Wheat futures rise on rumors of China returning to the market

Home » Wheat futures rise on rumors of China returning to the marketSource: Sosland Publishing Co.

Review of January 4th

• Wheat futures closed higher on Thursday, with Chicago Soft Red Winter contracts leading the way, rebounding from one-month lows, as rumors emerged that China may be looking for more Soft Red Winter wheat in the US . Soybean futures fell as rain eased pressure on dry Brazilian fields and raised concerns about U.S. export sales. Corn futures were slightly higher over the next few months on market consolidation moves, but mixed later. Corn in March Futures rose 1¼¢ to close at $4.66½ per bu; The later months remained unchanged or were very different. Chicago March wheat rose 13¼¢ to close at $6.13½ per bu. Kansas City March wheat gained 4¼¢ to close at $6.25¾ per bu. Minneapolis March wheat rose 2¾¢ to close at $7.11¼ per bu. March soybeans fell 9½ cents to close at $12.67½ per bu. March soybean meal fell $4.20 to close at $376.20 a ton. March soybean oil fell 0.44 cents to close at 48.16 cents a pound.

• US stock markets were mixed on Thursday. It was the fifth straight day of losses for the Nasdaq, which posted its worst two-day start to a year since 2005. The index was weighed down by Apple and Amazon, among others. The Dow Jones industrial index rose again, while the S&P 500 fell. Conagra Foods and Walgreens Boots Alliance were among the stocks that fell. The Dow Jones Industrial Average rose 10.15 points or 0.03% to close at 37,440.34. The Standard & Poor's 500 lost 16.13 points, or 0.34%, to close at 4,688.68. The Nasdaq Composite fell 81.91 points, or 0.56%, to close at 14,510.30.

• U.S. crude oil prices fell on Thursday, with February sweet WTI crude futures falling 51 cents to close at $72.19 a barrel.

• The US dollar index broke a four-day rally with a decline on Thursday.

• US gold Futures Closed higher on Thursday. The February contract rose $7.20 to close at $2,050 an ounce.

Flashback to January 3rd

• The rise of the US dollar to a two-month high boosted the export outlook for US commodities and wheat futures were mostly lower as a result. Improved condition ratings for winter wheat in the state of Kansas, which has the highest production of hard red winter wheat, added pressure. Buoyed by short covering but limited by Brazilian rains and weather forecasts, soybean futures rose from multi-month lows on Wednesday. Corn futures followed Tuesday's selloff with short selling and technical buying, ending the day largely unchanged. Corn in March Futures rose 1½¢ to close at $4.65¼ per bu; In the later months, the values ​​were more mixed, but mostly higher. Chicago March wheat fell 6½¢ to close at $6.00¼ per bu. Kansas City March wheat fell 7½¢ to close at $6.21½ per BU; The most deferred contracts for 2025 were slightly higher. Minneapolis march Wheat lost 6½¢ to close at $7.08½ per bu. Soybeans in March added 3½¢ to close at $12.77 per bu. March soybean meal rose 90¢ to close at $380.40 per ton. March soybean oil rose 0.31¢ to close at 48.60¢ per pound.

• US stock markets fell on Wednesday. Some investors attributed declines to a natural consequence of the stock and bond rallies in late 2023. The weakness earlier in the year came even as new economic data suggested a gradual slowdown in the U.S. economy. The Institute for Supply Management said manufacturing activity fell slightly in December from the previous month, although less than economists had forecast. According to the U.S. Department of Labor, there were 8.8 million job openings in November, down from the recent peak of 12 million in March 2022 Dow Jones Industrial Average fell 284.85 points or 0.76% to close at 37,430.19. The Standard & Poor's 500 fell 38.02 points or 0.8% to close at 4,704.81. The Nasdaq Composite fell 173.73 points or 1.18% to close at 14,592.21.

• The US crude oil The downward trend in prices was interrupted on Wednesday. February WTI sweet crude futures rose $2.32 to close at $72.70 a barrel.

• The US dollar index The rise continued for the fourth trading day in a row on Wednesday.

• US gold Futures On Wednesday, they returned to their downward position recorded at the end of 2023. The February contract fell $30.60 to close at $2,042.80 an ounce.

Flashback to January 2nd

• A stronger dollar helped send most agricultural commodity futures lower on Tuesday, the first trading day of 2024. Traders monitoring supply risks in the Black Sea sold futures, causing European wheat prices to fall. Soybean futures were lower as rains in northern Brazil helped improve moisture and crop conditions, with more rain forecast for this week. This offset StoneX's decline from its estimate for Brazil's crop of 161.9 million to 152.8 million tonnes. Brazil's decline sent US corn futures to lows. Corn in March Futures fell 7½¢ to close at $4.63¾ per bu. Chicago March wheat fell 21¼¢ to close at $6.06¾ per bu. Kansas City March wheat lost 13¢ to close at $6.29 per bu. Minneapolis march Wheat lost 8½¢ to close at $7.15 per bu. Soybeans in March fell 19½¢ to close at $12.74 per bu. March soybean meal fell $7.10 to close at $378.90 per ton. March soybean oil The price fell 0.05¢ to close at 47.79¢ per pound, although all subsequent months were higher.

