Wheat Mixed, Soybeans and Corn Lower in Pre-Report Position Squaring

(foodbusinessnews.net) – Recap for November 6

• Soft red winter wheat futures climbed slightly Wednesday on short covering and technical buying with additional support from a short Australian crop season due to weather. Hard red winter and spring wheat futures both were slightly lower as traders squared positions ahead of monthly supply and demand updates due Friday from the U.S. Department of Agriculture. Corn futures hit a five-week low as mild weather allowed strong harvest progress in the Midwest, where next-week forecasts called for below-normal precipitation. Progressing soybean harvest and ideas there could be a delay signing “Phase One” of a U.S.-China trade deal weighed on soybean futures for a second straight day. Chicago December wheat advanced 1½c to close at $5.16¾ a bu. Kansas City December eased ¾c and closed at $4.27¾ a bu. Minneapolis December wheat subtracted 2¾c to close at $5.23¼ a bu. November soybeans deleted 6¾c to close at $9.15 a bu. December soybean meal was down $3.80 at $298.90 a ton. December soybean oil climbed 0.18c to close at 31.75c a lb. December corn was 3c lower at $3.78¾ a bu.
•  After setting record highs earlier in the week, U.S. equity markets barely changed on Wednesday. Analysts mostly saw the quiet pause at new high marks appropriate due to lingering trade war uncertainty. The Dow Jones Industrial Average eased fractionally to close at 27,492.56. The Standard & Poor’s 500 Index edged up 2.16 points, or 0.07%, to close at 3,076.78. The Nasdaq Composite shed 24.05 points, or 0.29%, to close at 8,410.63.
• The U.S. dollar eased lower Wednesday.
• The price of U.S. crude oil eased Wednesday. The December contract was down 88c to close at $56.35 a barrel.
• U.S. gold futures gained as the dollar eased. The December contract was up $9.40 to close at $1,493.10 an oz.

Recap for November 5

• Mostly dry weather across the Midwest propelled fall harvests and sent corn futures to a 3½-week low and caused soybean futures to fall for the first time in four sessions on Tuesday. Slower-than-expected winter wheat planting signals from the U.S. Department of Agriculture on Monday afternoon offered support to wheat futures on Tuesday. Chicago December wheat advanced 5½c to close at $5.15¼ a bu. Kansas City December added 5½c and closed at $4.28½ a bu. Minneapolis December wheat edged up 1¾c to close at $5.26 a bu. November soybeans retreated 4c to close at $9.21¾ a bu. December soybean meal was up 30c at $302.70 a ton. December soybean oil declined 0.30c to close at 31.57c a lb. December corn was 1½c lower at $3.81¾ a bu.
• A day after setting records, U.S. equity markets were mixed Tuesday with the Dow industrials advancing on ideas tariffs could be rolled back as trade talks with China advanced. The Dow Jones Industrial Average added 30.52 points, or 0.11%, to close at 27,492.63. The Standard & Poor’s 500 Index declined 3.65 points, or 0.12%, to close at a record 3,074.62. The Nasdaq Composite edged up 1.48 points, or 0.02%, to close at 8,434.68.
• The U.S. dollar strengthened Tuesday.
• U.S. crude oil futures advanced Tuesday. The December contract was up 69c to close at $57.23 a barrel.
• U.S. gold futures sharply declined as the dollar advanced for a second day. The December contract was down $27.40 to close at $1,483.70 an oz.

