Soybean futures are moving higher thanks to technical buying

Recap of January 23rd

• Technical buying and short-covering following last week's drop to multi-year lows boosted soybean futures on Tuesday. Wheat recorded narrow, mixed but mostly higher changes, and corn futures rose, both reflecting the weight of weak demand and abundant supplies against support from short covering and technical buying. the Corn March Future added ¾¢ to close at $4.46 per unit. chicago March wheat It was flat, closing at $5.96 per unit; The subsequent months were mixed. Kansas City March wheat It jumped 10½ cents to close at $6.17 per unit. Minneapolis He walks wheat It fell 1½ cents to close at $6.99 per unit; Subsequent months were mixed, mostly trending higher. March soybeans 15¼¢ was added to close at $12.39 per unit. March soybean meal It added $5.30 to close at $361.10 per ton. Soybean oil for March It added 0.05 cents to close at 48.21 cents per pound.

• US stock markets posted mixed closes on Tuesday with declines in 3M, Goldman Sachs Group and Home Depot among those pushing the Dow Jones Industrial Average below 38,000 points after it crossed the mark for the first time on Monday. Meanwhile, stocks of major US companies rose overall, helping the S&P 500 reach its third straight record closing high. the Dow Jones Industrial Average The stock fell 96.36 points, or 0.25%, to close at 37,905.45 points. the Standard & Poor's 500 The stock increased 14.17 points, or 0.29%, to close at 4864.60 points. the Nasdaq Composite The stock increased 65.66 points, or 0.43%, to close at 15,425.94 points.

• US crude oil Prices were lower on Tuesday. The price of March West Texas Intermediate Light crude fell 39 cents to close at $74.37 a barrel.

• the US dollar index Its rise continued on Tuesday, the fifth higher close in six trading days.

• American gold Futures It closed higher on Tuesday. The March contract added $3.60 to close at $2,025.80 an ounce.

Recap of January 22nd

• Gains in shares of Microsoft and other tech giants, as well as Goldman Sachs, pushed stock markets higher on Monday, with the Dow Jones Industrial Average surpassing 38,000 points for the first time in history. the Dow Jones Industrial Average It rose 138.01 points, or 0.36%, to close at 38,001.81 points. the Standard & Poor's 500 It rose 10.62 points, or 0.22%, to close at 4,850.43 points. the Nasdaq Composite It rose 49.32 points, or 0.32%, to close at 15,360.29 points.

• Wheat futures were mixed on Monday, pressured by lower prices from Russia in the global export market, but supported by bargain buying and short covering. Strength in crude oil markets boosted soybean oil futures, pushing soybean futures higher. Corn futures were slightly higher due to spillover strength from soybean futures. the Corn March Future ¼™ added to close at $4.45 per unit. chicago March wheat 3¼¢ was added to close at $5.96 per unit. Kansas City March wheat It fell 1 cent to close at $6.07 per unit; Subsequent months were mostly higher. Minneapolis He walks wheat rose 5 cents to close at $7.00 and a half per unit; The September contract was unchanged but the December contract onwards was lower. March soybeans It added 11 cents to close at $12.24 per unit. March soybean meal The price of gold fell 70 cents to close at $355.80 per ton. Soybean oil for March It added 1.26 cents to close at 48.16 cents per pound.

• US crude oil Prices were higher on Monday. West Texas Intermediate Light crude futures expiring in February added $1.78 to close at $75.19 per barrel. The March contract rose $1.51 to close at $74.76 a barrel.

• the US dollar index It closed higher on Monday, reigniting last week's four-session rally.

• American gold Futures It closed lower on Monday. The February contract fell by $7.10 to close at $2,022.10 per ounce.

Recap of January 19th

• Wheat futures rose at the end of the week amid technical buying supported by improving global demand for exports as seen in the export sales report which beat analysts' expectations. However, wheat recorded its third consecutive weekly loss. Soybean prices fell on Friday for the fifth week in a row under pressure from improving weather for Brazilian crops and concerns about demand for US exports. Corn futures fell for the sixth straight week despite recording a higher close on Friday supported by net US corn sales at a five-week high, including the first purchase of US corn from China in three weeks. the Corn March Future added 1½ cents to close at $4.45 per unit; The subsequent months were mixed. chicago March wheat 7¾¢ was added to close at $5.93 per unit. Kansas City March wheat 2¾¢ was added to close at $6.08 per unit. Minneapolis He walks wheat It rose 7½ cents to close at $6.95 per unit. March soybeans ¼™ fell to close at $12.13 per unit; Subsequent decades were mixed within a narrow range. March soybean meal It fell $4.80 to close at $356.50 per ton. August futures advanced. Soybean oil for March It fell 0.72 cents to close at 46.9 cents per pound.

