China soft wheat buy offsets lackluster export inspections

Recap for December 4

• US wheat futures shot higher Monday, Chicago soft wheat by 3% to six-week highs, after the US Department of Agriculture confirmed private sales of 440,000 tonnes of US soft red winter wheat to China, which more than offset crop estimate increases in Canada and Australia and export inspections that came in below expectations. Favorable export inspections led to mixed closes for corn, but soybean inspections for export were below expectations and futures declined. December corn futures fell 4¼¢ to close at $4.60¼ per bu; later months were mixed in a narrow range. Chicago December wheat jumped 18¾¢ to close at $5.95¾ per bu. Kansas City December wheat advanced 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 was down $3 to close at $422.30 per ton. December soybean oil dropped 0.19¢ to close at 51.19¢ a lb.

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

• US crude oil prices continued lower Monday. The January West Texas Intermediate light, sweet crude future was down $1.03 to close at $73.04 per barrel. 

• The US dollar index opened the week climbing. 

• US gold futures dropped as the dollar strengthened on Monday. The December contract sank $46.90 to close at $2,024.10 per oz.

Recap for December 1

• Rain crucial to crop development popped up in forecasts for export competitor Brazil, pressuring US soybean futures at week’s end. Corn and most wheat futures advanced in another round of short covering. December corn futures added 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 was steady at $7.02½ per bu. January soybeans fell 17¾¢ to close at $13.25 per bu. December soybean meal was down $16.90 to close at $425.30 per ton. December soybean oil dropped 0.91¢ to close at 51.38¢ a lb.

• The Nasdaq reversed course for a win and the S&P 500 and Dow industrials indexes continued higher to close the week after Federal Reserve chairman Jerome Powell said the central bank’s policy is “well into restrictive territory,” a signal that rate hikes could be finished. The Dow Jones Industrial Average added 294.61 points, or 0.82%, to close at 36,245.50, up 2.4% for the week, a fifth straight weekly gain, its longest win streak since late 2021. The Standard & Poor’s 500 added 26.83 points, or 0.59%, to close at 4,594.63, up 0.8% for the week to its highest level since March 2022. The Nasdaq Composite added 78.81 points, or 0.55%, to close at 14,305.03, posting a 0.4% weekly gain.

• US crude oil prices continued lower Friday. The January West Texas Intermediate light, sweet crude future was down $1.89 to close at $74.07 per barrel. 

• The US dollar index dropped lower to close the week after several stronger days. 

• US gold futures advanced Friday. The December contract soared $32.90 to close at $2,071 per oz.

Recap for November 30

• US equity markets were mixed Thursday, the tech-centric Nasdaq posting a decline. But the Dow Industrials index soared on the last day of November after a Commerce Department report showed Americans slowed spending and that inflation continued to pull back in October, increasing investors’ hopes the US central bank would hold the line on raising interest rates. All three major indexes posted gains of at least 8% in November, ending three-month losing streaks. The Dow Jones Industrial Average soared 520.47 points, or 1.47%, to close at 35,950.89. The Standard & Poor’s 500 added 17.22 points, or 0.38%, to close at 4,567.80. The Nasdaq Composite lost 32.27 points, or 0.23%, to close at 14,226.22.

• Wheat futures continued higher Thursday after the US Department of Agriculture indicated 2023-24 US wheat export sales in the week ended Nov. 23 at 622,800 tonnes, a six-week high that topped a range of trade expectations for 200,000 to 500,000 tonnes. Wheat and corn futures also were supported by short covering after slumps to multi-year lows. Soybean futures were rangebound and closed lower despite reports of private sales of US supplies to China. December corn futures added 12¢ to close at $4.61¾ per bu. Chicago December wheat added 14¼¢ to close at $5.70¼ per bu. Kansas City December wheat added 3¼¢ to close at $6.43¼ per bu. Minneapolis December wheat added 5¾¢ to close at $7.02½ per bu. January soybeans fell 4¼¢ to close at $13.42¾ per bu; September 2024 and beyond were narrowly higher. December soybean meal was down $2.10 to close at $442.20 per ton. December soybean oil dropped 0.39¢ to close at 52.29¢ a lb.

