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.

Recap for October 16

• Soybean oil futures jumped Monday after the National Oilseed Processors Association indicated soybean oil stocks had tumbled to nine-year lows. Soybeans advanced after export inspections came in above analysts’ estimates. Corn futures declined under mild harvest pressure, projections for ample corn stocks, and forecast for hot dry weather conducive to harvest this week. Spring wheat futures advanced, but winter wheat futures were under pressure from Russia’s lower wheat prices and were also in a profit taking setback after rising last week to two-week highs when China’s soft red winter wheat purchases ignited hopes for a renewed world demand for US supplies. December corn futures shed 3¼¢ to settle at $4.90 per bu. Chicago December wheat fell 2½¢ to close at $5.77¼ per bu. Kansas City December wheat eased ¼¢ to close at $6.68¾ per bu. Minneapolis December wheat added 6¾¢ to close at $7.28¾ per bu. November soybeans added 6¢ to close at $12.86¼ per bu. December soybean meal edged up 20¢ to close at $390.20 per ton; later months were mixed. December soybean oil added 1.52¢ to close at 55.90¢ a lb.

• While gold prices and US treasury bond yields declined, US equity markets moved higher Monday on investor hopes that war in the Middle East wouldn’t have a major impact on the global economy. The Dow Jones Industrial Average advanced 314.25 points, or 0.93%, to close at 33,984.54. The Standard & Poor’s 500 added 45.85 points, or 1.06%, to settle at 4,373.63. The Nasdaq Composite added 160.75 points, or 1.2%, to close at 13,567.98.

• US crude oil reverted to the low side Monday. The November West Texas Intermediate light, sweet crude future lost $1.03 to close at $86.66 per barrel. 

• The US dollar index weakened Monday. 

• US gold futures pulled back on Monday. The October contract fell $6.30 to close at $1,921.10 per oz.

Recap for October 13

• US gold futures surged on Friday as investors flocked to safe-haven investments amid rising tensions in the Middle East. Early Friday, the Israeli military sent evacuation notices to Gaza citizens ahead of an alleged assault. The October contract jumped $58.10 to close at $1,927.40 per oz.

• Profit-taking brought soybean futures lower Friday after rallying a day earlier on the USDA’s decreased estimates of harvest. Corn followed soybeans lower. Wheat rallied in Chicago on improved export signs after China’s second weekly purchase of soft red winter wheat. Deferred Chicago contracts and all KC and Minneapolis wheat futures declined. Grain and oilseed futures were under pressure from a decline in consumer sentiment and inflation worries. December corn futures shed 2¾¢ to settle at $4.93¼ per bu. Chicago December wheat added 8¼¢ to close at $5.79¾ per bu; September 2024 future and beyond were lower. Kansas City December wheat fell 6¢ to close at $6.69 per bu. Minneapolis December wheat eased 1½¢ to close at $7.22 per bu. November soybeans dropped 9¾¢ to close at $12.80¼ per bu. December soybean meal dropped $2.90 to close at $390 per ton. December soybean oil added 1.01¢ to close at 54.38¢ a lb.

• Threats of a widening conflict in the Middle East had investors pulling out of the stock market and entering safe-haven assets on Friday. Still, the Dow industrials index posted a small gain Friday and was higher for the week, as was the S&P 500. The Dow Jones Industrial Average advanced 39.15 points, or 0.12%, to close at 33,670.29. The Standard & Poor’s 500 declined 21.83 points, or 0.5%, to settle at 4,327.78. The Nasdaq Composite fell 166.98 points, or 1.23%, to close at 13,407.23.

• US crude oil flipped to the high side Friday. The November West Texas Intermediate light, sweet crude future jumped $4.78 to close at $87.69 per barrel. 

• The US dollar index strengthened again Friday.