Nearby soybeans rise in volatile trading

Home » Nearby Soybeans Rise in Volatile TradingSource: Sosland Publishing Co.

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. March soybeans 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 a ton. Soybean oil fell 1¢ in March to close at 47.25¢ a 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 futures for light, sweet West Texas Intermediate crude 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.

Review of January 8th

• US crude oil Prices closed higher on Tuesday, a day after Saudi Arabia cut prices, sending Brent and WTI futures sharply lower. Support came Tuesday from expectations that figures from the American Petroleum Institute will show U.S. crude inventories fell by 5.2 million barrels in the week ended Jan. 5, along with tensions in the Middle East and the closure of an oil field with a capacity of 300,000 barrels per day in Libya and Saudi Arabia Arabia emphasizes its desire to stabilize prices. February futures for West Texas Intermediate light sweet crude rose $1.47, about 2%, to close at $72.24 a barrel.

• Wheat complex futures closed higher on Tuesday ahead of Friday's key planting report, supported by global export business and freezing temperatures in France. Soybean futures strengthened on Tuesday with technical buying and short covering. Short covering was also the reason corn futures rose from their lowest level since December 2020, reached a day earlier. The Corn in March Futures rose 4¼¢ to close at $4.59¼ per bu. Chicago March wheat rose 13¾¢ to close at $6.10 per bu. Kansas City March wheat rose 11¾¢ to close at $6.27 per bu. Minneapolis march Wheat added 3¢ to close at $7.05½ per bu. Soybeans in March rose 3¢ to close at $12.48½ per bu. March soybean meal fell 90 cents for the second day to close at $367.60 a ton. March soybean oil rose 0.64¢ to close at 48.45¢ per pound.

• Monday's solid gains gave way to relative calm on Tuesday in U.S. stock indexes, which posted mixed closes. The Dow Industrials and S&P 500 indices fell, while the Nasdaq rose on strength from Nvidia, Amazon and Alphabet. The Dow Jones Industrial Average fell 157.85 points or 0.42% to close at 37,525.16. The Standard & Poor's 500 subtracted 7.04 points or 0.15% to close at 4,756.5. The Nasdaq Composite gained 13.94 points or 0.09% to close at 14,857.71.

• The US dollar index advanced further on Tuesday, ending a three-day losing streak.

• US gold Futures relaxed again on Tuesday. The February contract fell 50 cents to close at $2,033 an ounce.

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