Excess US supplies weigh heavily on grain futures

Recap of February 15th

• Grain futures fell on Thursday after the U.S. Department of Agriculture forecast larger crop inventories for the 2024-25 marketing year amid declining global demand for U.S. supplies. Corn and soybean futures hit three-year lows. Wheat futures in Kansas City and Minneapolis hit new contract lows while the Chicago March contract settled at its lowest level since late November. the Corn March The futures price fell 6½ cents for the second day in a row to close at $4.17 per unit. chicago March wheat It fell 18½ cents to settle at $5.67 per unit. Kansas City March wheat It fell 12 cents to close at $5.75 per unit. Minneapolis He walks wheat It lost 4½ cents to close at $6.58 per unit. March soybeans It fell 8¼¢ to close at $11.62 per unit. March soybean meal It fell $3.80 to close at $339.50 per ton. Soybean oil for March It lost 0.35 cents to close at 46 cents per pound.

• US stock indexes shrugged off a disappointing retail sales report, highlighting the shield of consumer resilience, and closed higher on Thursday. The S&P 500 hit another all-time closing high, its 11th record of the year. the Dow Jones Industrial Average The stock jumped 348.85 points, or 0.91%, to close at 38,773.12 points. the Standard & Poor's 500 The stock increased 29.11 points, or 0.58%, to close at 5,029.73 points. the Nasdaq Composite The stock gained 47.03 points, or 0.30%, to close at 15,906.17 points.

• US crude oil Prices were higher on Thursday. March West Texas Intermediate Light crude oil price added $1.39 to close at $78.03 per barrel.

• the US dollar index It dropped again on Thursday.

• American gold Futures Advanced Thursday. The February contract gained $11.80 to close at $2,002.10 per ounce.

Recap of February 14th

• Wheat futures fell again on Wednesday, hitting new contract lows after the value of the US dollar reached a three-month high during the trading session before ending lower for the day. Corn and soybean futures were followed lower by wheat futures, falling to three-year lows, further impacted by fund selling and abundant global supplies. the Corn March Future fell 6½ cents to close at $4.24 per unit. chicago March wheat It fell 12 cents to settle at US$5.85 per unit. Kansas City March wheat It fell 6¾¢ to close at $5.87 per unit. Minneapolis He walks wheat It lost 9¼¢ to close at $6.62 per unit. March soybeans It fell 15¾¢ to close at $11.70 per unit. March soybean meal The price of crude fell $1.50 to close at $343.30 per ton. Soybean oil for March It fell 0.95 cents to close at 46.35 cents per pound.

• US stock indexes on Wednesday recovered part of Tuesday's losses that were mainly caused by higher-than-expected inflation data that was expected to slow or delay Federal Reserve interest rate cuts. Today, Treasury yields fell as traders tried to determine when the Fed would start cutting interest rates and “low buyers” were active. the Dow Jones Industrial Average The stock gained 151.52 points, or 0.40%, to close at 38,424.27 points. the Standard & Poor's 500 It rose 47.45 points, or 0.96%, to close at 5,000.62 points. the Nasdaq Composite The stock jumped 203.55 points, or 1.3%, to close at 15,859.15 points.

• US crude oil Prices reversed course on Wednesday after recording gains in the previous seven consecutive trading sessions. The price of March West Texas Intermediate Light crude fell $1.23 to close at $76.64 per barrel.

• the US dollar index It dropped on Wednesday.

• American gold Futures It was lower on Wednesday. The February contract lost $2.60 to close at $1,990.30 an ounce.

Recap for February 13th

• Most wheat futures were lower on Tuesday, with some hitting contract lows, as the dollar hit a three-month high, international demand fell during the Lunar New Year, and Russia expanded prices for the staple grain. Technical trading slightly strengthened corn futures, although prices fell near three-year lows on abundant global supplies, improving harvest prospects in South America and competition for exports. Soybean futures followed lower after U.S. soybean crushing slowed in January from a record high in February as cold weather disrupted operations at several processing plants. the Corn March Future rose ¼™ to close at $4.30 per unit. chicago March wheat It was flat at $5.97 per close. The subsequent months eased into the second day. Kansas City March wheat It fell 4¼ cents to close at $5.94 per unit. Minneapolis He walks wheat It fell 10¾¢ to close at $6.71 per unit. March soybeans It fell 6¾ cents to close at $11.86 per unit. March soybean meal The futures price per ton fell by $4.10 to close at $344.80 per ton. Soybean oil for March It added 0.40 cents to close at 47.30 cents per pound.

• US stocks and stock indexes fell on Tuesday after a Labor Department report indicated that consumer prices rose 3.1% in January from a year earlier, compared to a 3.4% increase in December, the lowest level since June. The CPI remains above the expected 2.9%, disappointing investors who had hoped the Fed would cut interest rates sooner rather than later. Core prices, a measure that excludes food and energy, rose 0.4%. the Dow Jones Industrial Average The stock fell 524.63 points, or 1.35%, to close at 38,272.75 points. the Standard & Poor's 500 The stock fell 68.67 points, or 1.37%, to close at 4,953.17 points. the Nasdaq Composite The index fell 286.95 points, or 1.8%, to close at 15,655.60 points.

• US crude oil Prices rose on Tuesday for the seventh consecutive session. March West Texas Intermediate Light crude oil rose 95 cents to close at $77.87 a barrel.

• the US dollar index It strengthened again on Tuesday.

• American gold Futures It was lower on Tuesday. The February contract fell $25.30 to close at $1,992.90 an ounce.

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. The price of March West Texas Intermediate Light crude 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.