Export optimism boosts wheat futures

Recap of January 25th

• Wheat futures continued to rise on Thursday amid optimism that North America and Europe could pick up some global demand amid geopolitical tensions in the Middle East and terrorism in the Red Sea. Soybean futures fell Thursday after the USDA said U.S. soybean export sales in the week ending January 18 were 560,900 tons, below the trade forecast range of 700,000 to 1,200,000 tons. Corn futures fell under pressure from abundant US inventories, uncertain demand and spillover weakness. the Corn March Future fell ½™ to close at $4.51 per unit. chicago March wheat 1½¢ was added, closing at $6.12 per unit. Kansas City March wheat It jumped 11¼ cents to close at $6.37 per unit. Minneapolis He walks wheat 4½¢ was added to close at $7.09 per unit. March soybeans 17¼¢ was removed to close at $12.23 per unit. March soybean meal The price of gold fell by $5.10 to close at $358.20 per ton. Soybean oil for March It fell 0.79 cents to close at 46.53 cents per pound.

• US stock markets closed higher on Thursday after a Commerce Department report indicated that the economy grew at an inflation-adjusted 3.3% seasonally and annually in the fourth quarter, supported by household and government spending. The quarterly reading was a deceleration from the summer pace of 4.9% but still at a healthy rate. The ministry said that the US economy grew by 3.1% over the past year. the Dow Jones Industrial Average The stock increased 242.74 points, or 0.64%, to close at 38,049.13 points. the Standard & Poor's 500 The stock increased 25.61 points, or 0.53%, to close at 4894.16 points. the Nasdaq Composite The stock increased 28.58 points, or 0.18%, to close at 15,510.50 points.

• US crude oil Prices were higher on Thursday. March WTI light sweet crude oil price added $2.27 to close at $77.36 per barrel.

• the US dollar index It resumed its rise Thursday.

• American gold Futures It closed higher on Thursday. The February contract added $1.80 to close at $2,017.80 an ounce.

Recap of January 24th

• US stock indexes closed higher on Wednesday, driven by the strong performance of the so-called Seven Wonders: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Investors have been encouraged back into large-cap technology stocks by thoughts that the economy is likely too strong for the Fed to cut interest rates as quickly as some had hoped. the Dow Jones Industrial Average The stock fell 99.06 points, or 0.26%, to close at 37,806.39 points. the Standard & Poor's 500 The stock rose 3.95 points, or 0.08%, to close at 4,868.55 points. the Nasdaq Composite It rose 55.97 points, or 0.36%, to close at 15,481.92 points.

• A halt to the US dollar's January jump boosted wheat futures on Wednesday, with the Chicago Express contract rising 2.4% in clear trading on the chart. The dollar trend also helped KC and Minneapolis futures rise, offsetting SovEcon's increase in its forecast for Russia's wheat production in 2024 to 92.2 million tons from the 91.3 million it estimated in December. Corn futures benefited from a stalled dollar as well as extreme heat in Argentina and an expected decline in second-crop production in Brazil. Soybean futures were slightly mixed on Wednesday in choppy trading dragged down by crop expectations in South America and profit-taking. the Corn March Future added 5¾¢ to close at $4.52 per unit. chicago March wheat It jumped 14¼, closing at $6.10 per unit. Kansas City March wheat advanced 8¼¢ to close at $6.25 per unit. Minneapolis He walks wheat 5½¢ was added to close at $7.04 per unit. March soybeans It rose ¾¢ to close at $12.40 per unit with subsequent months varying narrowly. March soybean meal It added $2.20 to close at $363.30 per ton. Soybean oil for March It fell 0.89 cents to close at 47.32 cents per pound.

• US crude oil Prices were higher on Wednesday. March WTI light sweet crude added 72 cents to close at $75.09 a barrel.

• the US dollar index Stocks fell on Wednesday, closing lower for the second time in seven trading days.

• American gold Futures It closed lower on Wednesday. The March contract fell $9.80 to close at $2,016 an ounce.

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.