China's Brazilian bean purchase highlights global competition

Home » China's Brazilian bean purchase highlights global competitionSource: Sosland Publishing Co.

Review of January 17th

• Soybean futures fell Wednesday on improvements in South American growing regions and shipments of Brazilian soybeans to China, an indicator of stiff competition for U.S. supplies. Pressure from increased global supply sent corn futures falling to a three-year low on Wednesday. Prompt Chicago wheat futures rose slightly while all other contracts fell as the U.S. dollar strengthened and neighboring markets applied pressure. The Corn in March The future fell 1¼¢ to close at $4.42¼ per bu. Chicago March wheat rose slightly ½¢ to close at $5.82½ per bu, but all subsequent months were lower. Kansas City March wheat fell 7½¢ to close at $5.94 per bu. Minneapolis March wheat fell 10½¢ to close at $6.80¼ per bu. March soybeans fell 21½¢ to close at $12.05¾ per bu. March soybean meal fell $12½ to close at $358.70 a ton. March soybean oil rose 0.45¢ to close at 47.70¢ per pound.

• U.S. stock markets continued to decline on Wednesday, a selloff that was driven by pessimism about the Federal Reserve's interest rate stance, offsetting a Commerce Department report showing U.S. retail sales fell 0 in December compared to the previous month on a seasonally adjusted basis The increase came after a strong increase of 0.3% in November. The Dow Jones Industrial Average fell 94.45 points or 0.25% to close at 37,266.67. The Standard & Poor's 500 fell 26.77 points, or 0.56%, to close at 4,739.21. The Nasdaq Composite fell 88.73 points, or 0.59%, to close at 14,855.62.

• US crude oil prices were mixed on Wednesday. The February West Texas Intermediate light sweet crude futures rose 16¢ to close at $72.56 a barrel, while the March contract fell 4¢ to close at $72.48 a barrel and subsequent months also fell were lower.

• The US dollar index closed higher for the third consecutive day on Wednesday.

• US gold Futures closed lower again on Wednesday. The February contract fell $23.70 to close at $2,006.50 an ounce.

Review of January 16th

• Export inspections at the high end of trade expectations and record soybean sales in December supported soybean futures on Tuesday in a volatile trade that included conflicting data on South American production. Corn futures fell further a day of trading after the USDA estimated record-breaking U.S. corn production and greater global supply than expected in 2023. Weak global demand and spillover pressure from corn kept wheat futures on a downward trend through the long holiday weekend. The Corn in March The future fell 3½¢ to close at $4.43½ per bu. Chicago March wheat fell 14¢ to close at $5.82 per bu. Kansas City March wheat fell 13¾¢ to close at $6.01½ per bu. Minneapolis march Wheat fell 8¾¢ to close at $6.90¾ per bu. Soybeans in March rose 3¢ to close at $12.27¼ per BU; The contract in September and beyond was relaxed. March soybean meal rose $9 to close at $371.10 per ton. March soybean oil fell 1¢ to close at 47.25¢ per pound.

• U.S. stock markets closed lower on Tuesday and the three major indexes were lower for 2024 as investor optimism about the Federal Reserve's interest rate path gave way to increased market scrutiny that halted the recent bond rally. The Dow Jones Industrial Average fell 231.86 points or 0.62% to close at 37,361.12. The Standard & Poor's 500 fell 17.85 points or 0.37% to close at 4,765.98. The Nasdaq Composite fell 28.41 points or 0.19% to close at 14,944.35.

• US crude oil Prices fell on Tuesday. February West Texas Intermediate light sweet crude futures fell 28 cents to close at $72.40 a barrel.

• The US dollar index The price closed higher on Tuesday, ending the holiday weekend on a stronger note after weaker last week.

• US gold Futures Closed below on Tuesday. The February contract fell $21.40 to close at $2,030.20 an ounce.

Flashback to January 11th

• Corn futures fell to a three-year low after the USDA said U.S. corn production would hit a record high in 2023 and corn inventories hit their highest level since 2018 on Dec. 1. Corn market pressures weighed on the wheat complex, as did the USDA's report indicating wheat stocks rose to 1.410 billion buses as of December 1, the largest since 2020. The ministry also increased global ending stocks of wheat, although that forecast continued was at its lowest level in eight years. Soybean futures fell to 26-month lows as the USDA's better-than-expected assessment of Brazil's crop more than offset U.S. soybean stocks as of Dec. 1 at 3 billion, down from 3.021 billion a year earlier and corresponds to the lowest level since 2020 Corn in March Futures fell 10¾¢ to close at $4.47 per bu. Chicago March wheat fell 7¾¢ to close at $5.96 per bu. Kansas City March wheat retreated ¾¢ to close at $6.15¼ per bu. Minneapolis march Wheat fell ½¢ to close at $6.99½ per BU. Soybeans in March fell 12¼¢ to close at $12.24¼ per bu. March soybean meal slipped 10¢ to close at $362.10 a ton. March soybean oil fell 0.47¢ to close at 48.25¢ per pound.

