Soybeans bounce back from three-year lows

Recap of February 12th

• Soybean futures rose Monday in a round of bargain buying from three-year lows last week. Corn futures also achieved bargain buying gains to a lesser extent. Wheat futures were mixed, mostly lower, due to continued competition in global export prices and weak export demand from US supplies. the Corn March Future added 1½ cents to close at $4.30 per unit. chicago March wheat ¾¢ was added, closing at $5.97 1/2 per unit despite declines for most of the subsequent months. Kansas City March wheat It fell 2¾¢ to close at $5.98 per unit. Minneapolis He walks wheat It fell 1¾¢ to close at $6.82 per unit. March soybeans It jumped 9½™ to close at $11.93 per unit. March soybean meal It added $2.10 to close at $348.90 per ton. Soybean oil for March It fell 0.36 cents to close at 46.9 cents per pound.

• US stock markets recorded mixed closes at the start of the week. The Dow Jones Industrial Average continued to rise thanks to strong economic data, bullish corporate earnings reports and a continued rise in big technology stocks. The S&P 500 retreated from its record closing streak ahead of more earnings reports this week and Tuesday's headline inflation data on the January Consumer Price Index. the Dow Jones Industrial Average The stock increased 125.69 points, or 0.33%, to close at 38,797.38 points. the Standard & Poor's 500 The stock fell 4.77 points, or 0.09%, to close at 5,021.84 points. the Nasdaq Composite The stock fell 48.12 points, or 0.3%, to close at 15,942.55 points.

• US crude oil Prices rose on Monday for the sixth consecutive session. March West Texas Intermediate Light crude oil rose 8 cents to close at $76.92 a barrel.

• the US dollar index Reinforced on Monday.

• American gold Futures It was lower on Monday. The February contract fell $5.10 to close at $2,018.20 an ounce.

Recap of February 9th

• US stock indexes were mixed on Friday with the Dow Jones Industrial Average falling, but the S&P 500 closed for the first time above 5,000 points, marking its highest record close in 2024. Big tech stocks like Applied Materials, Nvidia and Alphabet were the ones leading the charge. Height. Amazon and Microsoft. the Dow Jones Industrial Average The stock fell 54.64 points, or 0.14%, to close at 38,761.69 points. the Standard & Poor's 500 The stock increased 28.70 points, or 0.57%, to close at 5,026.61 points. the Nasdaq Composite The index rose 196.95 points, or 1.25%, to close at 15,990.56 points. All three indices have posted weekly increases in 14 of the past 15 weeks.

• Wheat futures recorded mixed closes at the end of the week. Discount buying and short covering were behind gains in Kansas City and nearby Chicago with further support from a weaker US dollar. Corn and soybean futures hovered near three-year lows and closed lower on Friday, under pressure from improving crop weather and expectations of greater supplies in South America. the Corn March The future fell 4¼¢ to close at $4.29 per unit. chicago March wheat 8¼¢ was added, closing at $5.96 per unit with subsequent months varying. Kansas City March wheat It rose ½¢ to close at US$6.01 per unit. Minneapolis He walks wheat It also rose ½¢ to close at $6.84 per unit, although all subsequent months were lower. March soybeans It lost 10 cents to close at $11.83 a half per unit. March soybean meal It fell 30 cents to close at $346.80 a ton. Soybean oil for March It fell 0.68 cents to close at 47.26 cents per pound.

• US crude oil Prices rose on Friday for the fifth consecutive session. March West Texas Intermediate Light crude oil rose 62 cents to close at $76.84 a barrel.

• the US dollar index Weakened Friday.

• American gold Futures It was lower again on Friday. The February contract fell $8.90 to close at $2,023.30 an ounce.

Recap of February 8th

• Wheat futures fell Thursday on continued US dollar and Russian price pressure as the USDA raised its outlook for hard red winter, soft red winter and white wheat on June 1, 2024. Soybean and soybean oil futures rose despite USDA's bearish soybean inventories. US agriculture thanks to the ministry's lower forecast for Brazilian production, a figure much higher than the Brazilian crop agency's forecast. Corn futures initially rose after Brazil lowered its corn production forecast but closed lower on higher ending inventory forecasts from the USDA. the Corn March Future fell 1 cent to close at $4.33 per unit. chicago March wheat It fell 13½ cents, closing at $5.88½ per unit. Kansas City March wheat It fell 17¼ cents to close at $6.01 per unit. Minneapolis He walks wheat It fell 12½ cents to close at $6.83 per unit. March soybeans It rose 4½ cents to close at $11.93 per unit. March soybean meal The futures price per ton fell $4.10 to close at $347.10 per ton. Soybean oil for March It rose 1.18 cents to close at 47.94 cents per pound.

