Soybeans, Wheat, Corn Mostly Lower Ahead of U.S.D.A. Reports

01.08.2020 (foodbusinessnews.net) – 

Recap for January 7

• Soybean futures mostly eased Tuesday as investors squared their positions ahead of anticipated supply-and-demand data due Friday from the U.S. Department of Agriculture. Grain markets remained risk-averse ahead of Friday’s reports, which also will include Dec. 1 grain stocks, 2020 winter wheat acreage estimates and revised 2019 corn and soybean production data. Wheat futures were mostly lower in that milieu, although the nearest soft winter month and furthest hard winter months crept higher, while corn futures saw narrow, mixed changes. March corn eased ¼c to close at $3.84½ per bu. Chicago March wheat edged up ¼c to close at $5.50¼ a bu, though all later months were lower. Kansas City March wheat fell 2¼c to $4.75 a bu. Minneapolis March wheat declined 1¼c to close at $5.46¾ a bu. January soybeans advanced 2¼c for a second day to close at $9.35 a bu, though most later months were ½@1¼c a bu lower. January soybean meal shed $1.30 to close at $296.40 a ton. January soybean oil was up 0.22c to 34.46c a lb.
• Tensions in the Middle East continued to drive U.S. equity markets Tuesday, pressuring the three major indexes lower. The Dow Jones Industrial Average shed 119.70 points to close at 28,583.68. The Standard & Poor’s 500 Index retreated 9.10 points to close at 3,237.18. And the Nasdaq Composite eased 2.88 points, closing at 9,068.58.
• The U.S. dollar strengthened Tuesday.
• U.S. gold futures, a traditional safe haven asset, advanced for the 10th consecutive trading session on Tuesday. The February future was up $5.50, or 0.4%, to $1,574.30 per oz.
• U.S. crude oil futures reversed course Tuesday after rallying Friday and Monday. The February future was down 57c to $62.70 per barrel.

Recap for January 6

• Hopes for improved exports to China overcame concerns over rising tension in the Middle East when it came to soybean futures Monday. Soybeans and soybean meal were higher, while soy oil declined. Corn and Chicago wheat futures declined on technical selling and profit taking while hard red winter futures advanced and spring wheat futures were mixed. March corn dropped 1¾c to close at $3.84¾ per bu. Chicago March wheat declined 4½c to close at $5.50 a bu. Kansas City March wheat added 2¼c to close at $4.77¼ a bu. Minneapolis March wheat edged up ½c to close at $5.48 a bu, though later months were mixed. January soybeans advanced 2¼c to close at $9.32¾ a bu. January soybean meal rose $1.60 to close at $297.70 a ton. January soybean oil was down 0.57c to close at 34.24c a lb.
• Investors assessing the geopolitical risk in the wake of a recent escalation by the White House pushed U.S. equity markets higher Monday. The Dow Jones Industrial Average gained 68.50 points to close at 28,703.38. The Standard & Poor’s 500 Index added 11.43 points to close at 3,246.28. And the Nasdaq Composite was 50.70 points higher, closing at 9,071.46.
• The U.S. dollar eased lower again Monday.
• U.S. gold futures continued to advance as investors sought safe havens. The February future was up $16.40 to $1,568.80 an oz.
• U.S. crude oil futures were up again Monday. The February future was up 22c at $63.27 per barrel.

