Global tension and dollar weakness are pushing wheat futures higher

Recap on February 20th

• Wheat futures, led by Chicago futures, rose on Tuesday from contract lows the previous week supported by a weak dollar and geopolitical tensions. Corn futures also rose, although prices were hovering near multi-year lows. Spread strength from those commodities helped push soybean prices higher. the Corn March Future added 2¼¢ to close at $4.18 per unit. chicago March wheat It rose 22¼¢ to settle at $5.82¾ per unit. Kansas City March wheat It jumped 18½ cents to close at $5.85 per unit. Minneapolis He walks wheat advanced 10¾¢ to close at $6.65 per unit. March soybeans Added 6¾¢ to close at $11.79 per unit. March soybean meal It added $2 to close at $347.60 per ton. Soybean oil for March It lost 0.18 cents to close at 45.41 cents per pound.

• Under continued pressure from last week's reports, US stock markets stumbled again on Tuesday under pressure from tech giant Nvidia ahead of the company's earnings report as investors ponder whether the artificial intelligence craze is still going strong. the Dow Jones Industrial Average The stock fell 64.19 points, or 0.17%, to close at 38,563.80 points. the Standard & Poor's 500 The stock fell 30.06 points, or 0.60%, to close at 4,975.51 points. the Nasdaq Composite The stock lost 144.87 points, or 0.92%, to close at 15,630.78 points.

• US crude oil Prices were lower on Tuesday. The March West Texas Intermediate Light crude oil price fell $1.01 to close at $78.18 a barrel, while the April contract fell $1.42 to close at $77.04 a barrel.

• the US dollar index It fell for the fourth straight session on Tuesday.

• American gold Futures It advanced again on Tuesday as the dollar continued to fall. The February contract rose $16 to close at $2,027.50 an ounce.

Recap of February 16th

• Wheat futures fell to new contract levels on Friday due to continued pressure from weak export demand due to lower supplies from Russia and Ukraine, and on expectations of higher US production in 2024. Corn futures were mixed, mostly higher, and soybean futures were higher Modest gains. After both recorded their lowest levels in three years during the week due to abundant domestic and global supplies. the Corn March The futures price fell 1¼ cents to close at $4.16½ per unit, but July and beyond were much flatter. chicago March wheat It fell 6½ cents to settle at $5.60 per unit. Kansas City March wheat It fell 8½ cents to close at $5.67 per unit. Minneapolis He walks wheat It lost 3¼¢ to close at $6.54 per unit. March soybeans It advanced 10 cents to close at $11.72 per unit. March soybean meal It added $6.10 to close at $345.60 per ton. Soybean oil for March It lost 0.41 cent to close at 45.59 cents per pound.

• US stock indices fell on Friday and ended the week with losses. Traders processed several stressful economic reports during the week, including hotter-than-expected inflation data (likely to delay interest rate cuts by the Fed) and a contraction in retail sales. the Dow Jones Industrial Average The stock fell 145.13 points, or 0.37%, to close at 38,627.99 points. the Standard & Poor's 500 The stock fell 24.16 points, or 0.48%, to close at 5,005.57 points. the Nasdaq Composite The stock lost 130.52 points, or 0.82%, to close at 15,775.65 points.

• US crude oil Prices were higher on Friday. March West Texas Intermediate Light crude oil price added $1.16 to close at $79.19 per barrel.

• the US dollar index He was rejected for the third session on Friday.

• American gold Futures Apply again on Friday. The February contract rose $9.40 to close at $2,011.50 an ounce.

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 futures 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 hit 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 box 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% rise 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.