Summary for February 2

  • Shares of major U.S. technology companies — led by Meta, which added 20% after reporting its biggest quarterly sales increase in two years and declaring its first-ever dividend — drove U.S. stock indexes higher on Friday, a fourth consecutive week of growth and to new record highs in two cases. Additional support was provided by a strong US government jobs report. The Dow Jones Industrial Average added 134.58 points, or 0.35%, to close at 38,654.42, the ninth record high of 2024. Standard & Poor's 500 added 52.42 points or 1.07% to close at 4,958.61. The Nasdaq Composite added 267.31 points or 1.74% to close at 15,628.95.
  • The US Dollar Index jumped on Friday after a Labor Department report showed U.S. employers added 353,000 jobs in January, more than double the expectations of a group of analysts polled The Wall Street Journaland that the unemployment rate held steady at 3.7% in January (an increase was expected) and that wages jumped 4.5% in January compared to the same month a year earlier.
  • The rise in the US dollar weighed on US farm futures on Friday. Soybeans closed lower at 164,500 tonnes, the lowest weekly volume since May, pressured by weak export demand reflected in net export sales for the week ended January 25. Wheat complex futures were mixed with KC wheat for curing despite improved moisture profiles in Plains soils. Corn futures followed the day's broad weakness to a seventh weekly decline in the past eight weeks. The March corn futures fell 4½¢ to settle at $4.42¾ a bu. Chicago March wheat down 1¾¢ to end at $5.99¾ a bu, the next two contracts were also lower, but the September futures and more mostly edged higher. Kansas City March wheat gained 4¼¢ to close at $6.25 a bu. Minneapolis March wheat added 3¾¢ for the second straight session to close at $6.99¾ a bu. March soybeans down 14¾¢ to close at $11.88½ a bu. March soybean crops pulled back by $4.90 to close at $356.80 a tonne. March soybean oil down 0.87¢ to end at 44.73¢ a pound.
  • US crude oil prices were lower again on Friday. March West Texas Intermediate crude futures fell $1.54 to $72.28 a barrel.
  • American gold futures contracts turned lower on Friday after four days of climbing. The February contract shed $16.90 to close at $2,036.10 for or

Summary for February 1

  • Complex wheat futures posted mixed finishes on Thursday with soft red winter contracts in Minneapolis and Chicago advancing on technical buying and short moves. Hard red winter wheat futures in Kansas City fell on Thursday as the USDA reported net export sales for the week ended Jan. 25, in line with expectations ahead of the report but down 29% from the previous report week, down 9% from the four-week average and the lowest in three weeks. Soybean futures also fell on export sales data – at 64,500 tonnes in the week ended January 25, the lowest weekly figure for 2023-24 since the marketing year began on September 1 – and concerns about falling prices in competitive Brazil. with economic concerns for the world's largest customer, China. Corn futures were linked to a fall in soybeans with losses capped by strong export sales of 1.2 million in the last reported week. The March corn futures subtracted 1¢ to close at $4.47¼ a bu. Chicago March wheat added 6¼¢ to end at $6.01½ a bu, with gains paring through to March 2025 and declining thereafter. Kansas City March wheat down 1¼¢ to close at $6.20¾ a bu. Minneapolis March wheat rose 3¾¢ to close at $6.96 a bu. March soybeans sank 19¢ to close at $12.03¼ a bu. March soybean crops down $6.60 to $361.70 a ton. March soybean oil down 0.42¢ to close at 45.60¢ per lb.
  • Stocks rebounded strongly on Thursday from declines, boosted by ideas about the pace and starting point of the Federal Reserve's interest rate cuts. The Dow Jones Industrial Average added 369.54 points or 0.97% to close at 38,519.84. The Standard & Poor's 500 added 60.54 points or 1.25% to close at 4,906.19. The Nasdaq Composite added 197.63 points or 1.30% to close at 15,361.64.
  • US crude oil prices were lower on Thursday. West Texas Intermediate crude futures for March fell $2.03 to $73.82 a barrel.
  • The US Dollar Index continued lower for a third day on Thursday.
  • American gold futures contracts advanced. The February contract added $4.60 to close at $2,053 for or

