Wheat, soybeans and corn rise ahead of the reports

Home » Wheat, soybeans and corn rise ahead of reportsSource: Sosland Publishing Co.

Review of December 7th

• Wheat futures rose Thursday ahead of the USDA's crop production and monthly supply and demand updates. Markets continued to react to China's purchase of more than a million tons of U.S. common wheat, the largest weekly sale to the Asian country since July 2014 and near the largest weekly volume ever. It was the eighth straight day of gains for the Chicago March contract. U.S. soybean futures rose more than 1% on Thursday on expectations that new Argentine President Javier Milei will devalue the country's currency, one of the world's largest producers, when he takes office on Sunday. Corn futures rose ahead of reports expected to show smaller U.S. and global ending stocks for 2023-24 and lower corn crops in Brazil and Argentina. Corn in December Futures gained 3½¢ to close at $4.68¼ per bu. Chicago December wheat rose 10¼¢ to close at $6.26 per bu; The following months were all higher except for the July 2025 contract. Kansas City December wheat gained 11½¢ to close at $6.62¼ per bu. December wheat in Minneapolis rose 5¾¢ to close at $7.12¾ per bu. January soybeans rose 16¼¢ to close at $13.11¾ per bu. December soybean meal rose slightly by 10¢ to close at $424.50 per ton; The following two contracts were lower, while the later months saw increases. Soybean oil rose 1.82¢ in December to close at 51.11¢ per pound.

• Rising shares of technology companies involved in artificial intelligence helped push broader stock markets higher on Thursday. Included were Alphabet, AMD, Amazon, Meta, Microsoft and Nvidia. The Dow Jones Industrial Average rose 62.95 points or 0.17% to close at 36,117.38. The Standard & Poor's 500 gained 36.25 points, or 0.8%, to close at 4,585.59. The Nasdaq Composite rose 193.28 points, or 1.37%, to close at 14,339.99.

• US crude oil prices fell on Thursday. January West Texas Intermediate light sweet crude futures fell 4 cents to close at $69.34 a barrel.

• The US dollar index fell on Thursday after a three-day rally.

• US gold Futures fell on Thursday as the dollar depreciated. The December contract fell 60 cents to close at $2,029.90 an ounce.

Review of December 6th

• Complex wheat futures pared gains on Wednesday, except for the Chicago March contract, which rose slightly. Wheat futures initially rose after the USDA confirmed private sales of soft red winter wheat from the U.S. to China totaling over 1 million tons since Monday for the third straight day. Corn prices fell as market participants struggled to predict much-needed rainfall in South America, which would ease fears of drought damage to yields. Soybean futures also felt this pressure and weakened despite new sales of 136,000 tons of US soybeans to China. Corn in December Futures fell 3¾¢ to close at $4.64¾ per bu. Chicago December wheat fell 5¢ to close at $6.15¾ per BU; The March contract added 2¼¢ per bu, but all contracts above that declined. Kansas City December wheat fell 6¾¢ to close at $6.50¾ per bu. Minneapolis December Wheat fell 8 cents to close at $7.07 per bu. January soybeans fell 10¢ to close at $12.95½ per bu. December soybean meal fell $9.30 to close at $424.40 per ton. December soybean oil fell 0.93¢ to close at 49.29¢ per pound.

• Major U.S. stock indexes fluctuated between narrow gains and losses on Wednesday before settling near session lows. The yield on the benchmark 10-year Treasury note fell to 4.21% after an ADP National Employment Report suggested that U.S. private sector hiring unexpectedly slowed in November and pay increases also slowed, another signal for the Federal Reserve that the economy is cooling down ahead of next week's meeting. The Dow Jones Industrial Average fell 70.13 points or 0.19% to close at 36,054.43. The Standard & Poor's 500 fell 17.84 points or 0.39% to close at 4,549.34. The Nasdaq Composite lost 83.2 points or 0.58% to close at 14,146.71.

• US crude oil Prices fell again on Wednesday. January West Texas Intermediate light sweet crude futures fell $2.94 to close at $69.38 a barrel.

• The US dollar index strengthened on Wednesday for the third consecutive day after mostly seeing declines last week.

• US gold Futures climbed on Wednesday despite the dollar's continued rise. The December contract rose $12 to close at $2,030.50 an ounce.

