Excess US deliveries are weighing heavily on grain futures

Home » Excess US shipments weigh heavily on grain futuresSource: Sosland Publishing Co.

Review of February 15th

• Grain futures fell on Thursday after the U.S. Department of Agriculture forecast increased crop supplies for the 2024-25 marketing year amid slowing global demand for U.S. supplies. Both corn and soybean futures hit new three-year lows. Wheat futures in Kansas City and Minneapolis hit new contract lows, while the Chicago March contract settled at its lowest level since late November. The Corn in March The future fell 6½¢ for the second straight day to close at $4.17¾ per bu. Chicago March wheat fell 18½¢ to settle at $5.67 per bu. Kansas City March wheat fell 12¢ to close at $5.75¾ per bu. Minneapolis March wheat lost 4½¢ to close at $6.58 per bu. March soybeans fell 8¼¢ to close at $11.62¼ per bu. March soybean meal was $3.80 lower, closing at $339.50 per ton. March soybean oil lost 0.35 cents to close at 46 cents a pound.

• U.S. stock indexes brushed off a disappointing retail sales report, highlighting consumer resilience weaknesses, to close higher on Thursday. The S&P 500 ended up hitting another all-time high, its eleventh record of the year. The Dow Jones Industrial Average rose 348.85 points or 0.91% to close at 38,773.12. The Standard & Poor's 500 gained 29.11 points, or 0.58%, to close at 5,029.73. The Nasdaq Composite gained 47.03 points, or 0.30%, to close at 15,906.17.

• U.S. crude oil prices were higher on Thursday. Light, sweet March West Texas Intermediate crude oil futures gained $1.39 to close at $78.03 a barrel.

• The US dollar index rejected again on Thursday.

• US gold Futures advanced Thursday. The February contract rose $11.80 to close at $2,002.10 an ounce.

Review of February 14th

• Wheat complex futures were lower again on Wednesday, hitting new contract lows after the value of the US dollar hit a three-month high during the trading session before ending the day in the red. Corn and soybean futures followed wheat futures' decline and fell to three-year lows, dragged further lower by fund selling and ample global inventories. The Corn in March The future fell 6½¢ to close at $4.24¼ per bu. Chicago March wheat fell 12¢ to settle at $5.85½ per bu. Kansas City March wheat fell 6¾¢ to close at $5.87¾ per bu. Minneapolis march Wheat lost 9¼¢ to close at $6.62½ per bu. Soybeans in March fell 15¾¢ to close at $11.70½ per bu. March soybean meal fell $1.50 to close at $343.30 per ton. March soybean oil fell 0.95¢ to close at 46.35¢ per pound.

• U.S. stock indexes on Wednesday recouped some of the losses suffered on Tuesday, largely due to higher-than-expected inflation data that was expected to slow or delay the Fed's interest rate cuts. Today, Treasury yields fell as traders tried to figure out when the Fed would start cutting rates and dip buyers were active. The Dow Jones Industrial Average rose 151.52 points or 0.40% to close at 38,424.27. The Standard & Poor's 500 gained 47.45 points or 0.96% to close at 5,000.62. The Nasdaq Composite rose 203.55 points or 1.3% to close at 15,859.15.

• US crude oil On Wednesday, prices reversed course after posting gains in the seven previous trading sessions. Light, sweet March West Texas Intermediate crude fell $1.23 to close at $76.64 a barrel.

• The US dollar index declined on Wednesday.

• US gold Futures were lower on Wednesday. The February contract lost $2.60 to close at $1,990.30 an ounce.

Review of February 13th

• Complex wheat futures were mostly lower on Tuesday, with some hitting contract lows, as the dollar hit a three-month high, international demand weakened during the Lunar New Year and Russia increased its favorable grain prices. Technical trading lifted corn futures slightly, even as prices fell near three-year lows on plentiful global supplies and improving crop prospects in South America and export competition. Soybean futures tracked lower soymeal futures after U.S. soybean production slowed in January from February's record as icy weather disrupted operations at several processing plants. The Corn in March Futures edged up ¼¢ to close at $4.30¾ per bu. Chicago March wheat remained stable at closing price at $5.97½ per bu; Later months relaxed for a second day. Kansas City March wheat fell 4¼¢ to close at $5.94½ per bu. Minneapolis march Wheat fell 10¾¢ to close at $6.71¾ per bu. Soybeans in March fell 6¾¢ to close at $11.86¼ per bu. March soybean meal fell $4.10 to close at $344.80 per ton. March soybean oil Added 0.40¢ to close at 47.30¢ per pound.

