Brazil’s rain versus drought question boosts US soybeans – Life Changer

Brazil’s rain versus drought question boosts US soybeans

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Source: Sosland Publishing Co.

Recap for December 11

  • Weather forecasts indicated the northern half of major commodities competitor Brazil might not be getting enough rain to fully offset drought conditions. That pushed US soybean futures sharply higher Monday. Soybean meal and soybean oil futures also were higher to open the week. Wheat futures were sharply lower in the wake of last week’s rally to four-month highs. Spillover weakness from the wheat complex sent corn futures to their lowest levels this month. December corn futures fell 5¼¢ to close at $4.60½ per bu. Chicago December wheat dropped 23¾¢ to close at $5.91¼ per bu. Kansas City December wheat sank 28¾¢ to close at $6.27 per bu. Minneapolis December wheat was steady at $7.12¾ per bu for a second session; later months were 15¢ to 17¾¢ a bu lower. January soybeans jumped 32¢ to close at $13.36 per bu. December soybean meal was up $6.50 to close at $430.70 per ton. December soybean oil added 0.91¢ to close at 51.06¢ a lb.
  • Investors continued to pile into stock of moderately sized companies on Monday, as they had since a lower-than-expected inflation reading last month. The broad-based buying offset declines of 0.8% or more in each of the so-called Magnificent Seven stocks: Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta Platforms. The Dow Jones Industrial Average jumped 157.06 points, or 0.43%, to close at 36,404.93. The Standard & Poor’s 500 advanced 18.07 points, or 0.39%, to close at 4,622.44. The Nasdaq Composite added 28.51 points, or 0.2%, to close at 14,432.49.
  • US crude oil prices edged higher Monday. The January West Texas Intermediate light, sweet crude future was up 9¢ to close at $71.32 per barrel. 
  • The US dollar index opened the week as the previous one closed: with a higher close. 
  • US gold futures opened the week on a downswing. The December contract tumbled $20.30 to close at $1,978 per oz on Monday.

Recap for December 8

  • Wheat futures declined in profit-taking moves Friday after reaching four-month highs earlier in the week as China continued to buy US supplies. Winter wheat futures posted weekly gains. Soybean futures closed lower after a USDA report estimated Brazilian soy production at 161 million tonnes, down from its November estimate of 163 million, but still the largest crop on record, if realized. Corn futures were lower but ended the week relatively flat. December corn futures fell 2½¢ to close at $4.65¾ per bu. Chicago December wheat dropped 11¢ to close at $6.15 per bu. Kansas City December wheat fell 6½¢ to close at $6.55¾ per bu. Minneapolis December wheat was steady at $7.12¾ per bu; later months were 7¾¢ to 9½¢ a bu lower. January soybeans pared 7¾¢ to close at $13.04 per bu. December soybean meal was down 30¢ to close at $424.20 per ton. December soybean oil declined 0.96¢ to close at 50.15¢ a lb.
  • US equity markets posted end-of-week gains, giving the S&P 500 a sixth-straight weekly gain, after a Labor Department report indicated the unemployment rate slipped to 3.7% in November while employers added a seasonally adjusted 199,000 jobs to payrolls. The figure was closer to 169,000 jobs when excluding the effects of autoworker strikes in recent months, the Wall Street Journal said, which was slightly cooler than 180,000 in October. Some analysts felt job growth could continue into 2024, and the report added to optimism that the economy is gliding toward a soft landing.  The Dow Jones Industrial Average jumped 130.49 points, or 0.36%, to close at 36,247.87. The Standard & Poor’s 500 advanced 18.78 points, or 0.41%, to close at 4,604.37. The Nasdaq Composite added 63.98 points, or 0.45%, to close at 14,403.97.
  • US crude oil prices rose Friday. The January West Texas Intermediate light, sweet crude future was up $1.89 to close at $71.23 per barrel. 
  • The US dollar index returned to an upward trajectory and ended the day with a weekly gain. 
  • US gold futures were sharply lower to close the week. The December contract tumbled $31.60 to close at $1,998.30 per oz.