Review of December 5th

• Durum wheat futures were higher and Chicago soft wheat futures jumped on Tuesday after the USDA confirmed a second straight purchase of the variety by China, bringing the two-day total to 638,000 tons. Corn was higher for a fifth straight session and soybean futures were in a thin range as traders awaited Brazilian weather forecasts that could bring much-needed relief to the region's crop. Corn in December Futures rose 8¼¢ to close at $4.68½ per bu. Chicago December wheat rose 25¢ to close at $6.20¾ per BU; The most postponed months decreased. Kansas City December wheat rose 1¼¢ to close at $6.57½ per bu. Minneapolis December Wheat added 3¾¢ to close at $7.15 per bu. January soybeans fell ¾¢ to close at $13.05½ per BU; The later months were inconsistent in tiny areas. December soybean meal rose $11.40 to close at $433.70 per ton. December soybean oil fell 0.97¢ to close at 50.22¢ per pound.

• The rally in bonds continued on Tuesday, sending the benchmark U.S. 10-year note to its lowest level since the summer. The tech-heavy Nasdaq emerged winner at closing bells, but broader stock indexes fell as consumer and technology stocks failed to offset declines in utilities, energy, materials and real estate stocks. The Dow Jones Industrial Average fell 79.88 points or 0.22% to close at 36,126.56. The Standard & Poor's 500 fell 2.60 points or 0.06% to close at 4,567.18. The Nasdaq Composite gained 44.42 points or 0.31% to close at 14,229.91.

• US crude oil Prices continued to fall on Tuesday. January West Texas Intermediate light sweet crude futures fell 72¢ to close at $72.32 a barrel.

• The US dollar index strengthened again on Tuesday.

• US gold Futures continued to fall while the dollar rose. The December contract fell $5.60 to close at $2,018.50 an ounce.

Review of December 4th

• U.S. wheat futures jumped on Monday, with Chicago soft wheat rising 3% to a six-week high after the U.S. Department of Agriculture confirmed private sales of 440,000 tons of U.S. soft red winter wheat to China, boosting crop estimates in Canada and Canada more than made up for Australia and export controls that fell short of expectations. Favorable export controls led to mixed finishes in corn, but soybean controls for export fell short of expectations and futures fell. Corn in December Futures fell 4¼¢ to close at $4.60¼ per bu; The later months were inconsistent in a narrow area. Chicago December wheat rose 18¾¢ to close at $5.95¾ per bu. Kansas City December wheat rose 11¼¢ to close at $6.56¼ per bu. Minneapolis December Wheat added 8¾¢ to close at $7.11¼ per bu. January soybeans fell 18¾¢ to close at $13.06¼ per bu. December soybean meal fell $3 to close at $422.30 per ton. December soybean oil fell 0.19¢ to close at 51.19¢ per pound.

• Higher bond yields weighed on shares of major technology companies on Monday and dragged down the broader stock market. The Dow Jones Industrial Average lost 41.06 points or 0.11% to close at 36,204.44. The Standard & Poor's 500 fell 24.85 points or 0.54% to close at 4,569.78. The Nasdaq Composite The price fell 119.54 points or 0.84% ​​to close at 14,185.49.

• US crude oil Prices continued to fall on Monday. January West Texas Intermediate light sweet crude futures fell $1.03 to close at $73.04 a barrel.

• The US dollar index Opened the climbing week.

• US gold Futures fell as the dollar strengthened on Monday. The December contract fell $46.90 to close at $2,024.10 an ounce.

Review of December 1st

• Rain, crucial to crop development, appeared in the forecast for export rival Brazil and put pressure on U.S. soybean futures at the end of the week. Corn and most wheat futures rose in another round of short covering. Corn in December Futures rose 2¾¢ to close at $4.64½ per bu. Chicago December wheat added 6¾¢ to close at $5.77 per bu. Kansas City December wheat added 1¾¢ to close at $6.45 per bu. Minneapolis December Wheat remained stable at $7.02½ per bu. January soybeans fell 17¾¢ to close at $13.25 per bu. December soybean meal fell $16.90 to close at $425.30 per ton. December soybean oil fell 0.91¢ to close at 51.38¢ per pound.

• The Nasdaq reversed course toward a win and the S&P 500 and Dow Industrials index continued to rise, closing the week after Federal Reserve Chairman Jerome Powell said the central bank's policy was “well on the hawkish side.” area,” a signal that rate hikes may be complete. The Dow Jones Industrial Average gained 294.61 points, or 0.82%, to close at 36,245.50, up 2.4% for the week, a fifth consecutive weekly gain, the longest winning streak since the end of 2021. The Standard & Poor's 500 gained 26.83 points, or 0.59%, to close at 4,594.63, up 0.8% for the week and the highest since March 2022 Nasdaq Composite gained 78.81 points or 0.55% to close at 14,305.03, a weekly gain of 0.4%.

• US crude oil Prices continued to fall on Friday. January West Texas Intermediate light sweet crude futures fell $1.89 to close at $74.07 a barrel.

• The US dollar index fell after several stronger days and ended the week.

• US gold Futures advanced Friday. The December contract rose $32.90 to close at $2,071 an ounce.

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