• U.S. stocks and stock indexes fell on Tuesday after a Labor Department report suggested consumer prices rose 3.1% in January from a year earlier, compared with a 3.4% rise in December, the lowest since June. The consumer price index was still above the forecast 2.9%, disappointing investors who were hoping the Fed would cut interest rates sooner rather than later. Core prices, a measure that excludes food and energy, rose 0.4%. The Dow Jones Industrial Average fell 524.63 points or 1.35% to close at 38,272.75. The Standard & Poor's 500 lost 68.67 points or 1.37% to close at 4,953.17. The Nasdaq Composite fell 286.95 points or 1.8% to close at 15,655.60.

• US crude oil Prices were higher for the seventh consecutive day on Tuesday. Light, sweet March West Texas Intermediate crude rose 95 cents to close at $77.87 a barrel.

• The US dollar index strengthened again on Tuesday.

• US gold Futures were lower on Tuesday. The February contract fell $25.30 to close at $1,992.90 an ounce.

Review of February 12th

• Soybean futures jumped on Monday amid a round of bargain buying from last week's three-year lows. Corn futures also made bargain gains to a lesser extent. Wheat complex futures were mixed, mostly lower, due to ongoing global export price competition and weak export demand for U.S. supplies. The Corn in March Future added 1½¢ to close at $4.30½ per bu. Chicago March wheat added ¾¢ to close at $5.97½ per bu, although most later months declined. Kansas City March wheat fell 2¾¢ to close at $5.98¾ per bu. Minneapolis march Wheat fell 1¾¢ to close at $6.82½ per bu. Soybeans in March rose 9½¢ to close at $11.93 per bu. March soybean meal rose $2.10 to close at $348.90 per ton. March soybean oil fell 0.36¢ to close at 46.9¢ per pound.

• The US stock markets recorded mixed closing prices at the start of the week. The DJIA continued its climb on strong economic data, positive corporate earnings reports and a continued rally in shares of major technology companies. The S&P 500 matched its string of record-breaking closes ahead of further earnings reports this week and key inflation data to be released in the January Consumer Price Index on Tuesday. The Dow Jones Industrial Average gained 125.69 points or 0.33% to close at 38,797.38. The Standard & Poor's 500 fell 4.77 points or 0.09% to close at 5,021.84. The Nasdaq Composite fell 48.12 points or 0.3% to close at 15,942.55.

• US crude oil Prices were higher for the sixth consecutive day on Monday. Light, sweet March West Texas Intermediate crude rose 8¢ to close at $76.92 a barrel.

• The US dollar index Strengthened on Monday.

• US gold Futures were lower on Monday. The February contract fell $5.10 to close at $2,018.20 an ounce.

Review of February 9th

• US stock indexes were mixed on Friday, with the DJIA falling, but the S&P 500 closing above 5,000 points for the first time and hitting its tenth record high of 2024. Driving the rally were shares of major technology companies such as Applied Materials, Nvidia, Alphabet, Amazon and Microsoft. The Dow Jones Industrial Average fell 54.64 points or 0.14% to close at 38,761.69. The Standard & Poor's 500 gained 28.70 points or 0.57% to close at 5,026.61. The Nasdaq Composite gained 196.95 points or 1.25% to close at 15,990.56. All three indices posted weekly gains in 14 of the last 15 weeks.

• Complex wheat futures recorded mixed closes at the end of the week. Bargain buying and short covering drove gains in Kansas City and nearby Chicago, with the weaker U.S. dollar providing further support. Corn and soybean futures hovered near three-year lows and closed lower on Friday, pressured by improving crop weather and forecasts of larger shipments in South America. The Corn in March Futures fell 4¼¢ to close at $4.29 per bu. Chicago March wheat added 8¼¢ to close at $5.96¾ per BU, with later months mixed. Kansas City March wheat rose slightly ½¢ to close at $6.01½ per bu. Minneapolis march Wheat also rose slightly by ½¢ to close at $6.84¼ per BU, although all subsequent months were declining. Soybeans in March lost 10¢ to close at $11.83½ per bu. March soybean meal lost 30¢ to close at $346.80 a ton. March soybean oil fell 0.68¢ to close at 47.26¢ per pound.

• US crude oil Prices were higher for the fifth consecutive day on Friday. Light, sweet March West Texas Intermediate crude rose 62¢ to close at $76.84 a barrel.

• The US dollar index weakened on Friday.

• US gold Futures were lower again on Friday. The February contract fell $8.90 to close at $2,023.30 an ounce.

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