Ag Commodities Mostly Lower On Profit-Taking, Weather, Demand

(foodbusinessnews.net) –

Recap for October 21

• After weather concerns for Southern Hemisphere competitors elevated wheat futures for several sessions last week, profit-taking turned wheat futures lower Monday. Soybean futures were mixed in a small range as weather-delayed crop development and harvests continued to fuel worries about reduced yields. Signals of lackluster demand weighed on corn futures. Chicago December wheat fell 8¾c to close at $5.23½ a bu. Kansas City December was dropped 8¼c to close at $4.25½ a bu. Minneapolis December wheat fell 6¾c to close at $5.37¾ a bu. December corn declined 3¾c to close at $3.91 a bu. November soybeans edged lower by ¾c to close at $9.33¼ a bu, though later months were mixed. December soybean meal dipped 80c to close at $307.70 a ton. December soybean oil added 0.12c to close at 30.48c a lb.
• U.S. equity markets opened the busiest week for third-quarter earnings reports with higher closes. The Dow Jones Industrial Average advanced 57.44 points, or 0.21%, to close at 26,827.64. The Standard & Poor’s 500 Index was up 20.52 points, or 0.69%, to close at 3,006.72 with increases in all sectors except materials and health care. The Nasdaq Composite gained 73.44 points, or 0.91%, to close at 8,162.99.
• The value of the U.S. dollar edged higher Monday.
• U.S. crude oil prices were lower, the expiring November contract was down 47c to close at $53.31 a barrel.
• U.S. gold futures dipped as the dollar ascended. The October contract was down $5.80 to close at $1,482.40 an oz.

Recap for October 18

• Corn futures eased about 3c a bu Friday, helping snap a five-week win streak. Soft red winter wheat notched a fourth straight weekly increase, advancing about 7c a bu Friday and more than 20c for the week. Hard red winter followed with modest gains as spring wheat futures declined. Soy complex futures ended the day mixed. Chicago December wheat rose 6¾c to close at $5.32¼ a bu. Kansas City December was up 2½c to close at $4.33¾ a bu. Minneapolis December wheat fell 7½c to close at $5.44½ a bu. December corn declined 3¾c to close at $3.91 a bu. November soybeans gained 2½c to close at $9.34 a bu. December soybean meal rose $1.70 to close at $308.50 a ton. December soybean oil eased 0.01c to close at 30.39c a lb.
• U.S. equity markets declined on concern of a global economic slowdown after Chinese data showed that country’s growth was the slowest since the first quarter of 1992. The Dow Jones Industrial Average declined 255.68 points, or 0.95%, to close at 26,770.20. The Standard & Poor’s 500 Index eased 11.75 points, or 0.39%, to close at 2,986.20. The Nasdaq Composite lost 67.31 points, or 0.83%, to 8,089.54.
• The value of the U.S. dollar turned lower to end the week.
• U.S. crude oil prices were lower Friday. The November contract was down 15c to close at $53.78 a barrel.
• U.S. gold futures fell even as the dollar slipped. The October contract was down $4.10 to close at $1,488.20 an oz.

Recap for October 17

• Wheat futures advanced Thursday on fund short-covering, cold weather forecasts across principal U.S. growing areas and the lengthy drought affecting export competitor Australia. Chicago soft winter futures reached a three-month high. Corn and soybean futures edged higher amid uncertainty about snow damage to Northern Plains and Upper Midwest crops and the possibility of fresh Chinese demand for U.S. soybeans. Chicago December wheat rose 12¼c to close at $5.24½ a bu. Kansas City December was up 6¼c to close at $4.31¼ a bu. Minneapolis December wheat edged 1½c higher to close at $5.52 a bu. December corn advanced 3c to close at $3.94¾ a bu. November soybeans gained 3½c to close at $9.31½ a bu. December soybean meal rose $2 to close at $306.80 a ton. December soybean oil eased 0.01c to close at 30.39c a lb.
• U.S. equity markets closed higher Thursday on solid earnings reports from the likes of Netflix, Morgan Stanley and Dover. Further support was derived from a preliminary Brexit deal that could remove an obstacle for investors, although market reaction to that news was tempered by a lukewarm reception by United Kingdom lawmakers. The Dow Jones Industrial Average added 23.90 points, or 0.9%, to close at 27,025.88. The Standard & Poor’s 500 Index advanced 8.26 points, or 0.28%, to close at 2,997.95. The Nasdaq Composite gained 32.67 points, or 0.4%, to 8,156.85.
• The value of the U.S. dollar turned lower Thursday as optimism for a Brexit deal expanded.
• U.S. crude oil prices climbed Thursday due largely to the weaker dollar. A bullish decline in refined fuels in the Energy Information Administration’s weekly report offset a bearishly large, 9.3-million-barrel crude oil inventory increase. The November contract was up 57c to close at $53.93 a barrel.
• U.S. gold futures advanced as the dollar fell. The October contract was up $4.30 to close at $1,492.30 an oz.

Recap for October 16

• Unexpectedly lower retail sales weighed on U.S. equity markets Wednesday. The Commerce Department indicated U.S. retail sales slipped 0.3% in September, skirting economists’ expectations. The Dow Jones Industrial Average eased 22.82 points, or 0.8%, to close at 27,001.98. The Standard & Poor’s 500 Index subtracted 5.99 points, or 0.2%, to close at 2,989.69. The Nasdaq Composite lost 24.52 points, or 0.3%, to close at 8,124.18.
• Wheat futures advanced Wednesday as the U.S. dollar declined. Corn futures weakened amid farmer dissatisfaction with a White House proposal to boost biofuels demand. Soybean futures dipped in a chart correction in the absence of any fundamental pushers or pullers. December corn declined 1½c to close at $3.91¾ a bu. Chicago December wheat rose 6¼c to close at $5.13¼ a bu. Kansas City December was up 3¾c to close at $4.25 a bu. Minneapolis December wheat added 5c to close at $5.50½ a bu. November soybeans lost 6c to close at $9.28 a bu. December soybean meal dipped $3 to close at $304.80 a ton. December soybean oil edged up 0.01c to close at 30.40c a lb.
• U.S. crude oil prices edged higher Wednesday. The November contract was up 55c to close at $53.36 a barrel.
• The value of the U.S. dollar weakened slightly Wednesday.
• U.S. gold futures climbed Wednesday as the dollar fell. The October contract was up $10.40 to close at $1,488 an oz.

Recap for October 15

• Strong third-quarter results from banks and health care companies pushed U.S. equity markets higher Tuesday. The Dow Jones Industrial Average advanced 237.44 points, or 0.89%, to close at 27,024.80. The Standard & Poor’s 500 Index added 29.53 points, or 1%, to close at 2,995.68. The Nasdaq Composite gained 100.06 points, or 1.24%, to 8,148.71.
• Amid support from poor harvest weather and pressure from a lack of fresh Chinese demand, soybean futures declined Tuesday. Wheat and corn futures also declined. December corn declined 4½c to close at $3.93¼ a bu. Chicago December wheat fell 4c to close at $5.07 a bu. Kansas City December was down 4½c to close at $4.21¼ a bu. Minneapolis December wheat fell 6½c to close at $5.45½ a bu. November soybeans lost 6½c to close at $9.34 a bu. December soybean meal dipped $3.10 to close at $307.80 a ton. December soybean oil edged up 0.39c to close at 30.39c a lb.
• U.S. crude oil prices continued to ease Tuesday. The November contract was down 78c to close at $52.81 a barrel.
• The value of the U.S. dollar weakened Tuesday.
• U.S. gold futures dropped. The October contract was down $14.10 to close at $1,477.60 an oz.