Wheat, soybeans, corn climb ahead of reports

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.

Recap for December 4

• US wheat futures shot higher Monday, Chicago soft wheat by 3% to six-week highs, after the US Department of Agriculture confirmed private sales of 440,000 tonnes of US soft red winter wheat to China, which more than offset crop estimate increases in Canada and Australia and export inspections that came in below expectations. Favorable export inspections led to mixed closes for corn, but soybean inspections for export were below expectations and futures declined. December corn futures fell 4¼¢ to close at $4.60¼ per bu; later months were mixed in a narrow range. Chicago December wheat jumped 18¾¢ to close at $5.95¾ per bu. Kansas City December wheat advanced 11¼¢ to close at $6.56¼ per bu. Minneapolis December wheat added 8¾¢ to close at $7.11¼ per bu. January soybeans fell 18¾¢ to close at $13.06¼ per bu. December soybean meal was down $3 to close at $422.30 per ton. December soybean oil dropped 0.19¢ to close at 51.19¢ a lb.

• Higher bond yields weighed on large technology companies’ shares Monday and dragged the broader stock market lower. The Dow Jones Industrial Average lost 41.06 points, or 0.11%, to close at 36,204.44. The Standard & Poor’s 500 dropped 24.85 points, or 0.54%, to close at 4,569.78. The Nasdaq Composite tumbled 119.54 points, or 0.84%, to close at 14,185.49.

• US crude oil prices continued lower Monday. The January West Texas Intermediate light, sweet crude future was down $1.03 to close at $73.04 per barrel. 

• The US dollar index opened the week climbing. 

• US gold futures dropped as the dollar strengthened on Monday. The December contract sank $46.90 to close at $2,024.10 per oz.

Recap for December 1

• Rain crucial to crop development popped up in forecasts for export competitor Brazil, pressuring US soybean futures at week’s end. Corn and most wheat futures advanced in another round of short covering. December corn futures added 2¾¢ to close at $4.64½ per bu. Chicago December wheat added 6¾¢ to close at $5.77 per bu. Kansas City December wheat added 1¾¢ to close at $6.45 per bu. Minneapolis December wheat was steady at $7.02½ per bu. January soybeans fell 17¾¢ to close at $13.25 per bu. December soybean meal was down $16.90 to close at $425.30 per ton. December soybean oil dropped 0.91¢ to close at 51.38¢ a lb.

• The Nasdaq reversed course for a win and the S&P 500 and Dow industrials indexes continued higher to close the week after Federal Reserve chairman Jerome Powell said the central bank’s policy is “well into restrictive territory,” a signal that rate hikes could be finished. The Dow Jones Industrial Average added 294.61 points, or 0.82%, to close at 36,245.50, up 2.4% for the week, a fifth straight weekly gain, its longest win streak since late 2021. The Standard & Poor’s 500 added 26.83 points, or 0.59%, to close at 4,594.63, up 0.8% for the week to its highest level since March 2022. The Nasdaq Composite added 78.81 points, or 0.55%, to close at 14,305.03, posting a 0.4% weekly gain.

• US crude oil prices continued lower Friday. The January West Texas Intermediate light, sweet crude future was down $1.89 to close at $74.07 per barrel. 

• The US dollar index dropped lower to close the week after several stronger days. 

• US gold futures advanced Friday. The December contract soared $32.90 to close at $2,071 per oz.