Forecasts, a Chinese Buy Boost Soybean Futures

(foodbusinessnews.com) – Recap for September 23

• Midwest rains and news that Chinese importers bought about 10 cargoes of U.S. soybeans on Monday, or about 600,000 tonnes, sent soybean futures higher. Corn futures perked up on adverse crop weather, and wheat futures were mixed with spring wheat surging on crop quality concerns and winter wheat edging lower. November soybeans advanced 9¾c to close at $8.92½ a bu. October soybean meal rose $3.40 to close at $294.50 a ton. October soybean oil dipped 0.09c to close at 29.19c a lb. December corn rose 2½c to close at $3.73¼ a bu. Chicago December wheat was down 1¼c to close at $4.83 a bu. Kansas City December wheat fell 1c to close at $4.06½ a bu. Minneapolis December jumped 13c to close at $5.37¼ a bu.
• Declines among shares of industrial and materials companies limited gains Monday and left U.S. equity market little changed. The Dow Jones Industrial Average rose 14.92 points, or 0.06%, to close at 26,949.99. The Standard & Poor’s 500 Index eased 0.29 point, or 0.49%, to close at 2,991.78. The Nasdaq Composite declined 5.21 points, or 0.06%, to close at 8,112.46.
• U.S. crude oil futures advanced Monday. The November contract was up 55c to close at $58.64 a barrel.
• The value of the U.S. dollar strengthened Monday.
• U.S. gold futures advanced despite the stronger dollar as fears of a global economic growth slowdown were renewed by weak data from Europe. The October contract rose $16 to close at $1,524 an oz.

Recap for September 20

• Soybean futures declined Friday on pessimistic news on U.S.-China trade negotiations and a lack of fresh sales to China. Corn futures declined on technical trading and favorable harvest weather. U.S. wheat futures were mixed with winter wheat declining on news of another European Union production increase and deflated trade talks. Spring wheat continued to rally on slow harvest progress and concerns over quality as the crop languishes in fields. November soybeans declined 10¼c to close at $8.82¾ a bu. October soybean meal fell $1.10 to close at $291.10 a ton. October soybean oil dropped 0.53c to close at 29.28c a lb. December corn fell 2c to close at $3.70¾ a bu. Chicago December wheat was down 3¾c to close at $4.84¼ a bu. Kansas City December wheat fell 2c to close at $4.07½ a bu. Minneapolis December advanced 4c to close at $5.24¼ a bu.
• Reports that U.S.-China trade negotiations in Washington were cut short and a delegation from Beijing would return home early helped turn U.S. equity markets lower Friday. The Dow Jones Industrial Average fell 159.72 points, or 0.59%, to close at 26,935.07. The Standard & Poor’s 500 Index dropped 14.72 points, or 0.49%, to close at 2,992.07. The Nasdaq Composite subtracted 65.20 points, or 0.80%, to end at 8,117.67. All three indexes were on pace for weekly declines after three straight weeks of gains.
•  U.S. crude oil futures edged lower Friday. The October contract was down 4c to close at $58.09 a barrel as it neared expiration.
• The value of the U.S. dollar was slightly higher Friday.
• U.S. gold futures advanced as the dollar faltered. The October contract rose $8.50 to close at $1,508 an oz.

