Recap for March 9

  • Wheat futures closed higher Tuesday with support from a lower forecast for global wheat stocks even as the US total wheat carryout was left unchanged in the March 9 USDA supply-and-demand report. Worries over tight supplies domestically and globally overshadowed the USDA’s forecast for increased world stocks and sent soybean futures higher after a volatile session. Corn futures were mixed, lower nearby, after the USDA raised its projection for global ending stocks and left unchanged its projection for US ending stocks. Analysts had expected a reduction to both numbers. March corn declined 3¢ to close at $5.62 a bu; September-forward contracts were higher. Chicago March wheat jumped 10¢ and closed at $6.56½ a bu. Kansas City March wheat added 4¾¢, closing at $6.18 a bu. Minneapolis March wheat was up 8¾¢ at $6.44¾ a bu. March soybeans added 3½¢, closing at $14.41¼ a bu. March soybean meal was up 90¢ to close at $419.20 a ton; September-forward contracts were lower. March soybean oil jumped 1.09¢ to settle at 55.15¢ a lb.
  • A rebound in shares of technology company shares pushed US equity markets higher Tuesday, and the Nasdaq rose out of correction territory with its best one-day performance since Nov. 4. Investors were in a bargain-hunting mode, snapping up shares of companies that have taken a beating in recent weeks, including Tesla, Roku and Square, each of which rose by double-digit percentages. Apple, Amazon.com and Facebook each added more than 3% Tuesday. After rising more than 300 points earlier in the session, the Dow Jones Industrial Average added just 30.30 points, or 0.10%, to close at 31,832.74, only 0.4% below its record high set last month. The Standard & Poor’s 500 Index added 54.09 points, or 1.42%, to close at 3,875.44. The Nasdaq Composite added 464.66 points, or 3.69%, to close at 13,073.82.
  • US crude oil prices were lower Tuesday; the April contract was down $1.04 for a second straight day to $64.01 per barrel.
  • The US dollar index reversed course and closed lower Tuesday.
  • US gold futures advanced as the dollar declined Tuesday, the April contract was up $38.90 to $1,716.90 per oz.

Recap for March 8

  • US equity markets were mixed Monday, the DJIA closing higher while the Nasdaq slipped into correction territory as a selloff in US government bonds extended into a sixth week, reducing demand for technical shares  The Dow Jones Industrial Average added 306.14 points, or 0.97%, to close at 31,802.44. The Standard & Poor’s 500 Index fell 20.59 points, or 0.54%, to close at 3,821.35. The Nasdaq Composite fell 310.99 points, or 2.41%, to close at 12,609.16, extending the decline from its Feb. 12 record to more than 10%.
  • Soybean futures climbed to a nearly seven-year high Monday on Brazilian harvest delays and Argentinian dry conditions. Soybeans’ strength helped corn futures offset pressure from a firming US dollar. The dollar’s rise in conjunction with forecasts for moisture in the US plains sent wheat futures mostly lower. March corn added 3¢ to close at $5.65 a bu. Chicago March wheat fell 7¼¢ and closed at $6.46½ a bu. Kansas City March wheat declined 4¢, closing at $6.13¼ a bu. Minneapolis March wheat was down 1½¢ at $6.36 a bu. March soybeans added 3½¢, closing at $14.37¾ a bu. March soybean meal was down $1.70 to close at $418.30 a ton, later months were mixed. March soybean oil added 0.68¢ to settle at 54.06¢ a lb.
  • US crude oil prices were lower Monday, the April contract was down $1.04 at $65.05 per barrel.
  • The US dollar index continued to move higher Monday.
  • US gold futures declined as the dollar advanced, the April contract was down $20.50 to $1,678 per oz.

