,071 an ounce.

Review of November 30th

• U.S. stock markets were mixed on Thursday, with the technology-focused Nasdaq falling. But the Dow Industrials index jumped on the final day of November after a Commerce Department report showed Americans slowed spending and inflation fell further in October, boosting investors' hopes that the Federal Reserve will step up in raising interest rates would stay. All three major indexes posted gains of at least 8% in November, ending their three-month losing streak. The Dow Jones Industrial Average rose 520.47 points or 1.47% to close at 35,950.89. The Standard & Poor's 500 gained 17.22 points or 0.38% to close at 4,567.80. The Nasdaq Composite lost 32.27 points or 0.23% to close at 14,226.22.

• Wheat futures continued to rise on Thursday after the US Department of Agriculture reported US wheat export sales at 622,800 tonnes for the week ending November 23, 2023-24, a six-week high, upsetting trade expectations of 200,000 to 500,000 tonnes exceeded. Wheat and corn futures were also supported by short covering after slumping to multi-year lows. Soybean futures moved within a trading range and closed lower despite reports of private sales of U.S. shipments to China. Corn in December Futures gained 12¢ to close at $4.61¾ per bu. Chicago December wheat added 14¼¢ to close at $5.70¼ per bu. Kansas City December wheat added 3¼¢ to close at $6.43¼ per bu. Minneapolis December Wheat added 5¾¢ to close at $7.02½ per bu. January soybeans fell 4¼¢ to close at $13.42¾ per BU; September 2024 and beyond were just above that. December soybean meal fell $2.10 to close at $442.20 per ton. December soybean oil fell 0.39¢ to close at 52.29¢ per pound.

• US crude oil Prices fell on Thursday. January futures for light, sweet West Texas Intermediate crude fell $1.90 to close at $75.96 a barrel.

• The US dollar index The increase continued on Thursday.

• US gold Futures declined on Thursday. The December contract fell $9 to close at $2,038.10 an ounce.

Review of November 29th

• Wheat futures rose for a second straight session on Wednesday, rising more than 2% in short selling ahead of the rollover into December. Month-end positioning pushed corn futures mostly higher. There was little change in soybean futures as trading continued to monitor weather conditions in Brazil. Corn in December Futures fell 1¾¢ to close at $4.49¾ per bu, but were mostly higher in later months. Chicago December wheat rose 12¼¢ to close at $5.56 per bu. Kansas City December wheat rose 27¢ to close at $6.40 per bu. Minneapolis December Wheat added 2¼¢ to close at $6.96¾ per bu. January soybeans rose ½¢ to close at $13.47 per BU; The later months were rather mixed. December soybean meal fell $6 to close at $444.30 per ton; The later months were mixed. December soybean oil fell 0.66¢ to close at 52.68¢ per pound.

• US stock markets ended mixed until the closing bell on Wednesday. Investors considered balancing economic factors, contrasting recent rhetoric that the Federal Reserve could cut interest rates sooner than expected with data that suggested the U.S. economy grew faster than previously reported. The Dow Jones Industrial Average gained 13.44 points or 0.04% to close at 35,430.42. The Standard & Poor's 500 lost 4.31 points or 0.09 to close at 4,550.58. The Nasdaq Composite lost 23.27 points or 0.16% to close at 14,258.49.

• US crude oil Prices were higher again on Wednesday. January West Texas Intermediate light sweet crude futures gained $1.45 to close at $77.86 a barrel.

• The US dollar index rose slightly on Wednesday.

• US gold Futures advanced Wednesday. The December contract rose $7.10 to close at $2,047.10 an ounce.

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