Recap for September 19

• Soybean and corn futures rose Thursday after the U.S. Department of Agriculture indicated stronger weekly export sales. Winter wheat futures eased and spring wheat futures advanced in a market underpinned by dry pre-harvest conditions in Australia and Argentina and parched soils in Europe and the Black Sea region ahead of planting. December corn rose 1½c to close at $3.72¾ a bu. November soybeans added 4¼c to close at $8.93 a bu. October soybean meal rose 60c to close at $292.20 a ton. October soybean oil eased 0.06c to close at 29.81c a lb. Chicago December wheat was down 1½c to close at $4.88 a bu. Kansas City December wheat edged lower, dropping ¼c to close at $4.09¼ a bu. Minneapolis December advanced 7c to close at $5.20¼ a bu.
• U.S. equity markets were mixed in a small range a day after the Federal Reserve announced an interest rate cut. The Dow Jones Industrial Average fell 52.29 points, or 0.19%, to close at 27,094.79. The Standard & Poor’s 500 Index edged up 0.06-point, or 0.0%, to close at 3,006.79. The Nasdaq Composite edged up 5.49 points, or 0.07%, to 8,182.88.
• U.S. crude oil futures edged higher Thursday after attacks on Saudi oil infrastructure caused them to swing wildly earlier in the week. The October contract was up 2c to close at $58.13 a barrel.
• The value of the U.S. dollar strengthened Thursday.
• U.S. gold futures declined as the dollar advanced. The October contract fell $9.60 to close at $1,499.50 an oz.

Recap for September 18

• Wheat futures were higher Wednesday as the market saw a flurry of tenders as helpful in reducing hefty global supplies. Corn received a short-covering bounce. Mild crop weather pushed soybean futures lower. Chicago December wheat was up 5¼c to close at $4.89½ a bu. Kansas City December wheat gained 7½c to close at $4.09¾ a bu. Minneapolis December advanced 6¾c to close at $5.13¼ a bu. December corn rose 3¼c to close at $3.71¼ a bu. November soybeans dropped 5c to close at $8.88¾ a bu. October soybean meal fell $2.50 to close at $291.60 a ton. October soybean oil edged up 0.02c to close at 29.87c a lb.
• U.S. equity markets were mixed Wednesday after the Federal Reserve lowered interest rates but indicated officials with the central bank weren’t in agreement about the prospect of further rate cuts in 2019. The Dow Jones Industrial Average added 36.28 points, or 0.13%, to close at 27,147.08. The Standard & Poor’s 500 Index edged up 1.03 points, or 0.3%, to close at 3,006.73. The Nasdaq Composite lost 8.62 points, or 0.11%, to close at 8,177.39.
• U.S. crude oil retreated further Wednesday after a government report indicated a rise in weekly U.S. oil and product inventory data. The October contract was down $1.23 to close at $58.11 a barrel.
• The value of the U.S. dollar strengthened Wednesday.
• U.S. gold futures advanced despite the stronger dollar. The October contract rose $2.20 to close at $1,509.10 an oz.

Recap for September 17

• U.S. crude oil futures declined a day after sharp advances. Saudi Arabia said it would soon restore oil output from two facilities attacked over the weekend. The October contract was down $3.56 to close at $59.34 a barrel.
• Declines in crude oil prices, which helped fuel Monday’s gains in agricultural futures, pressed U.S. corn futures to a lower close for the first time in four sessions. Better-than-expected corn crop condition ratings provided additional pressure. Soybeans dipped, too, despite confirmation of sales to China and on warm weather forecasts for the Midwest, which lessened fears of frost threat. November soybeans dropped 6¼c to close at $8.93¾ a bu. October soybean meal fell $1.10 to close at $294.10 a ton. October soybean oil declined 0.29c to close at 29.85c a lb. Chicago December wheat fell 4½c to close at $4.84¼ a bu. Kansas City December wheat dropped 6¾c to close at $4.02¼ a bu. Minneapolis December declined 2½c to close at $5.06½ a bu. December corn fell 6c to close at $3.68 a bu.
• Crude oil’s retreat bolstered U.S. equity markets Tuesday as investors looked ahead to an expected interest rate cut from the Federal Reserve. The Dow Jones Industrial Average added 33.98 points, or 0.1%, to close at 27,110.80. The Standard & Poor’s 500 Index rose 7.74 points, or 0.3%, to close at 3,005.70 with 9 of 11 sectors advancing. The Nasdaq Composite gained 32.47 points, or 0.4%, to close at 8,186.02. The three major indexes are within 2% of their individual all-time highs reached in July.
• The value of the U.S. dollar sweakened Tuesday.
• U.S. gold futures advanced as the dollar declined. The October contract rose $2.10 to close at $1,506.90 an oz.