Summary for January 31

  • Stocks were choppy on Wednesday as investors weighed growing confidence in the U.S. economy against a cautious stance on the direction of the U.S. Federal Reserve's monetary policy in 2024. Ultimately, stocks and U.S. stock indexes turned lower after President Federal Reserve Chairman Jerome Powell said the Fed would leave interest rates unchanged as expected, but he also essentially withdrew the March cut. The Dow Jones Industrial Average subtracted 317.01 points or 0.82% to close at 38,150.3. The Standard & Poor's 500 fell 79.32 points or 1.61% to close at 4,845.65. The Nasdaq Composite fell 345.89 points or 2.23% to close at 15,164.01.
  • Under pressure from European wheat futures, which weakened on Monday due to weak export demand, U.S. wheat complex futures fell sharply in technical trading on Wednesday, a day after posting mixed results. U.S. corn futures were mixed on Wednesday, hovering just above three-year lows as traders awaited fresh fundamental news for direction. Underpinning corn was a drop in crude oil and a fourth straight monthly decline in China's manufacturing activity, deepening concerns about the health of the world's second largest economy. U.S. soybean futures fell for most of the day, but edged higher in technical trading. March soybeans were down 75¾¢ in January, or 5.8%. The March corn futures rose ½¢ to close at $4.48¼ a bu, although most futures were lower. Chicago March wheat down 10¼¢ to end at $5.95¼ a bu. Kansas City March wheat pulled back 8¾¢ to close at $6.22 a bu. Minneapolis March wheat was down 7½¢ to close at $6.92¼ a bu. March soybeans added 3½¢ to close at $12.22¼ a bu. March soybean crops added $5.30 to end at $368.30 a tonne. March soybean oil added 0.02¢ to finish at 46.02¢ a lb, but all deferred futures were lower.
  • US crude oil prices were lower on Wednesday. March West Texas Intermediate crude futures fell $1.97 to settle at $75.85 a barrel.
  • The US Dollar Index weakened for the second day on Wednesday.
  • American gold futures contracts advanced again on Wednesday as the dollar continued to fall. The February contract added $16.90 to end at $2,048.40 for or

Summary for January 30

  • Bargain buying from multi-year lows lifted corn and soybean futures on Tuesday despite the absence of supportive supply and demand news. Corn futures fell 5% this month, while soybean futures fell 6% over the same period, reflecting large U.S. inventories after bumper 2023 crops and growing confidence in South American crops. Complex wheat futures followed a solid trend, bouncing off one-week lows. The March corn futures added 7½¢ to close at $4.47¾ a bu. Chicago March wheat advanced 12¢ to end at $6.05½ a bu. Kansas City March wheat jumped 12½¢ to close at $6.30¾ a bu. Minneapolis March wheat rose 6½¢ to close at $6.99¾ a bu. March soybeans jumped 24½¢ to close at $12.18¾ a bu. March soybean crops added $8.70 to end at $363 a tonne. March soybean oil added 0.45¢ to close at 46¢ per lb.
  • New corporate earnings reports caused a stir in US stock markets on Tuesday. General Motors shares jumped 7.8% after an unexpectedly upbeat earnings outlook. Shares of United Parcel Service fell 8.2% after it said in a report that revenue fell in the fourth quarter and that it would cut 12,000 jobs this year. The Dow Jones Industrial Average added 133.86 points or 0.35% to end at 38,467.31. The Standard & Poor's 500 down 2.96 points or 0.06% to close at 4924.97. The Nasdaq Composite fell 118.15 points or 0.76% to end at 15,509.9.
  • US crude oil prices were higher on Tuesday. The March West Texas Intermediate crude futures rose $1.04 to settle at $77.82 a barrel.
  • The US Dollar Index weakened tuesday.
  • American gold futures contracts advanced on Tuesday as the dollar fell. The February contract added $6.10 to close at $2,031.50 for or

Summary for January 29

  • Growing potential for big crops in South America and worries about demand among the world's biggest soybean buyer China's struggles with a real estate crisis sent U.S. soybean futures falling below $12 to a two-year low on Monday. Corn futures fell to a one-week low on weakness in crude oil and strength in the US dollar. The dollar and added pressure from soybeans and corn weighed on wheat futures as the European Commission raised its forecast for European Union common wheat stocks. The March corn futures fell 6¢ to settle at $4.40¼ a bu. Chicago March wheat fell 6¾¢ to close at $5.93½ a bu. Kansas City March wheat down 6½¢ to close at $6.18¼ a bu. Minneapolis March wheat down 10¼¢ to close at $6.93¼ a bu. March soybeans fell 15¢ to close at $11.94¼ a bu. March soybean crops added $5.30 to end at $354.30 a tonne. March soybean oil down 1.38¢ to close at 45.55¢ a pound.
  • Investors positioning themselves ahead of a busy week of earnings reports sent U.S. stock indexes higher, with the DJIA and S&P posting fresh record closes on Monday. The Dow Jones Industrial Average added 224.02 points or 0.59% to close at 38,333.45. The Standard & Poor's 500 added 36.96 points or 0.76% to close at 4,927.93. The Nasdaq Composite added 172.68 points or 1.12% to close at 15,628.04.
  • US crude oil prices were lower on Monday. March West Texas Intermediate crude futures fell $1.23 to $76.78 a barrel.
  • The US Dollar Index opened the week higher with a stronger finish.
  • American gold futures contracts progressive monday. The February contract added $8.10 to close at $2,025.40 for or