• U.S. stock markets were mixed on Friday, with the Dow Industrials index falling on the day while the S&P 500 managed to move closer to a record high despite sharp declines in stocks of airlines and companies that rely on discretionary spending . Still, all three posted weekly gains after declining in the first week of 2024 Dow Jones Industrial Average fell 118.04 points or 0.31% to close at 37,592.98. The Standard & Poor's 500 gained 3.59 points or 0.08% to close at 4,783.83. The Nasdaq Composite gained 2.57 points or 0.02% to close at 14,972.76.

• US crude oil Prices rose again at the end of the week amid tensions in the Middle East. February West Texas Intermediate light sweet crude futures gained 66 cents to close at $72.68 a barrel.

• The US dollar index The euro ended a two-day losing streak on Friday, while the euro, yen, pound and franc all closed in the red.

• US gold Futures Closed higher on Friday. The February contract gained $32.40 to close at $2,051.60 an ounce.

Review of January 10th

• Weak export demand put pressure on wheat futures on Thursday as traders adjusted positions ahead of new supply-demand figures and winter wheat planting data next Friday. Soybean futures were flat to slightly higher, consolidating near two-year lows ahead of Friday's reports. Corn futures fell under pressure from expectations that the USDA could increase corn inventories by 11.4% from a year ago. The Corn in March The future fell 1¾¢ to close at $4.57¾ per bu. Chicago March wheat fell 7¢ to close at $6.03¾ per bu. Kansas City March wheat fell 8½¢ to close at $6.16 per bu. Minneapolis march Wheat fell 7¾¢ to close at $7 per bu. Soybeans in March remained stable at $12.36½ per BU; In the later months the values ​​increased slightly. March soybean meal fell $2.10 to close at $362.20 per ton. March soybean oil rose 0.47¢ to close at 48.72¢ per pound.

• U.S. stock markets fell early, rebounded late and posted mixed closes after Labor Department consumer price index data suggested inflation rose more than expected in December. Core prices – which exclude volatile food and energy prices – rose 3.9% from a year ago, just above economists' forecasts for a 3.8% increase. The Dow Jones Industrial Average gained 15.29 points or 0.04% to close at 37,711.02. The Standard & Poor's 500 fell 3.21 points or 0.07% to close at 4,780.24. The Nasdaq Composite added 0.54 points to close at 14,970.19.

• US crude oil Prices were higher on Thursday. February West Texas Intermediate light sweet crude futures rose 65 cents to close at $72.02 a barrel.

• The US dollar index continued lower on Thursday.

• US gold Futures relaxed again on Thursday. The February contract fell $8.60 to close at $2,019.20 an ounce.

Flashback to January 9th

• Weak demand for U.S. supplies continued to weigh on wheat futures, but the complex closed mixed in mostly narrow ranges on Wednesday as traders adjusted positions ahead of Friday's USDA reports. The position squaring also underperformed the mostly lower corn futures. Concerns about U.S. export demand and rainy forecasts in dry Brazil led to a decline in soy complex futures. The Corn in March Future fell ¼¢ to close at $4.59½ per BU; The later months were more mixed, mostly lower. Chicago March wheat rose slightly ¾¢ to close at $6.10¾ per bu. Kansas City March wheat fell 2½¢ to close at $6.24½ per bu. Minneapolis march Wheat added 2¼¢ to close at $7.07¾ per BU; 2025 contracts were lower. Soybeans in March fell 12¢ to close at $12.36½ per bu. March soybean meal fell $3.30 to close at $364.30 per ton. March soybean oil fell 0.20¢ to close at 48.25¢ per pound.

• US stock markets continued to recover after a difficult first week of 2024. The three major indexes rose on Wednesday before investors gave their latest outlook on inflation on Thursday with the release of December consumer price data. The Dow Jones Industrial Average gained 170.57 points or 0.45% to close at 37,695.73. The Standard & Poor's 500 rose 26.95 points or 0.57% to close at 4,783.45, just 0.3% from the index's record high. The Nasdaq Composite gained 111.94 points or 0.75% to close at 14,969.65.

• US crude oil Prices were lower on Wednesday. February futures for West Texas Intermediate light sweet crude fell 87 cents to close at $71.37 a barrel.

• The US dollar index On Wednesday, it returned to the downtrend that characterized sessions around the weekend.

• US gold Futures relaxed again on Wednesday. The February contract fell $5.20 to close at $2,027.80 an ounce.

Ingredient markets

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