Corn and soybean futures fell to their lowest levels in three years

Recap of February 26th

• Corn and soybean prices rose in short covering on Monday after earlier falling to three-year lows. Wheat futures closed higher as traders adjusted their positions ahead of the first notice day on Thursday for March delivery and indirectly supported by corn and soybeans. the May corn Future rose 8 cents to close at $4.21 per unit. chicago May wheat 5¾¢ was added to settle at $5.74 per piece. Kansas City May wheat advanced 11 cents to close at $5.76 per unit. Minneapolis maybe wheat It added 6 cents to close at $6.52 per unit. Soybean mayo It rose 3½ cents to close at $11.45 per unit. Soybean meal It added 60 cents to close at $328.60 a ton, although subsequent months were mixed. May soybean oil It added 0.42 cents to close at 45.02 cents per pound.

• US stock markets fell on Monday but remained on track for gains in February. Nvidia shares, which fueled last week's rally thanks to huge earnings, continued to move higher, but it wasn't a catalyst to lift all boats. the Dow Jones Industrial Average The stock rose 62.3 points, or 0.16%, to close at 39,069.23 points. the Standard & Poor's 500 The stock fell 19.27 points, or 0.38%, to close at 5,069.53 points. the Nasdaq Composite The stock fell 20.57 points, or 0.13%, to close at 15,976.25 points.

• US crude oil Prices were lower on Monday. April West Texas Intermediate Light crude oil fell $1.09 to close at $77.58 per barrel.

• the US dollar index It fell for the eighth straight day of trading on Monday.

• American gold Futures Dropped on Monday. The April contract fell $10.50 to close at $2,038.90 an ounce.

Recap of February 23rd

• U.S. stock indexes were mixed on Friday, but all three posted weekly gains of 1.3% or more, marking a sixth weekly win in the eight weeks in 2024 so far. Support came from a rise in Nvidia shares, among other things. Shares of the artificial intelligence-focused Big Tech company rose 17% on Thursday and Friday, and its market value briefly rose above $2 trillion, after the release of an earnings report Wednesday evening that indicated that quarterly sales and forecasts beat Wall Street expectations. the Dow Jones Industrial Average The stock increased 62.42 points, or 0.16%, to close at 39,131.53 points. the Standard & Poor's 500 The stock rose 1.77 points, or 0.03%, to close at 5,088.8 points. the Nasdaq Composite The stock fell 44.80 points, or 0.28%, to close at 15,996.82 points.

• Wheat complex futures fell on Friday and Minneapolis futures fell for the week. Broader grain market liquidation contributed to Friday's losses, as did signs of profit-taking and continued corn pressure. Corn futures fell below $4 for the first time since November 2020, dragged down by large US and global supplies. US weekly exports, which were at their lowest levels since May, weighed on US soybeans along with news that at least three cargo ships loaded with Brazilian supplies were scheduled to sail to the United States. the May corn Future fell 5 cents to close at $4.13 per unit. chicago May wheat It fell 10¼ cents to settle at $5.69 per unit. Kansas City May wheat It fell 6 cents to close at $5.65 per unit. Minneapolis maybe wheat It fell 8¾¢ to close at $6.46 per unit. Soybean mayo It fell 10¾ cents to close at $11.41 per unit. Soybean meal It fell $3.40 to close at $328 per ton. May soybean oil It lost 0.20 cents to close at 44.60 cents per pound.

• US crude oil Prices were lower on Friday. The price of April West Texas Intermediate Light crude oil fell $2.12 to close at $76.49 per barrel.

• the US dollar index It fell for the seventh straight session on Friday.

• American gold Futures Turned higher to close the week. The February contract jumped $18.90 to close at $2,038.60 an ounce.

Recap of February 22nd

• Corn and soybean futures fell on Thursday, with both corn and soybean futures hitting three-year lows. Abundant domestic supplies of corn and soybeans, rising supplies from South America amid improving weather forecasts, demand uncertainty and technical selling created pressures. Wheat futures were mixed with Kansas City and Minneapolis futures lower but Chicago futures posting small gains. Wheat futures received some support from expectations of new US sanctions on Russia, the world's largest wheat exporter. the May corn Future shed 5¾¢ to close at $4.18 per unit. chicago May wheat It rose 1¼ cents to settle at $5.79 per unit. Kansas City May wheat It fell 3 cents to close at $5.71 per unit. Minneapolis maybe wheat It fell 6 cents to close at $6.55 per unit. Soybean mayo It fell 12½ cents to close at $11.52 per unit. Soybean meal It lost $5.30 to close at $331.40 per ton. May soybean oil It fell by 0.62 cents to close at 44.80 cents per pound.

• US stock indexes rose on Thursday, with the Dow Jones Industrial Average and S&P 500 closing at record levels. The market enthusiasm was driven in part by better-than-expected fourth-quarter results from Nvidia that fueled optimism about the growth prospects for AI stocks. the Dow Jones Industrial Average The stock increased 456.54 points, or 1.18%, to close at 39,069.11 points. the Standard & Poor's 500 It rose 105.23 points, or 2.11%, to close at 5,087.03 points. the Nasdaq Composite The stock jumped 460.72 points, or 2.96%, to close at 16,041.62 points.

• US crude oil Prices were higher on Thursday. April light sweet West Texas Intermediate (WTI) crude oil rose 70 cents to close at $78.61 a barrel.

• the US dollar index It fell for the sixth straight session on Thursday.

• American gold Futures It also decreased on Thursday. The February contract lost $2.60 to close at $2,019.70 an ounce.

Recap of February 21st

• Corn futures fell to three-year lows on Wednesday on abundant domestic supply and signs that export rivals in South America will harvest strong crops this year. Wheat futures fell under pressure from abundant global supplies and strong export competition, with the exception of the nearby Chicago contract, which rose as shippers looked to resell sales to China. Soybean futures followed the downward trend in corn. the Corn March Futures shed 7¾¢ to close at $4.11 per unit. chicago March wheat It rose ½¢ to settle at US$5.83¼ per unit, although all futures were lower. Kansas City March wheat It fell 8½ cents to close at $5.77¼ per unit. Minneapolis He walks wheat It fell 6¼¢ to close at $6.59 per unit. March soybeans It fell 18¼ cents to close at $11.60 per unit. March soybean meal It fell by $5.60 to close at $342 per ton. Soybean oil for March It lost 0.58 cents to close at 44.83 cents per pound.

• US stock indexes posted mixed closes on Wednesday as the Nasdaq continued to falter under pressure from Nvidia shares ahead of the artificial intelligence company's upcoming earnings report. Investors also took a look at the minutes of the Fed's January policy meeting, which indicated that most Fed officials are reticent about cutting interest rates too early. the Dow Jones Industrial Average The stock increased 48.44 points, or 0.13%, to close at 38,612.24 points. the Standard & Poor's 500 The stock increased 6.29 points, or 0.13%, to close at 4,981.80 points. the Nasdaq Composite The stock lost 49.91 points, or 0.32%, to close at 15,580.87 points.

• US crude oil Prices were higher on Wednesday. April West Texas Intermediate Light crude oil rose 87 cents to close at $77.91 a barrel.

• the US dollar index It fell for the fifth straight session on Wednesday.

• American gold Futures It also decreased despite the weakness of the dollar. The February contract fell $5.20 to close at $2,022.30 an ounce.

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 price of West Texas Intermediate Light crude for next March fell by $1.01 to close at $78.18 per barrel, while the April contract fell by $1.42 to close at $77.04 per 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.