Recap for October 23

• Strong yields and increased farmer selling pressured corn and soybean futures on Monday. The latter also was under pressure from rainy forecasts for export competitor Brazil where growers have been slowly sowing the crop in hot, dry weather. Wheat futures were mixed with winter wheat futures edging higher nearby on bargain buying and export demand for US soft red winter wheat. Still, export inspections fell below the range of trader expectations. Minneapolis spring wheat futures were higher, but gains were limited by the weakness in corn and soybeans. December corn futures fell 5¼¢ to settle at $4.90¼ per bu. Chicago December wheat added 1¼¢ to close at $5.87¼ per bu; July 2024 and beyond eased. Kansas City December wheat added ¾¢ to close at $6.70¾ per bu. Minneapolis December wheat advanced 7¢ to close at $7.37¾ per bu. November soybeans declined 15½¢ to close at $12.86¾ per bu. December soybean meal pared $3.40 to close at $420.50 per ton, though May 2024 and months beyond were higher. December soybean oil dropped 1.45¢ to close at 51.94¢ a lb.

• US equity markets on Monday posted a mixed response after a bonds selloff lasting several months helped push the 10-year US Treasury yield above 5% Monday morning for the first time in 16 years. For some investors, that presented a buying opportunity and they quickly pushed yields back to 4.836%. Consolidation in the oil patch and falling US crude oil prices made energy sector shares the day’s biggest losers. The Dow Jones Industrial Average dropped 190.87 points, or 0.58%, to close at 32,936.41. The Standard & Poor’s 500 eased 7.12 points, or 0.17%, to settle at 4,217.04. The Nasdaq Composite pulled ahead 34.52 points, or 0.27%, to close at 13,018.33.

• US crude oil prices were lower Monday. The December West Texas Intermediate light, sweet crude future pulled back $2.59 to close at $85.49. 

• The US dollar index weakened for a third trading day Monday. 

• US gold futures at the start of the week slumped lower despite the dollar doing the same. The October contract fell $6.20 to close at $1,976.30 per oz.

Recap for October 20

• Wheat futures were mostly lower Friday as volatility and corn market weakness encouraged pre-weekend profit-taking. Profit-taking also brought corn futures lower after hitting their highest prices since August on Friday. Soybean futures retreated from a one-month high under harvest pressure.  December corn futures fell 9½¢ to settle at $4.95½ per bu. Chicago December wheat shed 8¢ to close at $5.86 per bu; December 2024 and beyond were higher. Kansas City December wheat fell 6¼¢ to close at $6.70 per bu. Minneapolis December wheat was down 8¼¢ to close at $7.30¾ per bu. November soybeans dropped 13¼¢ to close at $13.02¼ per bu. December soybean meal added 90¢ to close at $423.90 per ton, though later months were mixed. December soybean oil added 0.28¢ to close at 53.39¢ a lb; later months were mixed.

• US stock indices were lower Friday and lower for the week with influence from declining shares of financial institutions. The Dow Jones Industrial Average dropped 286.89 points, or 0.86%, to close at 33,127.28. The Standard & Poor’s 500 fell 53.84 points, or 1.26%, to settle at 4,224.16. The Nasdaq Composite sank 202.37 points, or 1.53%, to close at 12,983.81.

• US crude oil prices were lower Friday. The expiring November West Texas Intermediate light, sweet crude future shed 62¢ to close at $88.75. The December contract was down 29¢ to close at $88.08.

• The US dollar index weakened for a second day at the end of the trading week. 

• US gold futures advanced as the dollar declined. The October contract added $14.10 to close at $1,982.50 per oz.

Recap for October 19

• Gains in crude oil and US dollar weakness set the stage for strength in grain and oilseed futures on Thursday. Soybeans got a boost from severe drought in key export rival Brazil. Corn rallied above $5 a bu, to its highest levels since August. Wheat futures were boosted by spillover support from corn, short covering, export sales meeting expectations and an announcement from the National Oceanic Atmospheric Administration that low water levels on the Mississippi River, a key route for export, would continue until at least January despite expected above-average rainfall this winter across the southern states. December corn futures jumped 13¢ to settle at $5.05 per bu. Chicago December wheat advanced 13¾¢ to close at $5.94 per bu. Kansas City December wheat added 5¾¢ to close at $6.76¼ per bu. Minneapolis December wheat was up 5½¢ to close at $7.39 per bu. November soybeans advanced 4½¢ to close at $13.15½ per bu. December soybean meal added $9.20 to close at $423 per ton. December soybean oil dropped 1.75¢ to close at 53.11¢ a lb.