• U.S. stock markets were mixed on Tuesday, with the Dow industrial index posting another record close, while shares of major technology companies such as Apple and Nvidia pushed the Nasdaq lower. The S&P 500 closed lower as declining technology and telecommunications stocks offset gains in shares of energy, health care, utilities and consumer staples companies. The Dow Jones Industrial Average gained 25.5 points or 0.07% to close at 37,715.04. The Standard & Poor's 500 fell 27 points or 0.57% to close at 4,742.83. The Nasdaq Composite fell 245.41 points or 1.63% to close at 14,765.94.

• US crude oil At the beginning of 2024, prices continued to fall. February WTI sweet crude oil futures fell $1.27 to close at $70.38 a barrel.

• The US dollar index The price continued to rise on Tuesday as trading resumed.

• US gold Futures reversed course at year-end and closed higher on Tuesday. The February contract rose $1.60 to close at $2,073.40 an ounce.

Review of December 29th

• Wheat futures posted narrow, mixed moves on Friday ahead of the Lunar New Year holiday, but edged higher this week as concerns about export demand were more than offset by increasing conflict in the Russia-Ukraine war. Corn and soybean futures were lower on the day and week as the weather outlook for Brazil's corn and soybean crops improved. For the year, nearby corn futures fell about 30%, Chicago wheat fell about 20%, and soybean futures fell 15% from a year ago. Corn in March Futures fell 3¢ to close at $4.71¼ per bu. Chicago March wheat fell 3½¢ to close at $6.28½ per BU; The later months were rather mixed. Kansas City March wheat slipped 1¾¢ to close at $6.42 per BU; The later months were rather mixed. Minneapolis march Wheat lost 2¢ to close at $7.23½ per bu. Soybeans in March fell 14¢ to close at $12.98 per bu. March soybean meal fell $4.70 to close at $386 per ton. March soybean oil gained 0.20¢ to close at 48.18¢ per pound.

• U.S. stock indexes closed with slight to moderate losses on Friday, largely due to profit-taking, but posted double-digit growth for the year and near record highs as traders expected monetary policy easing and lower interest rates in 2024 Dow Jones Industrial Average lost 20.56 points or 0.05% to close at 37,689.54. The Standard & Poor's 500 fell 13.52 points or 0.28% to close at 4,769.83. The Nasdaq Composite fell 83.78 points or 0.56% to close at 15,011.35.

• US crude oil Prices fell slightly on Friday. February sweet crude futures fell 0.12 cent to $71.65 a barrel.

• The US dollar index advanced again on Friday.

• US gold Futures ended the last trading session of 2023 with a downtrend. The February contract lost $11.70 to close at $2,071.80 an ounce.

Review of December 28th

• Wheat futures rose on Thursday after a second incident this week in the Black Sea raised concerns about safe grain exports from Ukraine. The incident involved a Panama-flagged ship loading grain at a Danube port when it encountered a Russian mine. Corn and soy complex futures were lower due to favorable rains in Brazil. Corn in March Futures fell 2¼¢ to close at $4.74¼ per bu. Chicago March wheat added 8½¢ to close at $6.31½ per bu. Kansas City March wheat rose 8¾¢ to close at $6.43¾ per bu. Minneapolis march Wheat rose 3¾¢ to close at $7.25½ per bu. Soybeans in March fell 8½¢ to close at $13.12 per bu. March soybean meal fell $3.10 to close at $390.70 per ton. March soybean oil lost 0.68¢ to close at 47.98¢ per pound.

• US stock indices closed mixed on Thursday. The S&P 500 continued to move toward all-time highs and all three indexes were on track to finish a ninth straight week of gains. Today's jobless claims report provided further evidence that the economy was effectively cooling. He suggested that 218,000 layoffs took place last week, slightly more than economists expected but not enough to quell the bubble of optimism that has fueled stocks' recent rise. The Dow Jones Industrial Average gained 53.58 points or 0.14% to close at 37,710.10. The Standard & Poor's 500 rose 1.77 points or 0.04% to close at 4,783.35. The Nasdaq Composite slipped 4.04 points or 0.03% to close at 15,095.14.

• US crude oil Prices were lower on Thursday. February sweet crude futures fell 2.34 cents to $71.77 a barrel.

• The US dollar index advanced Thursday.

• US gold Futures declined on Thursday. The February contract lost $9.60 to close at $2,083.50 an ounce.

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