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.
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