• US crude oil prices turned lower Thursday. The January West Texas Intermediate light, sweet crude future was down $1.90 to close at $75.96 per barrel. 

• The US dollar index continued higher Thursday. 

• US gold futures declined Thursday. The December contract fell $9 to close at $2,038.10 per oz.

Recap for November 29

• Wheat futures pushed higher for a second straight day Wednesday, rising more than 2% on short covering ahead of the rollover into December. End-of-month positioning boosted corn futures mostly higher. Soybean futures noted few changes as the trade continued to monitor weather conditions in Brazil. December corn futures slipped 1¾¢ to close at $4.49¾ per bu, but later months were mostly higher. Chicago December wheat advanced 12¼¢ to close at $5.56 per bu. Kansas City December wheat jumped 27¢ to close at $6.40 per bu. Minneapolis December wheat added 2¼¢ to close at $6.96¾ per bu. January soybeans ticked up ½¢ to close at $13.47 per bu; later months were narrowly mixed. December soybean meal was down $6 to close at $444.30 per ton; later months were mixed. December soybean oil dropped 0.66¢ to close at 52.68¢ a lb.

• US equity markets ended mixed by Wednesday’s closing bell. Investors contemplated offsetting economic factors, pitting recent rhetoric the Federal Reserve may cut interest rates sooner than expected against data indicating the US economy was growing at a faster rate than previously reported. The Dow Jones Industrial Average added 13.44 points, or 0.04%, to close at 35,430.42. The Standard & Poor’s 500 shed 4.31 points, or 0.09, to close at 4,550.58. The Nasdaq Composite lost 23.27 points, or 0.16%, to close at 14,258.49.

• US crude oil prices were higher again on Wednesday. The January West Texas Intermediate light, sweet crude future added $1.45 to close at $77.86 per barrel. 

• The US dollar index edged higher Wednesday. 

• US gold futures advanced Wednesday. The December contract rose $7.10 to close at $2,047.10 per oz.

Recap for November 28

• Super-hot South American weather likely to take a toll on crops helped US soybean futures rise more than 1% Tuesday. Wheat futures were up more than 2%, a technical bounce off contract lows set a day earlier, with support from a decline in EU year-over-year wheat exports and good demand for US supplies. Corn futures were mixed, under pressure nearby from a bumper US crop with the harvest 96% complete. December corn futures lost 4¢ to close at $4.51½ per bu; September 2024 and beyond were higher. Chicago December wheat added 9½¢ to close at $5.43¾ per bu. Kansas City December wheat advanced 23¢ to close at $6.13 per bu. Minneapolis December wheat added 10¢ to close at $6.94½ per bu. January soybeans added 16¾¢ to close at $13.46½ per bu. December soybean meal fell $8.40 to close at $450.30 per ton; October 2024 and beyond were 10¢ higher. December soybean oil rose 1.43¢ to close at 53.34¢ a lb.

• Rising shares of technology and consumer-focused companies pushed US equity markets higher Tuesday. Helping the cause were benchmark treasury yields creeping lower in the wake of Federal Reserve governor Christopher Waller’s comments indicating the Fed, encouraged by signs of improvement, might leave rates alone into 2024. The Dow Jones Industrial Average added 83.51 points, or 0.24% to close at 35,416.98. The Standard & Poor’s 500 added 4.46 points, or 0.1% to close at 4,554.89. The Nasdaq Composite added 40.73 points, or 0.29%, to close at 14,281.76.

• US crude oil prices reversed course for a higher close on Tuesday. The January West Texas Intermediate light, sweet crude future added $1.55 to close at $76.41 per barrel. 

• The US dollar index closed lower again Tuesday. 

• US gold futures advanced, the December contract rising $27.60 to close at $2,040 per oz.