Crude oil is recovering from the sharp declines seen on Monday

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 following sharp price cuts by Saudi Arabia, the world's largest exporter, along with increased production from the Organization of the Petroleum Exporting Countries, both offsetting 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 South American harvests would 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 on 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 “magnificent seven” — 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.

Recap of January 4th

• Wheat futures closed higher on Thursday with Chicago's soft red winter contracts leading the way, bouncing off month-long lows on talk that China may seek more US soft red winter wheat. Soybean futures fell amid rain, providing relief to dry Brazilian fields and concerns about US export sales. Corn futures were slightly higher in market consolidation moves in the near months, and were mixed later. Corn March Futures rose 1¼ cents to close at $4.66 per unit; Subsequent months were unchanged or narrowly mixed. chicago March wheat It jumped 13¼ cents to close at $6.13 per unit. Kansas City March wheat 4¼¢ was added to close at $6.25 per unit. Minneapolis He walks wheat advanced 2¾¢ to close at $7.11 per unit. March soybeans It fell 9½ cents to close at $12.67 per unit. March soybean meal The price of crude fell by $4.20 to close at $376.20 per ton. Soybean oil for March It fell by 0.44 cents to close at 48.16 cents per pound.

• US stock markets were mixed on Thursday. It was the fifth straight day of losses for the Nasdaq, which posted its worst two-day start since 2005. The index came under pressure from Apple and Amazon stocks, among other companies. The Dow Jones Industrial Average posted another gain while the S&P 500 fell. Conagra Foods and Walgreens Boots Alliance were among the stocks that fell. the Dow Jones Industrial Average The stock rose 10.15 points, or 0.03%, to close at 37,440.34 points. the Standard & Poor's 500 The stock fell 16.13 points, or 0.34%, to close at 4,688.68 points. the Nasdaq Composite The stock fell 81.91 points, or 0.56%, to close at 14,510.30 points.

• US crude oil Prices fell on Thursday, with February West Texas Intermediate crude falling 51 cents to close at $72.19 a barrel.

• the US dollar index It broke a four-day high with a decline on Thursday.

• American gold Futures It closed higher on Thursday. The February contract added $7.20 to close at $2,050 an ounce.

Recap of January 3

• The US dollar's rise to a two-month high has made the export outlook for US commodities more expensive, and most wheat futures fell as a result. Improving winter wheat condition ratings in Kansas, which tops hard red winter wheat production, has added to the pressure. Buoyed by short covering but limited by Brazilian rains and weather forecasts, soybean futures rose on Wednesday from multi-month lows. Corn futures followed Tuesday's sell-off with short covering and technical buying, closing the day virtually unchanged. Corn March Futures rose 1½ cents to close at $4.65 per unit; Subsequent months were narrowly mixed but mostly higher. chicago March wheat It fell 6½ cents to close at $6.00 per unit. Kansas City March wheat fell 7½ cents to close at $6.21 per unit; Contracts deferred to 2025 were slightly higher. Minneapolis He walks wheat It lost 6½™ to close at $7.08 per unit. March soybeans 3½¢ was added to close at $12.77 per unit. March soybean meal It rose 90 cents to close at $380.40 a ton. Soybean oil for March It rose 0.31 cents to close at 48.60 cents per pound.

• US stock markets fell on Wednesday. Some investors attributed the declines to a natural follow-on to the rises in stocks and bonds in late 2023. The weakness at the beginning of the year came even as new economic data pointed to a gradual slowdown in the US economy. The Institute for Supply Management said manufacturing activity fell slightly in December compared with the previous month, although less than economists expected. The US Department of Labor said there were 8.8 million job openings in November, down from the recent peak of 12 million in March 2022. Dow Jones Industrial Average The stock fell 284.85 points, or 0.76%, to close at 37,430.19 points. the Standard & Poor's 500 The stock fell 38.02 points, or 0.8%, to close at 4,704.81 points. the Nasdaq Composite The index fell 173.73 points, or 1.18%, to close at 14,592.21 points.

• the US crude oil The downward price trend stopped on Wednesday. February West Texas Intermediate crude futures rose $2.32 to close at $72.70 per barrel.

• the US dollar index Its rise continued on Wednesday for the fourth consecutive day of trading.

• American gold Futures Oil prices on Wednesday returned to their bearish stance recorded at the end of 2023. The February contract fell $30.60 to close at $2,042.80 an ounce.