• Traders on Thursday considering bond yields rising toward 5% got a jolt from Federal Reserve Chairman Jerome Powell who first said additional interest rate hikes were unlikely in November. After a disturbance and interruption by climate protesters, Powell resumed his speech and said the Fed could consider hikes if strong economic activity generated worries about an inflation revival. The Dow Jones Industrial Average fell 250.91 points, or 0.75%, to close at 33,414.17. The Standard & Poor’s 500 dropped 36.6 points, or 0.85%, to settle at 4,278. The Nasdaq Composite fell 128.13 points, or 0.96%, to close at 13,186.18.

• US crude oil prices were higher again Thursday. The November West Texas Intermediate light, sweet crude future added $1.05 to close at $89.37. 

• The US dollar index weakened Thursday after a two-day rally. 

• US gold futures advanced as the dollar declined. The October contract added $13.10 to close at $1,968.40 per oz.

Recap for October 18

• Bargain buying and short covering boosted wheat complex futures Wednesday. Corn followed wheat higher. Both commodities were given a push early in the day as soybean futures, underpinned by strong domestic demand, struck three-week highs. But soybean trading was volatile, some contracts turning lower for a time. Ultimately, export demand, tight supplies and the news of a sale to China had soybeans moving higher by the closing bell. December corn futures added 3¢ to settle at $4.92 per bu. Chicago December wheat added 9¾¢ to close at $5.80¼ per bu. Kansas City December wheat added 3¾¢ to close at $6.70½ per bu. Minneapolis December wheat added 5¾¢ to close at $7.33½ per bu. November soybeans jumped 14¼¢ to close at $13.11 per bu. December soybean meal added $14 to close at $413.80 per ton. December soybean oil dropped 0.49¢ to close at 54.86¢ a lb.

• US equity markets, under pressure from corporate earnings and the terror attacks and subsequent fighting in the Middle East, declined further Wednesday after long-term US treasury bond yields hit 16-year highs. The Dow Jones Industrial Average fell 332.57 points, or 0.98%, to close at 33,665.08. The Standard & Poor’s 500 dropped 58.6 points, or 1.34%, to settle at 4,314.6. The Nasdaq Composite fell 219.44 points, or 1.62%, to close at 13,314.3.

• US crude oil prices were higher Wednesday. The November West Texas Intermediate light, sweet crude future added $1.66 to close at $88.32. 

• The US dollar index strengthened for a second day Wednesday. 

• US gold futures advanced despite the rising dollar. The October contract added $32.60 to close at $1,955.30 per oz.

Recap for October 17

• Strong domestic demand eased concerns about larger supplies, helping to boost soybean futures on Tuesday in thin technical trading. With little fresh news to drive the bulls, corn futures slipped lower Tuesday, a day after the USDA pegged corn harvest at 45% completed. Wheat futures declined in profit taking after Chicago contracts hit two-week highs on the strength of export market enthusiasm after China’s second weekly soft red winter wheat purchase. December corn futures dropped 1¢ to settle at $4.89 per bu. Chicago December wheat fell 6¾¢ to close at $5.70½ per bu; 2025 contracts were higher. Kansas City December wheat eased 2¢ to close at $6.66¾ per bu. Minneapolis December wheat fell 1¢ to close at $7.27¾ per bu. November soybeans added 10½¢ to close at $12.96¾ per bu. December soybean meal added $9.60 to close at $399.88 per ton. December soybean oil dropped 0.55¢ to close at 55.35¢ a lb.

• US equity markets were mixed Tuesday after Commerce Department data indicated September online, in-store and restaurant spending rose a stronger-than-expected 0.7% from a month earlier, and after treasury yields jumped higher, the benchmark 10-year bond yield rising to 4.846%, up from 4.709% Monday, to the highest closing level since July 2007. The Dow Jones Industrial Average edged up 13.11 points, or 0.04%, to close at 33,997.65. The Standard & Poor’s 500 eased 0.43 point, or 0.01%, to settle at 4,373.20. The Nasdaq Composite fell 34.24 points, or 0.25%, to close at 13,533.75.

• US crude oil prices were steady to higher Tuesday. The November West Texas Intermediate light, sweet crude future was unchanged at $86.66 per barrel and the December contract closed up 18¢ at $85.44. 

• The US dollar index reversed course and strengthened on Tuesday. 

• US gold futures edged higher Tuesday. The October contract added $1.60 to close at $1,922.70 per oz.