Recap for November 4

• U.S. equity markets extended recent rallies on optimism for a trade deal with China leading the three major indexes to record closes. The Dow Jones Industrial Average advanced 114.75 points, or 0.42%, to close at 27,462.11, its first record since July. The Standard & Poor’s 500 Index added 11.36 points, or 0.37%, to close at a record 3,078.27. The Nasdaq Composite climbed 46.80 points, or 0.56%, to close at a record 8,433.20.
• Signals last week that a preliminary U.S.-China trade deal was “in good shape” underpinned the soybean market Monday. Soybean and soyoil futures advanced while soymeal dipped.  Persistent disappointing export inspections and stabilized yield prospects weighed on corn. Wheat futures were lower as a stronger U.S. dollar and stiff export competition. Chicago December wheat declined 6¼c to close at $5.09¾ a bu. Kansas City December retreated 3c and closed at $4.23 a bu. Minneapolis December wheat shed 7c to close at $5.24¼ a bu. November soybeans edged up 1½c to close at $9.25¾ a bu. December soybean meal was down $1.50 at $302.40 a ton. December soybean oil gained 0.84c to close at 31.87c a lb. December corn was 6c lower at $3.83¼ a bu.
• The U.S. dollar strengthened Monday.
• U.S. crude oil futures climbed Monday. The December contract was up 34c to close at $56.54 a barrel.
• U.S. gold futures were mixed Monday, but weaker nearby. The December contract was down $3 to close at $1,511.10 an oz.

Recap for November 1

• U.S. equity markets on Friday responded positively to a Labor Department report indicating the U.S. economy added 128,000 jobs in October, well above expectations of 75,000. The resulting rally saw the broad S&P 500 index and the tech-heavy Nasdaq close at record highs. The Dow Jones Industrial Average soared 301.13 points, or 1.11%, to close at 27,347.36. The Standard & Poor’s 500 Index added 29.35 points, or 0.97%, to close at 3,066.91, its third record close of the week. The Nasdaq Composite advanced 94.04 points, or 1.13%, to close at 8,386.40, its first record high since July.
• A weakening dollar helped push wheat futures higher at the end of the trading day Friday. Soybeans firmed up as China’s 132,000-tonne purchase boosted hopes for a trade ceasefire and eventual permanent truce. Corn futures eased slightly to close a week that saw snow in some areas further delay a behind-normal-pace harvest. Chicago December wheat rose 7¼c to close at $5.16 a bu. Kansas City December added 6¼c to close at $4.26 a bu. Minneapolis December wheat rose 7¼c to close at $5.31¼ a bu. November soybeans rose 7½c to close at $9.24¼ a bu. December soybean meal was down 50c at $303.90 a ton. December soybean oil gained 0.28c to close at 31.03c a lb. December corn was ¾c lower at $3.89¼ a bu, but later months were mixed.
• The U.S. dollar ended the week with a fifth day of declines.
• U.S. crude oil jumped on Friday on easing demand worries and the reassurance about the pace of U.S. economic growth indicated in the labor Department’s jobs report. The December contract was up $2.02 to close at $56.20 a barrel.
• U.S. gold futures slipped Friday after an $18 gain the previous day. The December contract was down $3.40 to close at $1,511.40 an oz.

Recap for October 31

• Weather forecasts for conditions that could dry soggy fields for rapid harvest advances pressured corn futures on Thursday. Soy complex futures were narrowly mixed as traders awaited signals from ongoing U.S.-China trade negotiations. Wheat futures also were mixed: Hard red winter and spring wheat futures edged higher while soft red futures eased. December corn was ¾c lower at $3.90 a bu. November soybeans rose ¾c to close at $9.16¾ a bu. December soybean meal was up $2.20 at $304.40 a ton. December soybean oil eased 0.23c to close at 30.75c a lb. Chicago December wheat fell ½c to close at $5.08¾ a bu. Kansas City December added 1½c to close at $4.19¾ a bu. Minneapolis December wheat rose ½c to close at $5.24 a bu.
• U.S. equity market largely erased Wednesday’s gain after a report Thursday that Chinese officials doubt they’ll be able to reach a long-term trade deal with the United States. The Dow Jones Industrial Average fell back 140.46 points, or 0.52%, to close at 27,046.23. The Standard & Poor’s 500 Index eased 9.21 points, or 0.3%, to close at 3,037.56. The Nasdaq Composite lost 11.62 points, or 0.14%, to close at 8,292.36.
• The U.S. dollar extended its slide to a third day Thursday.
• U.S. crude oil futures eased Thursday. The December contract was down 88c to close at $54.18 a barrel.
• U.S. gold futures advanced as the dollar weakened Thursday. The December contract was up $18.10 to close at $1,514.80 an oz.