Recap for January 9

  • Weak demand for US supplies continued to weigh on wheat futures, but the complex notched mixed closes in mostly narrow ranges Wednesday as traders adjusted positions ahead of Friday’s reports from the USDA. Position squaring also was behind mostly lower corn futures. US export demand concerns and rainy forecasts in dry Brazil pulled soy complex futures lower. The March corn future eased ¼¢ to close at $4.59½ per bu; later months were narrowly mixed, mostly lower. Chicago March wheat edged up ¾¢ to close at $6.10¾ per bu. Kansas City March wheat dropped 2½¢ to close at $6.24½ per bu. Minneapolis March wheat added 2¼¢ to close at $7.07¾ per bu; 2025 contracts were lower. March soybeans dropped 12¢ to close at $12.36½ per bu. March soybean meal was down $3.30 to close at $364.30 per ton. March soybean oil was down 0.20¢ to close at 48.25¢ a lb.
  • US equity markets continued to regain ground after a rough first week of 2024. The three major indices were higher Wednesday ahead of investors’ latest look at inflation on Thursday with the release of consumer price data for December. The Dow Jones Industrial Average added 170.57 points, or 0.45%, to close at 37,695.73. The Standard & Poor’s 500 was up 26.95 points, or 0.57%, to close at 4,783.45, within 0.3% of the index’s record high. The Nasdaq Composite added 111.94 points, or 0.75%, to close at 14,969.65.
  • US crude oil prices were lower Wednesday. The February West Texas Intermediate light, sweet crude future was down 87¢ to close at $71.37 per barrel. 
  • The US dollar index reverted Wednesday to the downside trend characterizing the sessions surrounding the weekend. 
  • US gold futures eased