Recap for March 7

  • Major US equity indexes jumped higher for a second day on Thursday, the S&P 500 to a 16th record-high close of the year, ahead of the government’s monthly jobs report Friday. The Dow Jones Industrial Average added 130.3 points, or 0.34%, to close at 38,791.35. The Standard & Poor’s 500 advanced 52.6 points, or 1.03%, to close at 5,157.36. The Nasdaq Composite jumped 241.83 points, or 1.51%, to close at 16,273.38.
  • Inter-market wheat spreads widened Thursday as nearby Chicago soft wheat contracts declined, losing ground to Minneapolis hard red spring and Kansas City hard red winter futures. The latter two rallied off a two-day slide while front-end Chicago was pressured by a canceled China purchase of US soft wheat and a canceled tender from Egypt. Meanwhile, soybeans hit a two-week high Thursday on strong weekly export data and in pre-WASDE positioning. Corn futures rose 2% in technical trading and short covering. The May corn future jumped 9¼¢ to close at $4.38 per bu. Chicago May wheat ticked down 2½¢ to close at $5.28½ per bu; the December contract and beyond were higher. Kansas City May wheat advanced 18½¢ to close at $5.74¾ per bu. Minneapolis May wheat added 9½¢ and closed at $6.54¾ per bu. May soybeans soared 18¢ higher to close at $11.66¼ per bu. May soybean meal added $4 to close at $334.40 per ton. May soybean oil jumped up 1.03¢ to close at 46.35¢ a lb.
  • US crude oil prices were mixed Thursday, lower for the nearest two contracts, higher for July. The April West Texas Intermediate light, sweet crude future dropped 20¢ to close at $78.93 per barrel.
  • The US dollar index closed lower for a fifth consecutive trading day Thursday after Fed chairman Jerome Powell said easing interest rates were likely this year should inflation stay in check.
  • US gold futures continued higher Thursday. The April contract added $7 to close at $2,165.20 per oz.

Recap for March 6

  • Ahead of Friday’s monthly supply and demand estimates report, wheat futures tumbled at midweek on strong global competition while soybeans declined in choppy trading and corn futures firmed up with the support of bargain buying and positioning. Wheat and corn dipped despite a softer US dollar and a move to the high side in US crude oil prices. The May corn future added 2½¢ to close at $4.28¾ per bu. Chicago May wheat sank 20¢ to settle at $5.31 per bu. Kansas City May wheat fell 13¢ to close at $5.56¼ per bu. Minneapolis May wheat dropped 10¼¢ and closed at $6.45¼ per bu. May soybeans eased ¾¢ to close at $11.48¼ per bu. May soybean meal added 50¢ to close at $330.40 per ton; later months were mostly lower in a narrow range. May soybean oil added 0.28¢ to close at 45.32¢ a lb.
  • Though they drifted lower near closing bells, US equity indexes ultimately finished higher Wednesday on Federal Reserve chairman Jerome Powell’s testimony before the House Financial Services Committee on Capitol Hill. Powell said the central bank wants more evidence that inflation is slowing sustainably before beginning to cut interest rates this year. The three indexes remained lower for the week to date. The Dow Jones Industrial Average added 75.86 points, or 0.20%, to close at 38,661.05. The Standard & Poor’s 500 advanced 26.11 points, or 0.51%, to close at 5,104.76. The Nasdaq Composite packed on 91.95 points, or 0.58%, to close at 16,031.54. 
  • US crude oil prices reversed course and closed higher Wednesday. The April West Texas Intermediate light, sweet crude future added 98¢ to close at $79.13 per barrel.
  • The US dollar index closed lower for a fourth consecutive trading day Wednesday. 
  • US gold futures advanced again Wednesday. The April contract added $16.30 to close at $2,158.20 per oz.