• US stock markets closed higher again on Friday, with the S&P 500 hitting a new record high after more than 500 trading days without one happening. Technology stocks led the way after a positive earnings report earlier in the week from Taiwan Semiconductor Manufacturing Co., which led to a rebound in stocks like Nvidia, Advanced Micro Devices and Broadcom. the Dow Jones Industrial Average The stock increased 395.19 points, or 1.05%, to close at 37,863.8 points. the Standard & Poor's 500 It rose 58.87 points, or 1.23%, to close at 4839.81 points. the Nasdaq Composite The stock increased 255.32 points, or 1.7%, to close at 15,310.97 points.

• US crude oil Prices were lower on Friday. February West Texas Intermediate Light crude fell 67 cents to close at $73.41 a barrel.

• the US dollar index He went down on Friday, ending a four-session winning streak.

• American gold Futures It closed higher on Friday. The February contract added $7.70 to close at $2,029.30 an ounce.

Recap of January 18th

• U.S. wheat futures rose on Thursday along with Euronext wheat, rebounding from declines seen the previous day that sent some contracts down to seven-week lows. Support for wheat also came from the World Trade Organization, which reported wheat shipments through the Suez Canal fell by almost 40% in the first half of January to 500,000 tons due to terrorist attacks launched by Houthi rebels in the Red Sea and Gulf of Aden. US soybean futures also rebounded from two-year lows in short covering and technical buying. Corn futures rose from three-year lows on heavy global supplies in a round of short covering. the Corn March Future added 1¾¢ to close at $4.44 per unit. chicago March wheat 3 cents were added to close at $5.85 1/2 per unit. Kansas City March wheat 11¼¢ was added to close at $6.05 per unit. Minneapolis He walks wheat rose 7¾¢ to close at $6.88 per unit; March and May 2025 were lower. March soybeans rose 7¾¢ to close at $12.13 per unit; The subsequent months were mixed. March soybean meal It added $2.60 to close at $361.30 per ton. Soybean oil for March It fell by 0.08 cents to close at 47.62 cents per pound. The subsequent months were mixed.

• US stock markets closed higher on Thursday, supported by IT stocks such as Taiwan Semiconductor, Qualcomm and Apple. the Dow Jones Industrial Average The stock increased 201.94 points, or 0.54%, to close at 37,468.61 points. the Standard & Poor's 500 The stock increased 41.73 points, or 0.88%, to close at 4,780.94 points. the Nasdaq Composite It rose 200.03 points, or 1.35%, to close at 15,055.65 points.

• US crude oil Prices were higher on Thursday. The price of West Texas Intermediate Light crude for February rose by $1.52 to close at $74.08 per barrel.

• the US dollar index It closed higher again on Thursday for the fourth straight trading session.

• American gold Futures It closed higher on Thursday. The February contract added $15.10 to close at $2,021.60 an ounce.

Recap of January 17th

• Soybean futures fell on Wednesday due to improvement in South American growing areas and Brazilian soybean shipments to China, an indication that U.S. supplies face intense competition. Pressure from increased global supplies sent corn futures prices falling to a three-year low on Wednesday. Chicago wheat futures rose while all other contracts fell as the US dollar strengthened and neighboring markets exerted pressure. the Corn March The future fell 1¼ cents to close at $4.42 per unit. chicago March wheat It rose by ½™ to close at $5.82 ½ per unit, but all subsequent months were lower. Kansas City March wheat It fell 7½ cents to close at $5.94 per unit. Minneapolis He walks wheat It fell 10½ cents to close at $6.80 per unit. March soybeans It fell 21½ cents to close at $12.05 per unit. March soybean meal It fell $12.5 to close at $358.70 per ton. Soybean oil for March It rose 0.45 cents to close at 47.70 cents per pound.

• US stock markets fell further on Wednesday, with a sell-off attributed to pessimism over the Federal Reserve's interest rate path that offset a Commerce Department report that showed US retail sales rose a seasonally adjusted 0.6% in December from the previous month, a larger-than-expected percentage. The gains followed a healthy 0.3% increase in November. the Dow Jones Industrial Average The stock fell 94.45 points, or 0.25%, to close at 37,266.67 points. the Standard & Poor's 500 The stock fell 26.77 points, or 0.56%, to close at 4,739.21 points. the Nasdaq Composite The stock fell 88.73 points, or 0.59%, to close at 14,855.62 points.

• US crude oil Prices were mixed on Wednesday. February West Texas Intermediate Light crude oil rose 16 cents to close at $72.56 per barrel, while the March contract fell 4 cents to close at $72.48 per barrel, and subsequent months were also lower.

• the US dollar index It closed higher again on Wednesday for the third straight trading session.

• American gold Futures It closed lower again on Wednesday. The February contract fell $23.70 to close at $2,006.50 an ounce.