Ag futures dip into weekend on global news

Recap for January 26

• Wheat futures dropped lower in technical selling profit taking and signals the global export business may be cooling off. Soybean futures dipped to a one-week low Friday after the Buenos Aires Grains Exchange on Thursday raised its estimate of Argentina’s soybean crop to 52.5 million tonnes, up about 1% from its previous forecast. Corn futures dropped lower Friday after the BAGE a day earlier increased its estimate of Argentina’s corn crop to 56.5 million tons, up nearly 3% from its previous forecast. The March corn future dropped 5½¢ to close at $4.46¼ per bu. Chicago March wheat dropped 12¢, closing at $6.00¼ per bu. Kansas City March wheat fell 12¼¢ to close at $6.24¾ per bu. Minneapolis March wheat fell 5½¢ to close at $7.03½ per bu. March soybeans shed 13¾¢ to close at $12.09¼ per bu. March soybean meal fell $9.20 to close at $349 per ton. March soybean oil added 0.40¢ to close at 46.93¢ a lb.

• A week of upside momentum for US equity markets that included several fresh record highs ended with mixed closes Friday but weekly gains. Intel’s tepid projections pushed shares of the company down 12%, their largest decrease since July 2020, and other tech company shares, such as Advanced Micro Devices, Nvidia and Micron Technology, all finished lower. The Dow Jones Industrial Average added 60.30 points, or 0.16%, to close at 38,109.43. The Standard & Poor’s 500 dropped 3.19 points, or 0.07%, to close at 4,890.97. The Nasdaq Composite shed 55.13 points, or 0.36%, to close at 15,455.36.

• US crude oil prices were higher again on Friday. The March West Texas Intermediate light, sweet crude future added 65¢ to close at $78.01 per barrel.

• The US dollar index weakened into the weekend. 

• US gold futures eased Friday. The February contract lost 50¢ to close at $2,017.30 per oz.

Recap for January 25

• Wheat futures continued to climb Thursday on optimism that North America and Europe could pick up some global demand amid geopolitical tension in the Middle East and terrorism in the Red Sea. Soybean futures declined Thursday after the USDA said export sales of US soybeans in the week ended Jan. 18 were 560,900 tonnes, below a range of trade expectations for 700,000 to 1,200,000 tons. Corn futures were lower under pressure from ample US inventories, uncertain demand and spillover weakness. The March corn future fell ½¢ to close at $4.51¾ per bu. Chicago March wheat added 1½¢, closing at $6.12¼ per bu. Kansas City March wheat jumped 11¼¢ to close at $6.37 per bu. Minneapolis March wheat added 4½¢ to close at $7.09 per bu. March soybeans deleted 17¼¢ to close at $12.23 per bu. March soybean meal fell $5.10 to close at $358.20 per ton. March soybean oil dropped 0.79¢ to close at 46.53¢ a lb.

• US equity markets closed higher Thursday after a Commerce Department report indicated the economy grew at a 3.3% seasonally and inflation-adjusted annualized pace in the fourth quarter, fueled by household and government spending. The quarterly reading was a slowdown from the summer’s 4.9% pace but still a healthy rate. The Department said the US economy grew 3.1% over the past year. The Dow Jones Industrial Average added 242.74 points, or 0.64%, to close at 38,049.13. The Standard & Poor’s 500 added 25.61 points, or 0.53%, to close at 4,894.16. The Nasdaq Composite added 28.58 points, or 0.18%, to close at 15,510.50.

• US crude oil prices were higher Thursday. The March West Texas Intermediate light, sweet crude future added $2.27 to close at $77.36 per barrel.

• The US dollar index resumed its climb Thursday. 

• US gold futures closed higher Thursday. The February contract added $1.80 to close at $2,017.80 per oz.

Recap for January 24

• US equity indexes closed higher Wednesday, driven by strong performances from the so-called Magnificent Seven: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Investors were encouraged to return to large-cap tech shares by ideas the economy is likely too strong for the Federal Reserve to cut interest rates as swiftly as some hoped. The Dow Jones Industrial Average dropped 99.06 points, or 0.26%, to close at 37,806.39. The Standard & Poor’s 500 edged up 3.95 points, or 0.08%, to close at 4,868.55. The Nasdaq Composite added 55.97 points, or 0.36%, to close at 15,481.92.

• A pause in the US dollar’s January jump boosted wheat futures Wednesday, the prompt Chicago contract up 2.4% in apparent chart-based trading. The dollar’s direction also helped KC and Minneapolis futures higher, offsetting SovEcon’s increase in its projection of Russia’s 2024 wheat production to 92.2 million tons from 91.3 million as its December estimate. Corn futures benefited from the…