Futures mostly lower ahead of USDA reports

Recap of January 10th

• Weak export demand weighed on wheat futures on Thursday, as traders adjusted their positions ahead of new supply and demand figures and winter wheat seed data due on Friday. Soybean futures were flat to slightly higher, holding near two-year lows before Friday's reports. Corn futures fell under pressure from expectations that the USDA may raise corn inventories by 11.4% from a year earlier. the Corn March The future fell 1¾¢ to close at $4.57 per unit. chicago March wheat It fell 7 cents to close at $6.03 per unit. Kansas City March wheat It fell 8½ cents to close at $6.16 per unit. Minneapolis He walks wheat It fell 7¾¢ to close at $7 per unit. March soybeans It was flat at $12.36 per unit; The subsequent months soared. March soybean meal The price of gold fell by $2.10 to close at $362.20 per ton. Soybean oil for March It rose 0.47 cents to close at 48.72 cents per pound.

• US stock markets fell early, rose late and posted mixed closes after Consumer Price Index data from the Labor Department indicated inflation rose more than expected in December. Core prices – which exclude volatile food and energy prices – rose 3.9% from a year ago, slightly above economists' expectations of a 3.8% increase. the Dow Jones Industrial Average It rose 15.29 points, or 0.04%, to close at 37,711.02 points. the Standard & Poor's 500 The stock fell 3.21 points, or 0.07%, to close at 4,780.24 points. the Nasdaq Composite It rose 0.54 points to close at 14970.19.

• US crude oil Prices were higher on Thursday. The price of West Texas Intermediate Light crude for February rose 65 cents to close at $72.02 a barrel.

• the US dollar index It continued to decline on Thursday.

• American gold Futures It eased again on Thursday. The February contract fell $8.60 to close at $2,019.20 an ounce.

Recap of January 9th

• Weak demand for US supplies continued to weigh on wheat futures, but the complex achieved a mixed close in mostly narrow ranges on Wednesday as traders adjusted their positions ahead of Friday's reports from the USDA. Position squaring was also mostly behind corn futures lower. Concerns about U.S. export demand and rain forecasts in dry Brazil sent soybean futures lower. the Corn March Futures price fell ¼™ to close at $4.59 per unit; Subsequent months were narrowly mixed, and mostly lower. chicago March wheat It rose ¾¢ to close at $6.10¾ per unit. Kansas City March wheat It fell 2½ cents to close at $6.24 per unit. Minneapolis He walks wheat Added 2¼¢ to close at $7.07 per unit; 2025 contracts were lower. March soybeans It fell 12 cents to close at $12.36 per unit. March soybean meal It fell $3.30 to close at $364.30 per ton. Soybean oil for March It fell 0.20 cents to close at 48.25 cents per pound.

• US stock markets continued to regain strength after a difficult first week of 2024. All three major indexes rose on Wednesday ahead of investors' final look at inflation on Thursday with the release of consumer price data for December. the Dow Jones Industrial Average It rose 170.57 points, or 0.45%, to close at 37,695.73 points. the Standard & Poor's 500 The index rose 26.95 points, or 0.57%, to close at 4783.45 points, a difference of 0.3% from the highest level recorded by the index. the Nasdaq Composite The stock increased 111.94 points, or 0.75%, to close at 14,969.65 points.

• US crude oil Prices were lower on Wednesday. February West Texas Intermediate Light crude fell 87 cents to close at $71.37 a barrel.

• the US dollar index On Wednesday, the downward trend that characterized the weekend sessions returned.

• American gold Futures It eased again Wednesday. The February contract fell $5.20 to close at $2,027.80 an ounce.

Recap of January 8th

• US crude oil Prices closed higher on Tuesday, a day after Saudi Arabia cut prices and sent Brent and WTI futures sharply lower. Support on Tuesday came from expectations that American Petroleum Institute figures would show US crude inventories falling by 5.2 million barrels in the week ending January 5, along with tensions in the Middle East and the closure of a 300,000 barrels per day oil field in Libya and Saudi Arabia. Al Arabiya confirms its desire for price stability. The price of February West Texas Intermediate Light crude rose $1.47, or about 2%, to close at $72.24 per barrel.

• Wheat futures closed higher on Tuesday ahead of Friday's key agriculture report supported by global export business and freezing temperatures in France. Soybean futures prices rose on Tuesday amid technical buying and short covering. Short covering was also behind the rise in corn futures from the lowest levels since December 2020 reached the previous day. the Corn March Future added 4¼¢ to close at $4.59 per unit. chicago March wheat It jumped 13¾¢ to close at $6.10 per unit. Kansas City March wheat advanced 11¾¢ to close at $6.27 per unit. Minneapolis He walks wheat 3 cents were added to close at $7.05 per unit. March soybeans It rose 3 cents to close at $12.48 per unit. March soybean meal It fell 90 cents for a second day to close at $367.60 per ton. Soybean oil for March It rose 0.64 cents to close at 48.45 cents per pound.

