Tweets and Export Sales Lift Agricultural Commodities

(foodbusinessnews.net) – 

Recap for December 12

• Corn, soybean and wheat futures advanced, sharply in some cases, after a presidential tweet indicated a trade deal with China was near. Further support came from the U.S.D.A.’s confirmation of the fifth-largest daily U.S. export corn sale (to Mexico) on record. Strong weekly export sales data for corn and wheat added support. Chicago January wheat added 11c to close at $5.30¼ a bu. Kansas City January wheat jumped 12c to close at $4.42¾ a bu. Minneapolis January wheat added 4¾c to close at $5.23 a bu. January soybeans added 4¾c to close at $8.98¼ a bu. January soybean meal declined 80c to close at $294.20 a ton. January soybean oil added 0.79c to close at 32.23c a lb.
• U.S. equity markets closed higher after U.S. President Donald Trump tweeted “Getting VERY close to a BIG DEAL with China. They want it, and so do we!” A fresh round of tariffs on roughly $156 billion worth of Chinese goods are set to go into effect Sunday. The Dow Jones Industrial Average jumped 220.75 points, or 0.79%, to close at 28,132.05. The Standard & Poor’s 500 Index added 26.94 points, or 0.86%, to close at 3,168.57. The Nasdaq Composite advanced 63.27 points, or 0.73%, to close at 8,717.32.
• U.S. crude oil futures edged higher Thursday. The January future was up 42c to $59.18 per barrel.
• The value of the U.S. dollar reversed course to close higher Thursday.
• U.S. gold futures declined as the dollar advanced. The December future was down $2.70 to $1,466.70 an oz.

Recap for December 11

• After six sessions of price increases, investors took profits Wednesday, pushing U.S. soybean futures lower despite confirmation of the largest soybean sale to China in more than eight months. Corn touched its lowest level in 2½ months and closed lower, largely on technical selling, which also pressured winter wheat futures. Spring wheat futures were mixed. Chicago January wheat fell 4½c at $5.19¼ a bu. Kansas City January wheat fell ½c to close at $4.30¾ a bu. Minneapolis January wheat eased up ¼c to $5.18¼ a bu. January soybeans fell 7¾c to close at $8.93½ a bu. January soybean meal declined $3.70 to close at $295 a ton. January soybean oil fell 0.24c to close at 31.23c a lb.
• U.S. equity markets posted modest gains Wednesday after the U.S. Federal Reserve said the benchmark interest rate would remain steady for now and showed no real appetite to raise it any time soon. Further support was derived from a new report showing consumer prices rose moderately in November, indicating inflation has remained in check despite historically low unemployment and the trade conflict with China. The Dow Jones Industrial Average was up 29.58 points, or 0.11%, to close at 27,911.30. The Standard & Poor’s 500 Index added 9.11 points, or 0.29%, to close at 3,141.63. The Nasdaq Composite advanced 37.87 points, or 0.44%, to close at 8,654.05.
• U.S. crude oil futures declined Wednesday after the Organization of the Petroleum Exporting Countries forecast that oil supply from countries outside the cartel will remain robust in 2020. Futures were further pressured by a U.S. Energy Information Administration report indicating a rise in crude inventories last week that defied analysts’ expectations of a drawdown. The January future was down 48c to $58.76 per barrel.
• The value of the U.S. dollar continued to decline Wednesday.
• U.S. gold futures advanced as the dollar slid. The December future was up $6.80 to $1,469.40 an oz.

Recap for December 10

• Hopes that the United States and China will continue to progress toward an interim trade deal pushed U.S. soybean futures higher on Tuesday for a sixth consecutive session. Approval of a revamped U.S.-Mexico-Canada trade deal supported corn futures. Wheat futures received a boost from U.S.D.A. forecasts of lower domestic wheat supplies. December corn was 2½c lower at $3.63¼ a bu, but all other months were higher. Chicago January wheat was up 1c at $5.23¾ a bu. Kansas City January wheat added 5¼c to close at $4.31¼ a bu. Minneapolis January wheat was up 4¾c to close at $5.18 a bu. January soybeans advanced 4c to close at $9.10¼ a bu. January soybean meal advanced 20c to close at $296.90 a ton. January soybean oil added 0.11c to close at 31.47c a lb.
• U.S. equity markets initially climbed on ideas of delayed tariffs amid ongoing U.S.-China trade negotiations. Gains were erased with the announcement of two articles of impeachment against U.S. President Donald Trump, but markets drifted off their lows upon the signing of the revamped U.S.-Mexico-Canada agreement. The Dow Jones Industrial Average dropped 27.88 points, or 0.1%, to close at 27,881.72. The Standard & Poor’s 500 Index dipped 3.44 points, or 0.11%, to close at 3,132.52. The Nasdaq Composite shed 5.64 points, or 0.07%, to close at 8,616.18.
• U.S. crude oil futures advanced Tuesday. The January future was up 22c to $59.24 per barrel.
• The value of the U.S. dollar eased Tuesday.
• U.S. gold futures edged higher Tuesday. The December future was up $3.30 to $1,462.60 an oz.

Recap for December 9

• Expectations of further Chinese buying boosted soybean futures to their highest levels in two weeks. Wheat and corn futures were little changed as the market waited to get its hands on updated supply-and-demand numbers coming Tuesday morning from the U.S. Department of Agriculture. December corn was ¾c lower at $3.65¾ a bu. Chicago December wheat was down ½c at $5.32 a bu. Kansas City December wheat fell 3½c to close at $4.11½ a bu. Minneapolis December wheat was unchanged at $4.97 a bu, though later months were narrowly higher. January soybeans advanced 7¾c to close at $8.97¾ a bu. January soybean meal declined 70c to close at $296.70 a ton. January soybean oil added 0.35c to close at 31.36c a lb.
• U.S. equity markets weakened Monday, a day after a report from China’s General Administration of Customs showed China’s exports unexpectedly dropped 1.1% in November from a year earlier, while shipments to the United States fell 23%. The lower numbers highlighted the impact of the trade war between the world’s two largest economies. The Dow Jones Industrial Average fell 105.46 points, or 0.38%, to close at 27,909.60. The Standard & Poor’s 500 Index subtracted 9.95 points, or 0.32%, to close at 3,135.96. The Nasdaq Composite shed 34.70 points, or 0.4%, to close at 8,621.83.
• U.S. crude oil futures eased Monday. The January future was down 18c to $59.02 per barrel.
• The value of the U.S. dollar was lower Monday.
• U.S. gold futures were narrowly mixed. The December future was up 20c to $1,459.30 an oz, though forward months were mostly 20c lower.