Wheat and corn are rising for the weekend, but are recording weekly losses

Home » Wheat and corn rose over the weekend, but recorded weekly lossesSource: Sosland Publishing Co.

Flashback to January 19th

• Wheat futures rose at the end of the week on technical buying supported by improving global export demand, according to the export sales report, which beat analysts' expectations. Still, wheat posted its third consecutive weekly loss. Soybeans were lower on Friday, lower for the fifth straight week, under pressure from improving crop weather in Brazil and concerns about U.S. export demand. Corn futures were lower for a sixth straight week, although they closed higher on Friday, helped by net U.S. corn sales at a five-week high, including China's first U.S. corn purchase in three weeks. The Corn in March Future added 1½¢ to close at $4.45½ per BU; The later months were mixed. Chicago March wheat gained 7¾¢ to close at $5.93¼ per bu. Kansas City March wheat gained 2¾¢ to close at $6.08 per bu. Minneapolis March wheat rose 7½¢ to close at $6.95½ per bu. March soybeans fell ¼¢ to close at $12.13¼ per bu; later treaties were mixed within a narrow range. March soybean meal fell $4.80 to close at $356.50 per ton; August futures advanced. March soybean oil fell 0.72¢ to close at 46.9¢ per pound.

• The US stock markets closed higher again on Friday, with the S&P 500 reaching a new record high after more than 500 trading days without a record high. Shares of technology companies led the way after a positive earnings report earlier in the week from Taiwan Semiconductor Manufacturing Co. sparked a rebound in stocks such as Nvidia, Advanced Micro Devices and Broadcom. The Dow Jones Industrial Average gained 395.19 points or 1.05% to close at 37,863.8. The Standard & Poor's 500 gained 58.87 points, or 1.23%, to close at 4,839.81. The Nasdaq Composite gained 255.32 points, or 1.7%, to close at 15,310.97.

• U.S. crude oil prices were lower on Friday. February West Texas Intermediate light sweet crude futures fell 67 cents to close at $73.41 a barrel.

• The US dollar index fell lower on Friday, ending a four-session winning streak.

• US gold Futures Closed higher on Friday. The February contract rose $7.70 to close at $2,029.30 an ounce.

Review of January 18th

• U.S. wheat complex futures rose on Thursday, as did Euronext wheat, recovering from declines the previous day that saw some contracts hit seven-week lows. Support for wheat also came from the World Trade Organization, which reported that wheat shipments through the Suez Canal fell nearly 40% to 500,000 tons in the first half of January due to terrorist attacks by Houthi rebels in the Red Sea and the Gulf of Aden. U.S. soybean futures also rebounded from two-year lows on short covering and technical buying. And corn futures rose from a three-year low triggered by large global inventories in a round of short selling. The Corn in March Future added 1¾¢ to close at $4.44 per bu. Chicago March wheat added 3¢ to close at $5.85½ per bu. Kansas City March wheat added 11¼¢ to close at $6.05¼ per bu. Minneapolis march Wheat rose 7¾¢ to close at $6.88 per BU; March and May 2025 were lower. Soybeans in March rose 7¾¢ to close at $12.13½ per bu; The later months were mixed. March soybean meal rose $2.60 to close at $361.30 per ton. March soybean oil fell 0.08¢ to close at 47.62¢ per pound; The later months were mixed.

• U.S. stock markets closed higher on Thursday, helped by shares of information technology companies such as Taiwan Semiconductor, Qualcomm and Apple. The Dow Jones Industrial Average gained 201.94 points or 0.54% to close at 37,468.61. The Standard & Poor's 500 gained 41.73 points or 0.88% to close at 4,780.94. The Nasdaq Composite gained 200.03 points or 1.35% to close at 15,055.65.

• US crude oil Prices were higher on Thursday. February West Texas Intermediate light sweet crude futures rose $1.52 to close at $74.08 a barrel.

• The US dollar index closed higher for the fourth consecutive day on Thursday.

• US gold Futures Closed higher on Thursday. The February contract rose $15.10 to close at $2,021.60 an ounce.

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 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 by 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. Soybeans in March 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 that 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 controls 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 continued to fall for 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 weakening early 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 near a record high despite sharp declines in airline stocks 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.

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