• Amid a busy earnings season, shares of Walt Disney, ARM and Hershey rose on Thursday, helping to push U.S. stock markets higher. The DJIA and S&P 500 hit record closing levels for the second day in a row. the Dow Jones Industrial Average It added 48.97 points, or 0.13%, to close at 38,726.33 points, which is the index’s eleventh record close in 2024. Standard & Poor's 500 It rose 2.85 points, or 0.06%, to close at 4,997.91 points, its highest record close in 2024. Nasdaq Composite It rose 37.07 points, or 0.24%, to close at 15,793.71 points.

• US crude oil Prices rose again on Thursday for the fourth straight session. The price of West Texas Intermediate Light crude for March rose by $2.36 to close at $76.22 per barrel.

• the US dollar index Stocks closed higher Thursday, returning to a recent strong trend after a two-day decline.

• American gold Futures It fell on Thursday as the US dollar rose. The February contract fell $3 to close at $2,032.20 an ounce.

Recap of February 7th

• Corn prices hit a three-year low on Wednesday after weather reports indicated rival Argentina would shift from hot, dry weather to widespread rainfall. Wheat futures were mixed as soft wheat advanced in Chicago. Supply pressure from Russia's surplus and favorable new crop prospects weighed on wheat as traders settled their positions ahead of key supply and demand reports in the US and Canada due out on Thursday. Soybean prices reached their lowest levels since December 15, 2020, as Brazilian growing regions also expected rain. the Corn March Future fell 4½ cents to close at $4.34 per unit. chicago March wheat 7 cents were added, closing at $6.02 per unit. Kansas City March wheat ¼™ fell to close at $6.18 per unit; Subsequent months were little mixed for the second day. Minneapolis He walks wheat Added 3 cents to close at $6.96 per unit; Subsequent months were narrowly mixed. March soybeans It fell 10½ cents to close at $11.89 per unit. March soybean meal It fell $7.60 to close at $351.20 per ton. Soybean oil for March It rose 0.82 cents to close at 46.76 cents per pound.

• US stock markets rose again on Wednesday despite recent news about the pace of interest rate cuts. The DJIA and S&P 500 hit record closing levels. the Dow Jones Industrial Average It rose 156 points, or 0.4%, to close at 38,677.36 points. the Standard & Poor's 500 It rose 40.83 points, or 0.82%, to close at 4,995.06 points, its eighth record close in 2024. Nasdaq Composite It rose 147.65 points, or 0.95%, to close at 15,756.64 points.

• US crude oil Prices rose again on Wednesday. The price of March West Texas Intermediate Light crude rose 55 cents to close at $73.86 a barrel.

• the US dollar index It dropped for a second day on Wednesday.

• American gold Futures Advance on Wednesday as the US dollar weakens. The February contract added 70 cents to close at $2,035.20 an ounce.

Recap of February 6th

• Wheat futures recorded a mixed close on Tuesday. Chicago soft wheat futures rose for the first time in three sessions in short-covering moves, while KC and Minneapolis wheat futures were mixed ahead of key crop reports in the US and Canada due on Thursday. Soybean futures rose for a second day in short covering and technical buying from the previous day's lows. Corn futures fell in the near decade amid rain forecasts in hot and dry Argentina. the Corn March The future fell 4 cents to close at $4.38 ¾ per unit with subsequent months varying in a narrow range. chicago March wheat 4¾¢ was added, closing at $5.95 per unit. Kansas City March wheat Added 4½¢ to close at $6.18 per unit; Subsequent months were narrowly mixed. Minneapolis He walks wheat Added 2¼¢ to close at $6.93 per unit; The subsequent months were mixed. March soybeans It rose 3¼ cents to close at $11.99 per unit. March soybean meal It removed $2.30 to close at $358.80 per ton. Soybean oil for March It rose 0.61 cents to close at 45.94 cents per pound.

• US stocks initially fell modestly on Tuesday, with major indexes flipping between small gains and losses before rising at the closing bells as investors reset their thoughts on the Federal Reserve's interest rate path. the Dow Jones Industrial Average The stock increased 141.24 points, or 0.37%, to close at 38,521.36 points. the Standard & Poor's 500 The stock rose 11.42 points, or 0.23%, to close at 4,954.23 points. the Nasdaq Composite It rose 11.32 points, or 0.07%, to close at 15,609 points. The three major indexes held their gains for 2024, which was a positive sign for some Wall Street traders.

• US crude oil Prices rose again on Tuesday. March West Texas Intermediate Light crude oil rose 53 cents to close at $73.31 a barrel.

• the US dollar index It fell on Tuesday after a two-session rise.

• American gold Futures Tuesday advanced as the US dollar weakened. The February contract added $8.80 to close at $2,034.50 an ounce.