Recap for March 5

  • Corn, soybean and wheat futures could not sustain overnight bargain-buying rises and dropped lower Tuesday. Corn and soybeans hovered near three-year lows ahead of Friday’s updated supply and demand numbers from the US Department of Agriculture. Soybeans were under pressure from increased fund selling. Wheat tumbled alongside declining European wheat futures amid weakening prices in the Black Sea, believed to be the winning origin from Algeria’s tender. The May corn future lost 3¾¢ to close at $4.26¼ per bu. Chicago May wheat dropped 13¢ to settle at $5.51 per bu. Kansas City May wheat fell 11¢ to close at $5.69¼ per bu. Minneapolis May wheat dropped 4¢ but closed at $6.55½ per bu. May soybeans were down 6¢ to close at $11.49 per bu. May soybean meal shed $3.60 to close at $329.90 per ton. May soybean oil eased 0.13¢ to close at 45.04¢ a lb.
  • The Magnificent Seven stocks of gigantic tech companies, save for Nvidia, all pulled lower Tuesday, dragging major equity markets further from recent record highs. Trading was cautious ahead of key data coming from the government, including a jobs report Friday. The Dow Jones Industrial Average fell 404.64 points, or 1.04%, to close at 38,585.19. The Standard & Poor’s 500 gave back 52.3 points, or 1.02%, to close at 5,078.65. The Nasdaq Composite sank 267.92 points, or 1.65%, to close at 15,939.59. 
  • US crude oil prices declined again Tuesday. The April West Texas Intermediate light, sweet crude future dropped 59¢ to close at $78.15 per barrel.
  • The US dollar index closed lower for a third consecutive trading day Tuesday. 
  • US gold futures advanced again Tuesday. The April contract added $15.60 to close at $2,141.90 per oz.

Recap for March 4

  • Corn and soybean futures closed higher Monday in bargain buying off of recent three-year lows and short-covering moves. Gains were limited by ample supplies in South America. Wheat complex futures brushed aside bearish Russian wheat prices and Australian wheat crop news Monday and closed higher in a round of short covering alongside corn and soybean futures. The May corn future added 5¼¢ to close at $4.30 per bu. Chicago May wheat added 6¼¢ to settle at $5.64 per bu. Kansas City May wheat added 15¾¢ to close at $5.80¼ per bu. Minneapolis May wheat also was up 15¾¢ but closed at $6.59½ per bu. May soybeans advanced 3¾¢ to close at $11.55 per bu. May soybean meal added $1.20 to close at $333.50 per ton. May soybean oil edged up 0.01¢ to close at 45.17¢ a lb.
  • US equity indices faltered Monday, weighed down by declines in shares of six of the Magnificent Seven stocks: Alphabet, Amazon, Apple, Meta Platforms, Microsoft and Tesla. The seventh, Nvidia, surged 3.6% following Friday’s first-time close above $2 trillion market valuation. The Dow Jones Industrial Average fell 97.55 points, or 0.25%, to close at 38,989.83. The Standard & Poor’s 500 fell 6.13 points, or 0.12%, to close at 5,130.95. The Nasdaq Composite dropped 67.43 points, or 0.41%, to close at 16,207.51. 
  • US crude oil prices declined Monday. The April West Texas Intermediate light, sweet crude future dropped $1.23 to close at $78.74 per barrel.
  • The US dollar index closed lower for a second session Monday after moving higher most of last week. 
  • US gold futures advanced again Monday. The April contract jumped $30.60 higher to close at $2,126.30 per oz.

Recap for March 1

  • Ample Black Sea supplies and tumbling Russian wheat prices weighed on the wheat complex at the end of the week. Spillover weakness brought corn futures lower Friday. Soybean futures turned higher at the end of the week on bargain buying and short covering after hitting three-year lows a day earlier. Gains were limited by lackluster exports and large global supplies. The May corn future fell 4¾¢ to close at $4.24¾ per bu. Chicago May wheat dropped 18½¢ to settle at $5.57¾ per bu. Kansas City May wheat sank 22¾¢ to close at $5.64½ per bu. Minneapolis May wheat was down 15¼¢ to close at $6.43¾ per bu. May soybeans jumped 10½¢ to close at $11.51¼ per bu. May soybean meal added $3.10 to close at $332.30 per ton. May soybean oil eased 0.05¢ to close at 45.16¢ a lb.
  • US equity indices posted gains Friday. Soaring shares of Nvidia pushed the artificial-intelligence-focused tech giant’s market valuation above $2 trillion Friday. The S&P 500 index notched a 15th fresh record high of 2024 and its 16th weekly gain in the past 18 weeks, a streak not seen in 53 years. The Dow Jones Industrial Average added 90.99 points, or 0.23%, to close at 39,087.38. The Standard & Poor’s 500 added 40.81 points, or 0.80%, to close at 5,137.08. The Nasdaq Composite jumped 183.02 points, or 1.14%, to close at 16,274.94. 
  • US crude oil prices flipped and closed higher Friday. The April West Texas Intermediate light, sweet crude future added $1.71 to close at $79.97 per barrel.
  • The US dollar index closed lower Friday, snapping a three-day win streak. 
  • US gold futures advanced again Friday. The April contract surged $41 higher to close at $2,095.70 per oz.