• Strong gains achieved on Monday gave way to relative calm for US stock indices on Tuesday, which recorded mixed closes. The Dow Jones Industrial Average and S&P 500 fell while the Nasdaq gained on strength from Nvidia, Amazon and Alphabet. the Dow Jones Industrial Average The stock fell 157.85 points, or 0.42%, to close at 37,525.16 points. the Standard & Poor's 500 The stock lost 7.04 points, or 0.15%, to close at 4756.5 points. the Nasdaq Composite The stock increased 13.94 points, or 0.09%, to close at 14,857.71 points.

• the US dollar index He advanced on Tuesday, snapping a three-day losing streak.

• American gold Futures It eased again on Tuesday. The February contract fell 50 cents to close at $2,033 an ounce.

Recap of January 8th

• US crude oil Prices fell more than 3% on Monday in the wake of sharp price cuts by Saudi Arabia, the world's largest exporter, along with increased production from the Organization of the Petroleum Exporting Countries, both of which offset supply concerns heightened by the Middle East war. OPEC oil production rose last month as increases in Angola, Iraq and Nigeria offset ongoing cuts by Saudi Arabia and other members of the broader OPEC+ alliance. Angola left OPEC on January 1. The organization plans additional production cuts this year. February West Texas Intermediate Light crude oil fell $3.04, or 3.4%, to close at $70.77 per barrel.

• Sharp declines in crude oil prices spilled over into agricultural commodity markets on Monday, sending corn futures to their lowest levels in three years and soybean futures to their lowest levels in two years. Further pressure came from technical selling and thoughts that harvests in South America will be larger than expected due to beneficial rains in dry Brazilian agricultural areas. Crude oil losses also weighed on wheat futures, as did the onset of snowy weather expected to increase in magnitude this week across the Midwest and Central Plains, a potential benefit to winter wheat now dormant in dry fields. the Corn March The future fell 5¾¢ for the second straight session, falling Monday to a close of $4.55 per unit. chicago March wheat It shed 19¾¢ to close at $5.96 per unit. Kansas City March wheat It fell 12¾¢ to close at $6.15 per unit. Minneapolis He walks wheat It fell 9½ cents to close at $7.02½ per unit. March soybeans It fell 10¾¢ to close at $12.45 per unit. March soybean meal It fell 90 cents to close at $368.50 a ton. Soybean oil for March It rose 0.18 cents to close at 47.81 cents per pound. The future of September and beyond was less so.

• After a difficult start to 2024, US stock indices opened the second week of the year with gains supported by gains in major technology companies. The companies known as the “Seven Wonders” — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — all posted gains of more than 1%. Boeing was a major exception to Monday's rise, falling 8% following an emergency landing of a Boeing jet after a piece of the plane flew off into the air. the Dow Jones Industrial Average The index rose 216.9 points, or 0.58%, to close at 37,683.01 points. the Standard & Poor's 500 It rose 66.3 points, or 1.41%, to close at 4763.54 points. the Nasdaq Composite The stock jumped 319.7 points, or 2.2%, to close at 14,843.77 points.

• the US dollar index It fell on Monday, marking the third straight trading day of losses.

• American gold Futures It eased again on Monday. The February contract fell $16.30 to close at $2,033.50 an ounce.

Recap of January 5th

• Soybean and corn futures closed lower on Friday and fell sharply during the week as beneficial rain fell in dry farming areas of Brazil, the world's largest exporter of soybeans and corn. US winter wheat futures rose in technical trading and follow-on buying on gains made in Thursday's session. Front spring wheat futures also rose. The US dollar's decline from three-week highs was supportive. the Corn March The futures price fell 5¾¢ to close at $4.60 per unit. chicago March wheat 2½¢ was added to close at $6.16 per unit. Kansas City March wheat 2¼¢ was added to close at $6.28 per unit. Minneapolis He walks wheat rose ¾¢ to close at $7.12 per unit; The July contract was eased onwards. March soybeans It fell 11¼ cents to close at $12.56 per unit. March soybean meal The price of crude fell by $6.80 to close at $369.40 per ton. Soybean oil for March It fell 0.53 cents to close at 47.63 cents per pound.

• After a volatile week, US stock markets closed higher on Friday after a Labor Department report indicated the US economy added 216,000 jobs in December with most industries increasing hiring, a bigger increase than the 173,000 jobs in November, and better than forecasters had expected. For all of 2023, employers added 2.7 million jobs, a slowdown from 4.8 million jobs in 2022, but a better gain than in the several years before the COVID-19 pandemic. the Dow Jones Industrial Average The stock increased 25.77 points, or 0.07%, to close at 37,466.11 points. the Standard & Poor's 500 The stock increased 8.56 points, or 0.18%, to close at 4,697.24 points. the Nasdaq Composite It rose 13.77 points, or 0.09%, to close at 14,524.07 points.

• US crude oil Prices rose on Friday, with February West Texas Intermediate crude rising $1.62 to close at $73.81 per barrel.

• the US dollar index It fell on Friday for the second day after a four-session rally that extended over the New Year's holiday.

• American gold Futures Relaxed Friday. The February contract fell 20 cents to close at $2,049.80 an ounce.