Recap for January 3

• U.S. crude oil futures surged amid renewed Mideast tensions, a lower U.S. oil rig count and higher average U.S. gasoline and diesel prices. The February future was up $1.87 at $63.05 per barrel.
• The global stock rally initiated Thursday when China announced steps it would take to bolster its economy hit the skids Friday after a U.S. airstrike in Baghdad took out an Iranian military leader who had killed U.S. citizens. The action elevated tensions in the oil-rich Mideast and all three major U.S. indexes fell from their record highs as investors sought haven assets. The Dow Jones Industrial Average shed 233.92 points to close at 28,634.88. The Standard & Poor’s 500 Index dropped 23 points to close at 3,234.85. And the Nasdaq Composite was 71.42 points lower, closing at 9,020.77.
• Trader uneasiness after the U.S. airstrike added to profit-taking that sent corn, wheat and soy complex futures lower Friday. Markets were awaiting Jan. 10 U.S.D.A. data on 2019 corn and soybean production, 2020 winter wheat acreage, Dec. 1 grain stocks and adjustments to export forecasts in view of a phase one deal with China to be signed Jan. 15. March corn dropped 5c to close at $3.86½ per bu. Chicago March wheat declined 5¾c to close at $5.54½ a bu. Kansas City March wheat dropped 10¼c to close at $4.75 a bu. Minneapolis March wheat subtracted 10¾c to close at $5.47½ a bu. January soybeans declined 13¾c to close at $9.30½ a bu. January soybean meal shed $4.50 to close at $296.10 a ton. January soybean oil was down 0.16c to close at 34.81c a lb.
• The U.S. dollar eased fractionally on Friday.
• U.S. gold futures were sharply higher as investors took from risky assets and added to safe haven investments. The February future was up $24.30 to $1,552.40 an oz.

Recap for January 2

• Stock markets around the world enjoyed a rally to open 2020 after China said it would take further steps to reinvigorate its economy, the world’s second largest. U.S. equity markets were no exception and the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all surpassed their previous records set last month. The Dow Jones Industrial Average soared 330.36 points to close at 28,868.80. The Standard & Poor’s 500 Index was up 27.07 points to close at 3,257.85. And the Nasdaq Composite was 119.58 points higher, closing at 9,092.19.
• U.S. grain and soybean futures opened 2020 advancing to 2018 highs reached before the U.S.-China trade war during the session, but analysts cautioned wheat and corn could soon see a setback. Wheat futures ended mixed. Fewer U.S. soybeans were crushed in November than anticipated, a U.S.D.A. report said. March corn advanced 3¾c to close at $3.91½ per bu. Chicago March wheat added 1½c to close at $5.60¼ a bu. Kansas City March wheat eased ¾c to $4.85¼ a bu; K.C. September and beyond edged higher. Minneapolis March wheat dipped 2¾c to close at $5.58¼ a bu. January soybeans added 1¼c to close at $9.44¼ a bu. January soybean meal added 70c to close at $300.60 a ton. January soybean oil was up 0.48c to 34.97c a lb.
• U.S. crude oil futures edged higher Thursday. The February future was up 12c at $61.18 per barrel.
• The U.S. dollar strengthened Thursday.
• U.S. gold futures also advanced. The February future was up $5 to $1,528.10 an oz on Thursday.

Recap for December 31

• Wheat and soybean futures closed higher in the last session of 2019, boosted by the idea of Chinese purchases of agricultural products after President Trump tweeted that a phase one deal would be signed Jan. 15. Corn and soybean oil futures eased. Minneapolis wheat, Chicago wheat, corn, soybean and soybean oil futures posted gains for the year while Kansas City wheat and soybean meal futures were slightly lower. March corn eased ½c to close at $3.87¾ per bu. Chicago March wheat added 2¾c to close at $5.58¾ a bu. Kansas City March wheat rose 5½c to $4.86 a bu. Minneapolis March wheat rose 4c to close at $5.61 a bu. January soybeans added 3½c to close at $9.43 a bu. January soybean meal added $2.40 to close at $299.90 a ton. January soybean oil was down 0.68c to 34.49c a lb.
• U.S. equity markets fluctuated during the final session of the year Tuesday, finally closing higher for the day and posting one of the best years in the past decade. The Dow Jones Industrial Average advanced 76.30 points to close at 28,438.44 points. The Standard & Poor’s 500 Index was up 9.49 points to close at 3,230.78 points. And the Nasdaq Composite was 26.61 points higher, closing at 8,972.60.
• U.S. crude oil futures trended lower Tuesday afternoon. The February future was down about 60c at $61.06 per barrel in late trading.
• As of mid-afternoon Tuesday, the value of the U.S. dollar continued to ease.
• U.S. gold futures trended higher as the dollar weakened. The February future was up about $4.30 to $1,522.90 an oz in Tuesday afternoon trading.