Recap for December 7

  • Wheat futures climbed Thursday ahead of the USDA’s Crop Production and monthly supply-demand updates. Markets continued to react to China’s purchase of more than one million tonnes US soft wheat, the biggest one-week sales total to the Asian country since July 2014 and close to the largest weekly amount ever. It was an eighth-straight day of gains for the Chicago March contract. US soybean futures rallied more than 1% Thursday on ideas that Argentina’s new president, Javier Milei, will devalue the currency in the nation, one of the top global producers, when he is inaugurated Sunday. Corn futures were higher ahead of the reports, which were expected to show smaller US and global ending stocks for 2023-24 and smaller corn harvests in Brazil and Argentina. December corn futures added 3½¢ to close at $4.68¼ per bu. Chicago December wheat added 10¼¢ to close at $6.26 per bu; subsequent months were all higher save the July 2025 contract. Kansas City December wheat added 11½¢ to close at $6.62¼ per bu. Minneapolis December wheat was up 5¾¢ to close at $7.12¾ per bu. January soybeans jumped 16¼¢ to close at $13.11¾ per bu. December soybean meal edged up 10¢ to close at $424.50 per ton; the following two contracts were lower while later months posted gains. December soybean oil jumped 1.82¢ to close at 51.11¢ a lb.
  • Rising shares of technology companies working in the artificial intelligence space helped pull broader equity markets higher Thursday. Included were Alphabet, AMD, Amazon, Meta, Microsoft and Nvidia. The Dow Jones Industrial Average advanced 62.95 points, or 0.17%, to close at 36,117.38. The Standard & Poor’s 500 added 36.25 points, or 0.8%, to close at 4,585.59. The Nasdaq Composite jumped 193.28 points, or 1.37%, to close at 14,339.99.
  • US crude oil prices dipped Thursday. The January West Texas Intermediate light, sweet crude future was down 4¢ to close at $69.34 per barrel. 
  • The US dollar index dropped back Thursday on the heels of a three-day rally. 
  • US gold futures declined Thursday as the dollar turned lower. The December contract shed 60¢ to close at $2,029.90 per oz.

Recap for December 6

  • Wheat complex futures pared gains Wednesday except for the Chicago March contract, which edged higher. Wheat futures initially popped higher after a third consecutive day where the USDA has confirmed private sales of US soft red winter wheat to China for a total volume over one million tonnes since Monday. Corn turned lower as market participants wrestled with a forecast of much-needed rain in South America easing anxiety about drought damage to yields. Soybean futures felt that pressure, too, declining despite word of fresh sales of 136,000 tonnes of US soybeans to China. December corn futures fell 3¾¢ to close at $4.64¾ per bu. Chicago December wheat fell 5¢ to close at $6.15¾ per bu; The March contract added 2¼¢ a bu, but all contracts beyond declined. Kansas City December wheat fell 6¾¢ to close at $6.50¾ per bu. Minneapolis December wheat fell 8¢ to close at $7.07 per bu. January soybeans fell 10¢ to close at $12.95½ per bu. December soybean meal was down $9.30 to close at $424.40 per ton. December soybean oil dropped 0.93¢ to close at 49.29¢ a lb.
  • Major US stock indexes flitted between narrow gains and losses Wednesday before settling near session lows. The yield on the benchmark 10-year Treasury note slid to 4.21% after an ADP National Employment Report indicated hiring among US private-sector employees unexpectedly slowed in November, with pay gains also moderating, a further signal for the Federal Reserve that the economy is cooling ahead of its meeting next week. The Dow Jones Industrial Average dropped 70.13 points, or 0.19%, to close at 36,054.43. The Standard & Poor’s 500 dropped 17.84 points, or 0.39%, to close at 4,549.34. The Nasdaq Composite shed 83.2 points, or 0.58%, to close at 14,146.71.
  • US crude oil prices continued lower again Wednesday. The January West Texas Intermediate light, sweet crude future was down $2.94 to close at $69.38 per barrel. 
  • The US dollar index strengthened for a third straight day Wednesday after posting mostly declines last week. 
  • US gold futures climbed Wednesday despite the dollar’s enduring ascent. The December contract added $12 to close at $2,030.50 per oz.

Recap for December 5

  • Hard wheat futures were higher and Chicago soft wheat futures soared Tuesday after the USDA confirmed a second straight purchase of the variety by China, bringing the two-day total to 638,000 tonnes. Corn was higher for a fifth straight session and soybean futures were mixed in a thin range as traders watched Brazilian weather forecasts that could bring much needed relief to crops in the region. December corn futures added 8¼¢ to close at $4.68½ per bu. Chicago December wheat jumped 25¢ to close at $6.20¾ per bu; furthest deferred months declined. Kansas City December wheat advanced 1¼¢ to close at $6.57½ per bu. Minneapolis December wheat added 3¾¢ to close at $7.15 per bu. January soybeans eased ¾¢ to close at $13.05½ per bu; later months were mixed in minuscule ranges. December soybean meal was up $11.40 to close at $433.70 per ton. December soybean oil dropped 0.97¢ to close at 50.22¢ a lb.
  • A rally in bonds resumed Tuesday, sending benchmark 10-year US notes to their lowest levels since summer. The tech-heavy Nasdaq came out a winner at closing bells, but broader stock indices declined as consumer-discretionary and tech shares failed to offset declines in utilities, energy, materials and real-estate stocks. The Dow Jones Industrial Average dropped 79.88 points, or 0.22%, to close at 36,126.56. The Standard & Poor’s 500 eased 2.60 points, or 0.06%, to close at 4,567.18. The Nasdaq Composite added 44.42 points, or 0.31%, to close at 14,229.91.
  • US crude oil prices continued lower Tuesday. The January West Texas Intermediate light, sweet crude future was down 72¢ to close at $72.32 per barrel. 
  • The US dollar index strengthened again on Tuesday. 
  • US gold futures continued lower as the dollar climbed. The December contract fell $5.60 to close at $2,018.50 per oz.

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