Recap for March 5

  • A volatile trading week ended with gains in cyclical sectors and losses in technology sectors. Investors were actively assessing their positions in view of a healing US economy and a surge in government bond yields. The S&P 500 saw modest weekly gains as energy, financial and industrial sector advances more than offset losses in technology and consumer discretionary categories. The DJIA saw the largest weekly gain, about 1.8%. The Dow Jones Industrial Average jumped 572.16 points, or 1.85%, to close at 31,496.30. The Standard & Poor’s 500 Index added 73.47 points, or 1.95%, to close at 3,841.94. The Nasdaq Composite added 196.68 points, or 1.55%, to close at 12,920.15.
  • US crude oil prices were again sharply higher Friday, the April contract was up $2.26 at $66.09 per barrel.
  • Ideas that a severe rain deficit in 30% of Argentina’s soybean belt could lead to a severe yield loss in the next 10 days sent the US soy complex higher Friday. Corn futures advanced on analysts’ expectations that the USDA will lower its estimate for 2020-21 US corn ending stocks in the March 9 supply-and-demand report. Firmer corn and soybean futures spilled over into wheat futures, which were mostly higher. March corn jumped 15¾¢ to $5.62 a bu. Chicago March wheat added 4¼¢ and closed at $6.54 a bu. Kansas City March wheat advanced 4½¢, closing at $6.17¼ a bu. Minneapolis March wheat was up 2¢ at $6.37½ a bu. March soybeans soared 19¢, closing at $14.34¼ a bu. March soybean meal was up $1.90 to close at $420 a ton. March soybean oil jumped 1¢ to 53.38¢ a lb.
  • The US dollar index continued to move higher Friday.
  • US gold futures declined as the dollar advanced, the April contract was down $2.20 to $1,698.50 per oz.

Recap for March 4

  • US crude oil prices jumped 4% to one-year highs Thursday after the Organization of Petroleum Producing Countries and allies said they would keep oil production unchanged in April due to the fragile nature of the pandemic recovery. The April contract was up $2.55 at $63.83 per barrel.
  • Gains in the value of the US dollar continued to weigh on agricultural commodities Thursday. Wheat futures were lower on concerns about increased competition for export business. Weak export demand also took a toll on corn futures. But soybean futures turned higher on potentially lower harvest forecasts in competitor Argentina if production areas don’t receive sufficient rain in the next few weeks. March corn declined 4¢ to $5.46¼ a bu, but other months were mixed. Chicago March wheat fell 2¼¢ and closed at $6.49¾ a bu. Kansas City March wheat declined 4¾¢, closing at $6.12¾ a bu. Minneapolis March wheat was unchanged at $6.35½ a bu, but other months were narrowly mixed. March soybeans added 4½¢, closing at $14.15¼ a bu. March soybean meal was down $2.10 to close at $418.10 a ton; later months were mixed. March soybean oil jumped 1.03¢ to 52.38¢ a lb.
  • US equity markets closed lower Thursday. A stock selloff accelerated after Federal Reserve chairman Jerome Powell emphasized the economy is far from reaching full employment. Stocks turned lower with losses accelerating in the afternoon. The Dow Jones Industrial Average fell 345.95 points, or 1.11%, to close at 30,924.14. The Standard & Poor’s 500 Index subtracted 51.25 points, or 1.34%, to close at 3,768.47. The Nasdaq Composite fell 274.28 points, or 2.11%, to close at 12,723.47, pausing at the precipice of a correction, or a 10% drop from recent highs.
  • The US dollar index continued to move higher Thursday.
  • US gold futures declined as the dollar advanced, the April contract was down $15.10 an oz to $1,700.70 per oz.

Recap for March 3

  • Corn and soybean futures declined Wednesday on a strengthening US dollar and as the markets consolidated after rallying the previous day. Soybeans were under additional pressure from a lack of fresh supportive news or demand from China since before that country’s Lunar New Year Holiday. Lackluster export demand and spillover selling from corn and soybeans also sent wheat futures lower. March corn declined 10½¢ and closed at $5.50¼ a bu. Chicago March wheat declined 11¼¢ and closed at $6.52 a bu. Kansas City March wheat declined 9½¢, closing at $6.17½ a bu. Minneapolis March wheat was down 4¾¢, closing at $6.35½ a bu. March soybeans eased 3¼¢, closing at $14.10¾ a bu. March soybean meal was down $3.10 to close at $420.20 a ton. March soybean oil added 0.08¢ to close at 51.35¢ a lb.
  • Jittery investors sold shares of technology companies Wednesday as government bond yields ticked higher, which pulled US equity markets lower. The Dow Jones Industrial Average fell 121.43 points, or 0.39%, to close at 31,270.09. The Standard & Poor’s 500 Index subtracted 50.57 points, or 1.31%, to close at 3,819.72. The Nasdaq Composite fell 361.04 points, or 2.70%, to close at 12,997.75.
  • US crude oil prices were higher Wednesday. The April contract was up $1.53 at $61.28 per barrel.
  • The US dollar index closed higher Wednesday.
  • US gold futures declined as the dollar advanced, the April contract was up $17.18 an oz to $1,715.80 per oz.